Living in Madrid, New York
Cost of living, income, home prices, rent and demographics of Madrid · Census data 2020–2024
Madrid has 641 residents with a median age of 36.1. The median household income is $68,333 (21% lower than the New York median), the median home value is $139,100, the median rent is $800/month.
Madrid is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Madrid at a glance
- Population
- 641
- Median age
- 36.1State: 39.8
- Median household income
- $68,333State: $85,974
- Median home value
- $139,100State: $423,800
- Median rent
- $800/moState: $1,621
- Homeowners
- 74.1%
- Bachelor's degree or higher
- 31.9%
- Average commute
- 19 min
Is Madrid a good place to live?
Pros: Home values 67% lower than the state median; an average commute of 19 minutes.
Cons: Median household income 21% lower than the New York median; unemployment of 6.6%; a poverty rate of 20.6%.
The weather is best in June to September.
Cost of living in Madrid
Housing is the biggest part of the cost of living. In Madrid the median home value is $139,100, 58% lower than the U.S. median. Renters pay a median of $800 per month, which is 27.5% of household income. Homeowners with a mortgage pay $1,462 a month in housing costs.
Madrid median household income
The median household income in Madrid is $68,333 and the income per person is $28,267. 20.6% of residents live below the poverty line (New York: 14%).
Housing in Madrid: homes for sale and rent
- Housing units
- 236
- Owner-occupied
- 74.1%
- Renter-occupied
- 25.9%
- Vacant
- 8.5%Includes seasonal homes
- Median year built
- 1947
- Average household size
- 2.81
Madrid demographics
- Population
- 641
- Median age
- 36.1
- Under 18
- 28.5%
- 65 and older
- 9.7%
- Households
- 216
- Foreign-born
- 3.6%
- Veterans
- 6.8%Adults 18+
Hispanic or Latino can be of any race. Population history of Madrid ›
Education in Madrid
31.9% of adults 25 and older in Madrid have a bachelor's degree or higher (New York: 40.2%), and 14.5% have a graduate or professional degree.
Jobs and commute in Madrid
- Unemployment rate
- 6.6%State: 6.4%
- Average commute
- 19 minState: 33 min
- Work from home
- 10.3%
- Drive alone
- 78.3%
- Public transit
- 0%
- Walk to work
- 0%
- Homes with broadband
- 90.3%
Madrid vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Madrid | 641 | $68,333 | $139,100 | $800 |
| Norwood | 1,374 | $54,375 | $100,800 | $683 |
| Norfolk | 1,204 | $59,491 | $88,700 | $784 |
| Waddington | 1,062 | $73,750 | $182,300 | $337 |
| Potsdam | 8,427 | $34,546 | $146,400 | $898 |
| Canton | 7,167 | $62,054 | $183,800 | $796 |
| Hannawa Falls | 744 | $98,450 | $180,800 | $1,037 |
| Rensselaer Falls | 483 | $82,109 | $87,100 | $1,038 |
| Colton | 260 | $69,605 | $116,300 | $441 |
More for people moving to Madrid
Madrid ZIP code ›Weather and climate ›Living in Madrid: FAQ
What is the median household income in Madrid, NY?
The median household income in Madrid is $68,333, 21% lower than the New York median of $85,974 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Madrid?
The median home value in Madrid is $139,100, compared with $423,800 in New York.
How much is rent in Madrid?
The median gross rent in Madrid is $800 per month, about 27.5% of household income.
Is Madrid, NY a good place to live?
Pluses: home values 67% lower than the state median; an average commute of 19 minutes. Minuses: median household income 21% lower than the New York median; unemployment of 6.6%; a poverty rate of 20.6%.
What is the median age in Madrid?
The median age in Madrid is 36.1 years (New York: 39.8).
How long is the commute in Madrid?
The average commute to work in Madrid is 19 minutes; 10.3% of workers work from home.
What is the unemployment rate in Madrid?
The unemployment rate in Madrid is 6.6% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Madrid?
31.9% of adults in Madrid 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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