Cost of Living in Madison
Madison's cost of living pairs genuinely elevated housing costs and a genuinely high resident income base against a real, disclosed property-tax advantage relative to both Morris County and New Jersey's broader statewide average.
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Learn moreA genuinely high household income base
Madison's median household income reached $171,471 in 2024, up from $168,469 the prior year -- a real, genuinely high figure consistent with the town's affluent-suburb identity, among 5,610 households.
Genuinely elevated, above-county housing costs
Zillow's average home value in Madison ran $1,012,743 (up 4.2% year-over-year), with a separately-cited median value near $975,000 and a separately-cited March 2026 median SALE price of $1,250,000 -- all substantially above Morris County's own broader average home value of $696,373.
A genuinely favorable property-tax rate
Madison's 2.06% effective property-tax rate (Ownwell) runs below both the Morris County median (2.60%) and New Jersey's own nation-leading statewide average (1.88%-2.23%), even though Madison's high property values still translate into real, substantial dollar tax bills.
New Jersey's statewide tax structure still applies
New Jersey's real, graduated 7-bracket state income tax (1.4% up to 10.75% above $1 million) and its uniform, no-local-add-on 6.625% sales tax both apply in Madison exactly as documented statewide in this project's New Jersey state hub record.
Key takeaways
- Median household income ($171,471, 2024) runs genuinely high, consistent with an affluent Morris County suburb.
- Housing costs run genuinely above the Morris County average -- Zillow's $1,012,743 average home value vs. the county's $696,373.
- Madison's 2.06% effective property-tax rate beats both the Morris County median (2.60%) and New Jersey's own statewide average.
- New Jersey's graduated income tax and uniform 6.625% sales tax apply statewide, including in Madison.
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