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 178, which is 1.8x 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 125.
The standard of living in Madison ranks as #241 most affordable out of the 262 places we measured in New Jersey. By definition, that implies Madison ranks as the #21 most expensive place in the Garden State.
For more reading on life in Madison, check out:
Madison Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Madison. Here is how it fares on each of the criteria:
The Services index in Madison is 107.
The Groceries index in Madison is 113.
The Health index in Madison is 341.
The Housing index in Madison is 111.
The Transportation index in Madison is 110.
The Utilities index in Madison is 106.
| Living Expense | Madison | New Jersey | National Average |
|---|---|---|---|
| Overall | 178 | 125 | 100 |
| Services | 107 | 107 | 100 |
| Groceries | 113 | 113 | 100 |
| Health | 341 | 155 | 100 |
| Housing | 111 | 116 | 100 |
| Transportation | 110 | 112 | 100 |
| Utilities | 106 | 113 | 100 |
Madison Cost Of Living Compared To New Jersey Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around New Jersey, check out:
Protect your home budget Compare home warranties in Madison Get matched →Source: Cost-of-living index 2026, normalized to US average = 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 2020-2024. The key points are:
The Median Home Value in Madison is $990,722.
The Median Rent in Madison is $2,253.
The Median Income in Madison is $171,471.
The Home Value To Income in Madison is 5.8x.
The Rent To Monthly Income in Madison is 0.16x.
| Statistic | Madison | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $990,722 | $569,411 | $332,700 |
| Median Rent | $2,253 | $1,720 | $1,413 |
| Median Income | $171,471 | $103,556 | $80,734 |
| Home Value To Income | 5.8x | 5.5x | 4.1x |
| Rent To Monthly Income | 0.16x | 0.2x | 0.21x |
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
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 91, 0.5x Madison.
Westfield, NJ has a cost of living index of 182, 1.0x Madison.
Summit, NJ has a cost of living index of 190, 1.1x Madison.
| City | Population | Cost Of Living | Vs. Madison |
|---|---|---|---|
| Morristown, TN | 31,527 | 91 | 0.5x |
| Westfield, NJ | 31,111 | 182 | 1.0x |
| Summit, NJ | 22,705 | 190 | 1.1x |
| Short Hills, NJ | 14,923 | 263 | 1.5x |
| Bradley Gardens, NJ | 14,165 | 152 | 0.9x |
| New Providence, NJ | 13,727 | 167 | 0.9x |
| Florham Park, NJ | 13,564 | 174 | 1.0x |
| Hasbrouck Heights, NJ | 12,115 | 140 | 0.8x |
| Martinsville, NJ | 11,559 | 166 | 0.9x |
| Lincoln Park, NJ | 10,957 | 133 | 0.7x |
