Español

Este sitio también está en español. Leer en español

City · 12,223 residents · Jefferson County, Indiana

Madison , Indiana

In Madison, a typical home is worth $203,100 and typical rent is $820 a month. Compared with all of Jefferson County, typical rent is 8% lower, typical household income is 5% lower, and the share of households that own their home is 10 points lower.

WhatsApp

  • Typical home value

    $203,100

    4% above the county

    7% below Indiana

    • Madison
    • Jefferson
    • Indiana

  • Typical rent

    $820a month

    8% below the county

    23% below Indiana

    • Madison
    • Jefferson
    • Indiana

  • Typical household income

    $61,183a year

    5% below the county

    15% below Indiana

    • Madison
    • Jefferson
    • Indiana

  • Households that own their home

    62%

    10 points below the county

    8 points below Indiana

    • Madison
    • Jefferson
    • Indiana

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$242,894
4.1% more than 12 months ago
Typical rent
$1,500 a month

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Madison is in Jefferson County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Jefferson County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Madison apart

What this place has that others do not, from public data, most unusual first.

  1. Madison has the 4th smallest share of rent-burdened renters of the 120 cities in Indiana with more than 5,000 people (33%).

  2. Nearby, in North Vernon, the typical home value is $128,600: 37% less than in Madison ($203,100).

  3. 62% of households in Madison own their home, against 72% in Jefferson County.

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Madison

What homes there are in Madison, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house is still the most common home in Madison, but it weighs less than in Jefferson County: 59% against 71%.

Year built

Homes in Madison are older: the typical year built is 1963; in Jefferson County, 1973.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

At least 95% of owner-occupied homes in Madison are worth less than $500,000, below the FHA loan limit for Jefferson County ($541,287).

Monthly rent with utilities

With a mortgage

$1,201 a month

Jefferson County: $1,285 a month

Without a mortgage

$483 a month

Jefferson County: $507 a month

Owners with a mortgage

64%

Jefferson County: 59%

The typical cost for an owner with a mortgage in Madison is $1,201 a month, less than in Jefferson County ($1,285); without one, $483.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Madison rose 53% since 2015–2019, more than in Jefferson County (46%).

Since 2015–2019, the typical rent in Madison rose 14%, less than in Jefferson County (20%).

To compare: typical income in Madison rose 52%; the home, +53%; the rent, +14%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureMadisonJefferson CountyIndianaUnited States
Rental vacancy Unreliable estimateUnreliable estimate5.6%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.8%0.9%
More than one person per room Unreliable estimateUnreliable estimate1.8%3.4%
People per household 2.292.422.462.53
Drive alone 83%82%76%69%
Carpool 8%9%9%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike Unreliable estimate3%2%3%
Work from home 7%6%11%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute 10 to 19 minutes10 to 19 minutes20 to 29 minutes20 to 29 minutes

Fewer people live in each home here: 2.29 on average, against 2.42 in Jefferson County.

To get to work, 83% of workers in Madison drive alone; in Jefferson County, 82%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Madison?

A typical home is tight for the typical income

We start with a typical home in Madison, worth $203,100, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 32% of the typical household income in Madison, which is $61,183 a year. For that payment to be 28% of income, a household would need to earn about $70,162 a year.

The calculator's FHA and conventional loan limits are those of all of Jefferson County.

Your numbers

Local data
$

Starts at the typical home value in Madison. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $7,109 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,637

at 7.18% · 30 years

Loan amount
$199,421
Total interest
$286,920
Paid off in
November 2056

Includes $3,430 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,428 a month

  • Tight

    $1,428 to $1,835 a month

    Your payment · 32%

  • Hard

    more than $1,835 a month

Compared with the typical household income in Madison ($61,183 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,637
Principal & interest$1,351
Property tax$112
Home insurance$85
FHA mortgage insurance (MIP)$90

You need at least $7,109 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Madison and Jefferson County

Madison is in Jefferson County, Indiana. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Madison's own numbers

Typical home value
$203,100
Typical monthly rent
$820
Typical yearly household income
$61,183
Households that own their home
62%
Effective property tax rate
0.66%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Jefferson County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,041
Price change over 5 years (FHFA)
+58%
Homes in a high flood-risk zone
3.7%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Jefferson County.

Everything about Jefferson County

Buying

Buying a home in Madison

A typical home in Madison is worth $203,100: 4% above the county and 7% below Indiana. With the typical household income in Madison ($61,183 a year), a typical home costs 3.3 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Madison 3.3 years
  • Jefferson 3.0 years
  • Indiana 3.0 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Jefferson County

According to FHFA’s house price index, home prices in Jefferson County rose 91% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Jefferson County.

Period County Indiana U.S.
Last year (2025) +5.7% +4.3% +2.9%
5 years (2020–2025) +58% +53% +47%
10 years (2015–2025) +91% +95% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Madison next to Jefferson County, Indiana and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Madison $203,100
  • Jefferson $194,600
  • Indiana $218,200
  • United States $332,700
Typical monthly rent
  • Madison $820
  • Jefferson $890
  • Indiana $1,062
  • United States $1,413
Typical yearly household income
  • Madison $61,183
  • Jefferson $64,577
  • Indiana $71,957
  • United States $80,734
See the full table
Madison next to Jefferson County and Indiana
Measure Madison Jefferson County Indiana U.S.
Typical home value $203,100 $194,600 $218,200 $332,700
Typical monthly rent $820 $890 $1,062 $1,413
Typical yearly household income $61,183 $64,577 $71,957 $80,734
Households that own their home 62% 72% 71% 65%
Typical yearly property tax $1,343 $1,252 $1,614 $3,119
Effective property tax rate 0.66% 0.64% 0.74% 0.94%
Renters with high rent for their income 33% 39% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Jefferson County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Madison

For a typical $203,100 home in Madison, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Madison's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,637a month

    Least cash to close
    Down payment
    $7,109
    Cash to close
    $13,202
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $90

  • Conventional, 5% down $1,600a month

    Down payment
    $10,155
    Cash to close
    $16,248
    Rate
    7.18%
    Mortgage insurance
    PMI · $96

  • Conventional, 20% down, no PMI $1,297a month

    Down payment
    $40,620
    Cash to close
    $46,713
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,485a month

    Down payment
    $30,465
    Cash to close
    $36,558
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Madison and for Jefferson County.

Property tax

Effective rate in Madison

0.66%of the home’s value each year

$1,343 a year for the typical owner in Madison.

  • Madison 0.66%
  • Jefferson 0.64%
  • Indiana 0.74%

What Indiana publishes Homestead standard deduction: the amount drops each year (Indiana Department of Local Government Finance (DLGF), Form HC10)

Exemptions and deadlines in Indiana

Flood risk in Jefferson County

FEMA does not publish these numbers by city: they are for all of Jefferson County.

Homes in the high-risk zone
3.7%
521
Of those, with NFIP insurance
12%
County Indiana U.S.
Homes in the high-risk zone 3.7% 2.3% 3.5%
Of those, with NFIP insurance 12% 17% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Madison

Typical rent in Madison is $820 a month: 8% below the county. In Madison, 33% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Jefferson County, by unit size. To pay the 2-bedroom one ($1,041 a month) without spending more than 30% of your income, you would need to earn $20.02 an hour working full time.

HUD fair market rent for all of Jefferson County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $752 $14.46 $30,080
1 bedroom $862 $16.58 $34,480
2 bedrooms $1,041 $20.02 $41,640
3 bedrooms $1,313 $25.25 $52,520
4 bedrooms $1,636 $31.46 $65,440

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Madison

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Madison is in ZIP code 47250.

For 2 bedrooms it is $1,030: $11 less than the fair market rent for Jefferson County ($1,041).

  • 47250 $1,030$1,300

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Madison when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Madison

HUD lists 9 buildings with rents for lower incomes in Madison. These are the largest.

  • Windridge Apartments 2848 Windridge Dr, Madison 47250 100 homes, 99 low-income · For families (812) 273-3363
  • Presidential Estates I 2855 Windridge Dr, Madison 47250 96 low-income homes · For families (812) 273-3363
  • Presidential Estates II 170 Taft Dr, Madison 47250 62 low-income homes · For families (812) 273-3363
  • Riverside Tower Lofts 1001 W 2nd St, Madison 47250 50 low-income homes · 1 bd: 42 · 2 bd: 8 · In service since 2020
  • Valley Court Apts 559 Ovo Dr, Madison 47250 48 low-income homes · 2 bd: 32 · 3 bd: 16 · In service since 2000

See all 9 buildings in Jefferson County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Madison

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Jefferson County. The nearest ones are below; many serve by phone or online.

An older woman smiles in front of her apartment building.

HUD counseling is free or low-cost

Assistance programs in Madison

No down payment, repair or rent-help program on our list is for Madison or Jefferson County. The ones below are statewide in Indiana: they work in Madison the same as in the rest of the state.

Which programs do I qualify for? All programs in Indiana

  • Next Home

    Statewide in Indiana

    Indiana state agency program with down payment assistance of 2.5% or 3.5% of the price, alongside a 30-year FHA or conventional mortgage. Offered by Indiana Housing and Community Development Authority (IHCDA).

    Type not stated

    See the program Official page

  • First Step

    Statewide in Indiana

    Indiana state agency 30-year FHA or conventional mortgage for first-time buyers (or homes in designated areas), with down payment assistance as a second mortgage with no interest or payments, repaid when the first mortgage ends. Offered by Indiana Housing and Community Development Authority (IHCDA).

    Deferred

    See the program Official page

Housing counselors near Madison

The HUD-approved agencies closest to the center of Madison, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • New Albany Housing Authority

    300 Erni Ave, New Albany · 39 miles away

    • Pre-purchase counseling
    • Homebuyer education workshops
    (812) 948-2319

  • Blue River Services Inc

    156 Autumn Ridge Dr NW, Corydon · 53 miles away · Spanish

    Also serves in Arabic, American Sign Language (ASL), Cambodian, Cantonese, and 19 more languages.

    • Budget and credit workshops
    • Fair housing pre-purchase workshops
    • and 6 more
    812-738-8016x104

  • City of Bloomington - Housing and Neighborhood Development (HAND)

    401 N Morton St, Bloomington · 67 miles away

    • Mortgage delinquency and default
    • Homelessness services
    • and 6 more
    (812) 349-3420

All counseling agencies in Indiana

Help in Spanish near Madison

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Madison

HUD lists no housing authority with an office in Jefferson County. One in a neighboring county or the state’s may serve the area.

All housing agencies in Indiana Source: HUD

Cities

Nearby cities

The cities closest to Madison, with the typical home value.

Everything about Jefferson County Housing in Indiana

Neighboring counties

If Jefferson County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Madison.

All guides
Three women of one family lean in together to stir the pan.

Questions

Housing questions about Madison

Short answers with the numbers for Madison and all of Jefferson County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Madison?

The typical home value in Madison is $203,100, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Jefferson County it is $194,600.

How much does it cost to rent in Madison?

Typical rent in Madison is $820 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Jefferson County is $1,041.

What is the FHA loan limit in Madison?

Madison uses the FHA limit for all of Jefferson County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Madison?

The typical homeowner in Madison pays $1,343 a year, according to the U.S. Census Bureau. That is 0.66% of the home’s value; in Jefferson County, the rate is 0.64%.

Where can I find free help to buy or rent in Madison?

We found no HUD-approved counseling agencies with an office in Jefferson County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).