Housing costs in Madison?
A typical home costs
$842,600, which is 149.2% more expensive than the national average of
$338,100 and 95.0% more expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Madison costs
$2,250 per month, which is 31.6% more than the national average of
$1,710 and 3.6% more than the state average of
$2,170.
Can I afford Madison?
To live comfortably in Madison (zip 07940), New Jersey, a minimum annual income of
$161,280 for a family, and
$75,200 for a single person is recommended.
What does A.I. say about Madison?
The cost of living in 07940 Madison, NJ is relatively high compared to other areas in the United States. According to Sperling's Best Places, the cost of living index for this zip code is 110.2, which is 10.2% higher than the national average. Housing costs are especially expensive, with a median list price of $715K and an average rent price of $2,383 per month. Despite these high prices, Madison remains a desirable place to live due to its strong economy and quality schools. Overall, it is an expensive city to reside in but offers many amenities which make it worth the cost.