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City · 6,094 residents · Lake County, South Dakota

Madison , South Dakota

In Madison, a typical home is worth $193,100 and typical rent is $981 a month. Compared with all of Lake County, the typical home value is 22% lower, typical household income is 15% lower, and the share of households that own their home is 14 points lower.

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  • Typical home value

    $193,100

    22% below the county

    25% below South Dakota

    • Madison
    • Lake
    • South Dakota

  • Typical rent

    $981a month

    4% above the county

    4% above South Dakota

    • Madison
    • Lake
    • South Dakota

  • Typical household income

    $65,593a year

    15% below the county

    13% below South Dakota

    • Madison
    • Lake
    • South Dakota

  • Households that own their home

    60%

    14 points below the county

    8 points below South Dakota

    • Madison
    • Lake
    • South Dakota

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

Market now, with Zillow data

Zillow data
Typical home value
$263,217
1% more than 12 months ago

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

Madison is in Lake 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 Lake 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 largest share of rent-burdened renters of the 16 cities in South Dakota with more than 5,000 people: 52%.

  2. 60% of households in Madison own their home, against 74% in Lake County.

  3. The typical home in Madison is worth $193,100, 22% less than in Lake County as a whole ($247,600).

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

In Madison, 6 in 10 homes are single-family detached houses; in Lake County, 7.

Year built

In Madison, half of the homes were built before 1970; in Lake County, before 1975.

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

The FHA limit for Lake County is high ($541,287): at least 97% of owner-occupied homes in Madison are worth less than $500,000.

Monthly rent with utilities

With a mortgage

$1,278 a month

Lake County: $1,586 a month

Without a mortgage

$578 a month

Lake County: $605 a month

Owners with a mortgage

55%

Lake County: 53%

In Madison, 55% of owners have a mortgage, and their typical cost is $1,278 a month, against $1,586 in Lake County. Without one it drops to $578.

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

From 2015–2019 to 2020–2024, the typical home value in Madison rose 56%; in Lake County, it rose 47%.

Rents in Madison rose faster than in Lake County: 74% since 2015–2019, against 59%.

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

MeasureMadisonLake CountySouth DakotaUnited States
Rental vacancy Unreliable estimateUnreliable estimate6.0%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.8%0.9%
More than one person per room Unreliable estimateUnreliable estimate2.3%3.4%
People per household 2.172.212.392.53
Drive alone 77%78%77%69%
Carpool Unreliable estimate6%8%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike 5%4%3%3%
Work from home 8%11%10%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute under 10 minutesUnreliable estimate10 to 19 minutes20 to 29 minutes

A household in Madison has 2.17 people on average, about the same as in Lake County (2.21).

In Madison, 77% of workers drive alone to work; in Lake County, 78%.

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 $193,100, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 30% of the typical household income in Madison, which is $65,593 a year. For that payment to be 28% of income, a household would need to earn about $70,914 a year.

The calculator's FHA and conventional loan limits are those of all of Lake 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 $6,759 (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

$1,655

at 7.18% · 30 years

Loan amount
$189,602
Total interest
$272,793
Paid off in
November 2056

Includes $3,261 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,531 a month

  • Tight

    $1,531 to $1,968 a month

    Your payment · 30%

  • Hard

    more than $1,968 a month

Compared with the typical household income in Madison ($65,593 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,655
Principal & interest$1,284
Property tax$204
Home insurance$81
FHA mortgage insurance (MIP)$85

You need at least $6,759 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 Lake County

Madison is in Lake County, South Dakota. 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
$193,100
Typical monthly rent
$981
Typical yearly household income
$65,593
Households that own their home
60%
Effective property tax rate
1.27%

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

Numbers for all of Lake County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,154
Price change over 5 years (FHFA)
+60%
Homes in a high flood-risk zone
4.2%

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 Lake County.

Everything about Lake County

Buying

Buying a home in Madison

A typical home in Madison is worth $193,100: 22% below the county and 25% below South Dakota. With the typical household income in Madison ($65,593 a year), a typical home costs 2.9 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 2.9 years
  • Lake 3.2 years
  • South Dakota 3.4 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Lake County

According to FHFA’s house price index, home prices in Lake County rose 104% in the 10 years through 2025.

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

Period County South Dakota U.S.
Last year (2025) +5.4% +3.1% +2.9%
5 years (2020–2025) +60% +50% +47%
10 years (2015–2025) +104% +85% +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 Lake County, South Dakota and the U.S.

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

Typical home value
  • Madison $193,100
  • Lake $247,600
  • South Dakota $257,400
  • United States $332,700
Typical monthly rent
  • Madison $981
  • Lake $947
  • South Dakota $946
  • United States $1,413
Typical yearly household income
  • Madison $65,593
  • Lake $76,808
  • South Dakota $75,081
  • United States $80,734
See the full table
Madison next to Lake County and South Dakota
Measure Madison Lake County South Dakota U.S.
Typical home value $193,100 $247,600 $257,400 $332,700
Typical monthly rent $981 $947 $946 $1,413
Typical yearly household income $65,593 $76,808 $75,081 $80,734
Households that own their home 60% 74% 69% 65%
Typical yearly property tax $2,444 $2,546 $2,724 $3,119
Effective property tax rate 1.27% 1.03% 1.06% 0.94%
Renters with high rent for their income 52% 47% 40% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Lake 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 $193,100 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 $1,655a month

    Least cash to close
    Down payment
    $6,759
    Cash to close
    $12,552
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $85

  • Conventional, 5% down $1,619a month

    Down payment
    $9,655
    Cash to close
    $15,448
    Rate
    7.18%
    Mortgage insurance
    PMI · $92

  • Conventional, 20% down, no PMI $1,331a month

    Down payment
    $38,620
    Cash to close
    $44,413
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,510a month

    Down payment
    $28,965
    Cash to close
    $34,758
    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 Lake County.

Property tax

Effective rate in Madison

1.27%of the home’s value each year

$2,444 a year for the typical owner in Madison.

  • Madison 1.27%
  • Lake 1.03%
  • South Dakota 1.06%

What South Dakota publishes Owner-occupied classification (South Dakota Department of Revenue (Owner-Occupied Classification tax fact, July 2026))

Exemptions and deadlines in South Dakota

Flood risk in Lake County

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

Homes in the high-risk zone
4.2%
284
Of those, with NFIP insurance
28%
County South Dakota U.S.
Homes in the high-risk zone 4.2% 2.3% 3.5%
Of those, with NFIP insurance 28% 14% 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 $981 a month: 4% above the county. In Madison, 52% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Lake County, by unit size. To pay the 2-bedroom one ($1,154 a month) without spending more than 30% of your income, you would need to earn $22.19 an hour working full time.

HUD fair market rent for all of Lake 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 $804 $15.46 $32,160
1 bedroom $882 $16.96 $35,280
2 bedrooms $1,154 $22.19 $46,160
3 bedrooms $1,375 $26.44 $55,000
4 bedrooms $1,929 $37.10 $77,160

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 57042.

For 2 bedrooms it is $1,150: $4 less than the fair market rent for Lake County ($1,154).

  • 57042 $1,150$1,430

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 3 buildings with rents for lower incomes in Madison. These are the largest.

  • Lakeview Tower 111 S Washington Ave, Madison 57042 94 homes, 91 low-income · Run by Madison Housing and Redevelopment Commission · Average payment: $338 a month · Average wait: 2 months (605) 256-2112
  • Horizon LTD 421 SE 9th St, Madison 57042 10 low-income homes · For people with disabilities (605) 256-6904
  • Valiant Living 1105 N Harth Ave, Madison 57042 7 homes, 6 low-income · For people with disabilities (605) 256-6628

See all 3 buildings in Lake 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 Lake 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 Lake County. The ones below are statewide in South Dakota: they work in Madison the same as in the rest of the state.

Which programs do I qualify for? All programs in South Dakota

  • Fixed Rate Plus

    Statewide in South Dakota

    South Dakota state authority mortgage with 3% or 5% of the loan for the down payment and closing costs, as a 0% second mortgage with no payments, repaid when you sell or pay off the home. Offered by South Dakota Housing Development Authority.

    Deferred

    See the program Official page

  • South Dakota Housing Tax Credit (MCC)

    Statewide in South Dakota

    South Dakota state authority certificate that turns part of your mortgage interest into a credit on your federal taxes, of up to $2,000 a year while you live in the home and keep the original mortgage; for first-time buyers, requested through a participating lender before closing. Offered by South Dakota Housing Development Authority.

    Tax credit

    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.

  • CCCS of LSS - South Dakota

    752 22nd Ave S, Brookings · 26 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 4 more
    (605) 692-9636

  • Lutheran Social Services of South Dakota - CCCS

    705 E 41st St, Sioux Falls · 39 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 6 more
    (605) 330-2700

  • CCCS of LSS - South Dakota

    403 N. Lawler, Mitchell · 50 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 4 more
    (605) 996-0868

All counseling agencies in South Dakota

Help in Spanish near Madison

3 of the 3 agencies on this list say they serve 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’s record names them for Madison or Lake County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Madison Housing and Redevelopment Commission Public housing and Section 8 vouchers (605) 256-2112

All housing agencies in South Dakota Source: HUD

Cities

Nearby cities

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

Everything about Lake County Housing in South Dakota

Neighboring counties

If Lake 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
A man and two girls read a book together on the sofa.

Questions

Housing questions about Madison

Short answers with the numbers for Madison and all of Lake 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 $193,100, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Lake County it is $247,600.

How much does it cost to rent in Madison?

Typical rent in Madison is $981 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Lake County is $1,154.

What is the FHA loan limit in Madison?

Madison uses the FHA limit for all of Lake 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 $2,444 a year, according to the U.S. Census Bureau. That is 1.27% of the home’s value; in Lake County, the rate is 1.03%.

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

We found no HUD-approved counseling agencies with an office in Lake 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).