Total monthly cost of ownership
Cost to Own a Home in Madison, West Virginia
A $127,000 home here costs
$1,118per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $653. The real number is $465 higher every month — 71% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Madison against Boone County and West Virginia
| Measure | Madison | Boone County |
|---|---|---|
| Median home value | $127,200 | $90,300 |
| Median property tax | $878 | $587 |
| Effective tax rate | 0.690% | 0.650% |
| Median gross rent | $1,015 | $823 |
| Population | 2,840 | 21,312 |
The weather behind that power bill
Madison sits in Boone County, which averages a high of 87.2°F in its hottest month and a low of 24.6°F in its coldest, with 49.55" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,216 cooling and 4,426 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Boone County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Boone County
No other places of this size are published in Boone County.
Full Boone County cost breakdown · Every county in West Virginia
Common questions
How much does it cost to own a home in Madison?
A $127,000 home in Madison, West Virginia costs approximately $1,118 per month with 20% down at 6.66%. That is $653 principal and interest, $73 property tax, $67 homeowners insurance, $219 utilities and $106 set aside for maintenance.
What is the property tax rate in Madison?
Madison has an effective property tax rate of 0.690%, based on a median home value of $127,200 and median real estate taxes of $878. That is higher than the Boone County average of 0.650%.
What is the average home price in Madison?
The median owner-occupied home value in Madison, West Virginia is $127,200, against $90,300 across Boone County.
Is it cheaper to rent or buy in Madison?
Median gross rent in Madison is $1,015 a month, against $1,118 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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 West Virginia.
- 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.