Madison, NJ Cost Of Living
Cost Of Living In Madison, NJ Summary
Cost of living in Madison research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Madison is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New Jersey, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Madison is 173, with 100 being the average.
The cost of living index in Madison is 1.7x higher than the national average.
Madison ranks as the #236 cheapest in New Jersey out of 260.
Madison ranks as the #6,114 cheapest out of 6,489 in the US.
The median home value in Madison is $1,000,996.
The median income in Madison is $168,469.
Table Of Contents
Madison's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Madison, NJ?
According to the most recent data on the cost of living, Madison has an overall cost of living index of 173, which is 1.7x higher than the national index of 100.
Compared to New Jersey, Madison has a cost of living index that's 1.4x higher than New Jersey's index of 122.
The standard of living in Madison ranks as #236 most affordable out of the 260 places we measured in New Jersey. By definition, that implies Madison ranks as the #24 most expensive place in the Garden State.
For more reading on life in Madison, check out:
In New Jersey
In America
Madison Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Madison. Here is how it fairs on each of the criteria:
The Services index in Madison is 100.
The Groceries index in Madison is 102.
The Health index in Madison is 97.
The Housing index in Madison is 342.
The Transportation index in Madison is 95.
The Utilities index in Madison is 104.
| Living Expense | Madison | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 173 | 122 | 100 | |
| Services | 100 | 108 | 100 | |
| Groceries | 102 | 104 | 100 | |
| Health | 97 | 99 | 100 | |
| Housing | 342 | 159 | 100 | |
| Transportation | 95 | 101 | 100 | |
| Utilities | 104 | 107 | 100 | |
Madison, NJ Housing Cost Breakdown
Housing swings affordability the most between places in New Jersey, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Madison is $1,000,996.
The Median Rent in Madison is $2,248.
The Median Income in Madison is $168,469.
The Home Value To Income in Madison is 5.9x.
The Rent To Monthly Income in Madison is 0.16x.
| Statistic | Madison | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $1,000,996 | $564,432 | $303,400 |
| Median Rent | $2,248 | $1,653 | $1,348 |
| Median Income | $168,469 | $101,050 | $78,538 |
| Home Value To Income | 5.9x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.16x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Madison, NJ Costs By Category
Detailed Madison Services Costs Vs. New Jersey
| Item | Madison | New Jersey |
|---|---|---|
| Shampoo | $1.44 | $1.28 |
| Movie | $14.15 | $12.13 |
| Bowling | $25.03 | $18 |
| Haircut | $29.17 | $24.26 |
| Beauty Salon | $40.36 | $45.56 |
Detailed Madison Groceries Costs Vs. New Jersey
| Item | Madison | New Jersey |
|---|---|---|
| Ground Beef | $5.64 | $5.84 |
| Fried Chicken | $1.55 | $1.57 |
| Milk | $4.74 | $4.67 |
| Potatoes | $5.21 | $4.93 |
| Pizza | $11.49 | $12.09 |
| Beer | $11.66 | $10.41 |
| Toothpaste | $3.66 | $3.7 |
Detailed Madison Health Costs Vs. New Jersey
| Item | Madison | New Jersey |
|---|---|---|
| Optometrist | $105.11 | $125.68 |
| Doctor | $117.94 | $135.78 |
| Dentist | $121.22 | $113.29 |
Detailed Madison Transportation Costs Vs. New Jersey
| Item | Madison | New Jersey |
|---|---|---|
| Gasoline | $3.45 | $3.46 |
| Tire Balancing | $77.33 | $59.92 |
Detailed Madison Utilities Costs Vs. New Jersey
| Item | Madison | New Jersey |
|---|---|---|
| All Electricity | $230.68 | $193.99 |
| Phone | $186.61 | $192.25 |
Madison SnackAbility
/10
Cost Of Living In Cities Around Madison
The cost of living varies in the cities and towns around Madison. Here's a quick look at the cost of living in the most populous nearby places:
Morristown, TN has a cost of living index of 84, 0.5x Madison.
Westfield, NJ has a cost of living index of 178, 1.0x Madison.
Summit, NJ has a cost of living index of 183, 1.1x Madison.
| City | Population | Cost Of Living | Vs. Madison |
|---|---|---|---|
| Morristown, TN | 30,983 | 84 | 0.5x |
| Westfield, NJ | 30,760 | 178 | 1.0x |
| Summit, NJ | 22,512 | 183 | 1.1x |
| Short Hills, NJ | 14,398 | 259 | 1.5x |
| Bradley Gardens, NJ | 14,315 | 150 | 0.9x |
| New Providence, NJ | 13,577 | 160 | 0.9x |
| Florham Park, NJ | 13,134 | 165 | 1.0x |
| Hasbrouck Heights, NJ | 12,067 | 138 | 0.8x |
| Martinsville, NJ | 12,016 | 159 | 0.9x |
| Lincoln Park, NJ | 10,901 | 124 | 0.7x |
