Cost of Living in Madison County, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Madison County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Madison County ranks #674 of 3,144 counties for affordability (top 21%)
Data Story
About Cost of Living in Madison County, Virginia
Madison offers strong affordability to earners
With a rent-to-income ratio of 15.2%, Madison County households spend significantly less on rent relative to income than the national average, providing genuine breathing room in budgets. A median household income of $82,972 exceeds the national median of $74,755 by $8,217, positioning residents well above the national norm.
Virginia's most affordable for income earners
Madison's rent-to-income ratio of 15.2% ranks among the lowest in Virginia, well below the state average of 18.6%, reflecting both reasonable rents and strong household earnings. This combination makes Madison one of the state's standout affordability markets for those with above-average incomes.
Higher costs, higher incomes, better balance
Madison's $1,048 rent slightly exceeds some rural neighbors like Lunenburg ($780) but underbids Mathews County ($1,108); the real advantage is Madison's $82,972 median income, which outpaces all peer counties. This income-to-cost ratio is the county's true strength.
Madison's housing expense details
Renters allocate just 15.2% of their earnings to rent, while homeowners dedicate about 17.3% to mortgage payments on homes valued around $331,400. Both figures remain comfortably within national recommendations for housing cost burden.
Madison attracts high-income transplants
If you earn above $80,000 and seek a balanced housing market with strong incomes and manageable costs, Madison County delivers. Its combination of reasonable rents, substantial home values, and robust household earnings makes it ideal for professionals relocating from pricier metros.
Cost of Living Advisory: Madison County
Affordability Verdict
For renters in Madison County, the market is affordable. Expect to pay around $1,048/month in gross rent, with 29.0% of renter households considered cost-burdened.
Rent vs. Own
Renters in Madison County pay $1,048/month on average, compared to $1,199/month for homeowners. This market favors renters by about 13%.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $41,920/year. For owner costs at the 28% rule, the required income is roughly $51,386/year. With a median household income of $82,972, most households can comfortably afford rent here. Notably, 29.0% of renter households in Madison County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Madison County sits 5% more expensive than Franklin city ($995/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Madison County
Rent Burden
15.2%
of gross income
Max Housing (28% Rule)
$1,936
per month
Owner Cost Burden
17.3%
of gross income
The median home in Madison County may be a stretch
Median home value is $331,400. Estimated monthly cost: $2,646 vs. your max of $1,936.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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