Quick facts: Madison, WI

Quick Facts

112.5
Cost of Living
above US average
272,903
Population
26.64
Crime Rate per 1000
above US average
$74,895
Median Income
below US average
$500,000
Median House Price
above US average
$2248.89
Average Rent
above US average
12%
Poverty Rate
above US average
2.7%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $74,895.

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Income Needed to Buy

βœ— Stretch
$157k/year
Based on $500,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $157k vs median $74,895
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Income Needed to Rent

⚠ Stretch
$96k/year
Based on $2248.89/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $96k vs median $74,895
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Madison, WI

Madison, Wisconsin, is the state capital and the second-largest city in the state. Nestled between Lake Mendota and Lake Monona, it boasts a picturesque setting with ample opportunities for outdoor activities, such as kayaking, hiking, and biking along the scenic trails. Known for its vibrant cultural scene, Madison is home to various festivals, art galleries, and theaters, including the renowned Overture Center for the Arts. The city is also recognized for its educational institutions, particularly the University of Wisconsin-Madison, which contributes significantly to the local economy and community life. The university's campus is a hub of research and innovation, attracting students and professionals from all over the world. Madison has a diverse culinary scene, featuring farm-to-table restaurants, food markets, and local breweries, reflecting its commitment to sustainability and local sourcing. With a rich history, active community, and progressive values, Madison is known for its friendly atmosphere, making it a welcoming place to live and visit. The city's neighborhoods offer a mix of urban and suburban living, catering to a variety of lifestyles and preferences.

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