Affordable

What Salary Do You Need to Live in Madison?

To afford a 2-bedroom in Madison, you need to earn at least $34,880/year based on estimated fair market rent data. The median household income here is $53,113, which means the typical resident is $18,233 above the threshold.

Census ACS Data Pop. 12,301

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$610	$2,033	$24,400	$-28,713
1 Bedroom	$724	$2,413	$28,960	$-24,153
2 Bedroom BENCHMARK	$872	$2,907	$34,880	$-18,233
3 Bedroom	$1,064	$3,547	$42,560	$-10,553
4 Bedroom	$1,308	$4,360	$52,320	$-793

Affordability Breakdown

Where the required salary line crosses above Madison's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$53,113

Annual household

2BR Required Salary

$34,880

Under 30% rule

Income Gap

+$18,233

Surplus

Verdict

Affordable

Ratio: 19.7%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Madison

Your Annual Salary

Pre-filled with Madison's median household income

Max monthly rent you can afford$1,328

Studio

$610/mo

1 BR

$724/mo

2 BR

$872/mo

3 BR

$1,064/mo

4 BR

$1,308/mo

Your salary is $0 above the median income in Madison.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Madison's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Madison

Living in Madison is well within reach for most median-income earners. With a $18,233 cushion between what residents earn and what a 2-bedroom requires, households in Madison typically have meaningful financial flexibility after housing costs.

For remote workers or relocators evaluating Madison, a studio at $610/month offers an even more aggressive savings rate. Even a 3-bedroom at $1,064/month remains accessible for dual-income households earning above $42,560.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $52,320 would position you well — though many residents in Madison manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Madison, Indiana.

With a total population of 12,301, the city supports an active civilian workforce of 5,634 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $34,880 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

5,634

Active civilian employees in Madison

Frequently Asked Questions About Renting in Madison

What salary do I need to live in Madison, Indiana?

To afford a 2-bedroom in Madison under the 30% rule, you need an annual salary of at least $34,880. The median household income in Madison is $53,113.

Can I afford a 2-bedroom in Madison on $53,113?

The affordability verdict for Madison is "Affordable". The rent-to-income ratio is 19.7%, meaning median earners have a $18,233 surplus.

What is the average rent in Madison compared to median income?

The median gross rent in Madison is $724/month. With a median household income of $53,113, residents spend approximately 19.7% of their income on rent.

What salary do I need for a studio in Madison?

A studio in Madison rents for approximately $610/month. Under the 30% rule, you need an annual salary of $24,400 to afford this.

Is Madison considered an affordable place to live?

Based on the surplus of $18,233 and an affordability verdict of "Affordable", Madison is considered a affordable rental market when comparing the required 2-bedroom salary of $34,880 to the local median household income.

How Madison Compares

Other cities in Indiana with salary requirements