Total monthly cost of ownership
Cost to Own a Home in Madison, Wisconsin
A $347,000 home here costs
$3,024per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $129,500 a year.
A standard mortgage calculator would have told you $1,922. The real number is $1,102 higher every month, 57% more than the payment most buyers budget for.
Compare Dane County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Madison against Dane County and Wisconsin
| Measure | Madison | Dane County |
|---|---|---|
| Median home value | $346,900 | $366,100 |
| Median property tax | $6,390 | $6,276 |
| Effective tax rate | 1.842% | 1.714% |
| Median gross rent | $1,364 | $1,345 |
| Population | 275,568 | 564,777 |
The weather behind that power bill
Madison sits in Dane County, which averages a high of 82.2°F in its hottest month and a low of 11.1°F in its coldest, with 40.18" of precipitation a year and 37% of it in a single three-month stretch. That climate drives 640 cooling and 7,097 heating degree days, which is what sets the $123 electricity line above.
See the full climate breakdown for Dane County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Dane County
Talk to someone who works this market
These are Madison averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Madison every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Madison I already own here and may sell
Common questions
How much does it cost to own a home in Madison?
A $347,000 home in Madison, Wisconsin costs approximately $3,024 per month with 20% down at 7.4%. That is $1,922 principal and interest, $533 property tax, $89 homeowners insurance, $191 utilities and $289 set aside for maintenance.
What is the property tax rate in Madison?
Madison has an effective property tax rate of 1.842%, based on a median home value of $346,900 and median real estate taxes of $6,390. That is higher than the Dane County average of 1.714%.
What is the average home price in Madison?
The median owner-occupied home value in Madison, Wisconsin is $346,900, against $366,100 across Dane County.
Is it cheaper to rent or buy in Madison?
Median gross rent in Madison is $1,364 a month, against $3,024 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Madison?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Madison, Wisconsin at today's rate takes a household income of roughly $129,500 a year. That covers the full $3,024 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Madison, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Wisconsin.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.