Mortgage payment estimates, closing cost breakdowns, and homebuying data for Madison, Wisconsin.
Median Home Price
$375K
Population
270K
Avg Monthly Rent
$1,520
Property Tax Rate
1.76% *
* Property tax shown is the Wisconsin state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Madison.
Madison vs Wisconsin Median
The median home price in Madison is $375,000, which is 34% above the Wisconsin state median of $280,000.
Mortgage Calculator — Madison, WI
Pre-filled with Madison median home price and Wisconsin tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $375K home using Wisconsin's 1.76% tax rate and $1,300/yr insurance.
5% Down
$3,118/mo
Down: $18,750
Loan: $356K
P&I: $2,252
Tax: $550
Insurance: $108
PMI: $208
10% Down
$2,988/mo
Down: $37,500
Loan: $338K
P&I: $2,133
Tax: $550
Insurance: $108
PMI: $197
20% Down (No PMI)
$2,555/mo
Down: $75,000
Loan: $300K
P&I: $1,896
Tax: $550
Insurance: $108
Income needed (28% rule): $110K/year with 20% down, $128K/year with 10% down.
Rent vs Buy in Madison
Rent
$1,520/mo
vs
Buy (10% down)
$2,988/mo
Price-to-rent ratio: 20.6 — At a ratio above 20, renting may be more economical in Madison for shorter stays. Buying costs $1,468 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Madison is $375,000, 34% above the Wisconsin state median of $280,000. With a population of 269,840, Madison is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Wisconsin average 1.76% annually. This higher-than-average tax rate means a $375,000 home in Madison would carry roughly $550/month in property taxes alone — plan accordingly. Homeowners insurance in Wisconsin runs approximately $1,300 per year. This is within the normal range nationally.
Average rent in Madison is $1,520/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Madison presents moderate affordability. The $375K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Madison.