Living in Madison, New Jersey
Cost of living, income, home prices, rent and demographics of Madison · Census data 2020–2024
Madison has 16,447 residents with a median age of 38.2. The median household income is $171,471 (66% higher than the New Jersey median), the median home value is $943,200, the median rent is $2,253/month.
Madison at a glance
- Population
- 16,447
- Median age
- 38.2State: 40.1
- Median household income
- $171,471State: $103,556
- Median home value
- $943,200State: $454,400
- Median rent
- $2,253/moState: $1,720
- Homeowners
- 63.8%
- Bachelor's degree or higher
- 74.1%
- Average commute
- 28 min
Is Madison a good place to live?
Pros: Median household income 66% higher than the New Jersey median; an average commute of 28 minutes; unemployment of 6.3%; a poverty rate of 3.2%.
Cons: Home values 108% higher than the state median.
The weather is best in May–June and August–September.
Cost of living in Madison
Housing is the biggest part of the cost of living. In Madison the median home value is $943,200, 183% higher than the U.S. median. Renters pay a median of $2,253 per month, which is 31.9% of household income. Homeowners with a mortgage pay $4,001 a month in housing costs.
Madison median household income
The median household income in Madison is $171,471 and the income per person is $89,692. 3.2% of residents live below the poverty line (New Jersey: 9.7%).
Housing in Madison: homes for sale and rent
- Housing units
- 5,781
- Owner-occupied
- 63.8%
- Renter-occupied
- 36.2%
- Vacant
- 2.9%Includes seasonal homes
- Median year built
- 1961
- Average household size
- 2.65
Madison demographics
- Population
- 16,447
- Median age
- 38.2
- Under 18
- 23.2%
- 65 and older
- 13.3%
- Households
- 5,614
- Foreign-born
- 14.8%
- Veterans
- 3%Adults 18+
Hispanic or Latino can be of any race. Population history of Madison ›
Education in Madison
74.1% of adults 25 and older in Madison have a bachelor's degree or higher (New Jersey: 43.6%), and 32.4% have a graduate or professional degree.
Jobs and commute in Madison
- Unemployment rate
- 6.3%State: 6.3%
- Average commute
- 28 minState: 31 min
- Work from home
- 27.7%
- Drive alone
- 51.2%
- Public transit
- 8%
- Walk to work
- 7.3%
- Homes with broadband
- 95.6%
Madison vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Madison | 16,447 | $171,471 | $943,200 | $2,253 |
| Florham Park | 13,564 | $158,696 | $791,400 | $3,109 |
| Chatham | 9,407 | $241,500 | $984,900 | $2,250 |
| Green Village | 1,130 | $88,977 | $823,900 | $2,782 |
| Summit | 22,705 | $190,304 | $994,500 | $2,430 |
| Morristown | 20,453 | $121,340 | $567,600 | $2,274 |
| New Providence | 13,727 | $161,599 | $769,900 | $1,903 |
| Harding | 3,896 | $222,429 | $1,145,100 | $2,917 |
| Hanover | 14,769 | $156,956 | $629,600 | $2,813 |
More for people moving to Madison
Madison ZIP code ›Weather and climate ›Living in Madison: FAQ
What is the median household income in Madison, NJ?
The median household income in Madison is $171,471, 66% higher than the New Jersey median of $103,556 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Madison?
The median home value in Madison is $943,200, compared with $454,400 in New Jersey.
How much is rent in Madison?
The median gross rent in Madison is $2,253 per month, about 31.9% of household income.
Is Madison, NJ a good place to live?
Pluses: median household income 66% higher than the New Jersey median; an average commute of 28 minutes; unemployment of 6.3%; a poverty rate of 3.2%. Minuses: home values 108% higher than the state median.
What is the median age in Madison?
The median age in Madison is 38.2 years (New Jersey: 40.1).
How long is the commute in Madison?
The average commute to work in Madison is 28 minutes; 27.7% of workers work from home.
What is the unemployment rate in Madison?
The unemployment rate in Madison is 6.3% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Madison?
74.1% of adults in Madison have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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