Madison, WI home values, income, and owner costs

In Madison, WI, the 2024 ACS reports a median owner-occupied home value of $372,900, median household income of $78,050, and median selected monthly owner costs of $2,098 for owners with a mortgage. For the decision at hand, together, those three reference points may help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $2,098 measure combines recurring ownership expenses in place of real estate taxes alone. In practical terms, a useful affordability review starts with $372,900, $78,050, and $2,098, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.

Madison, WI's $372,900 median home-value estimate is above the statewide $266,500 estimate, with a reported city-to-state gap of 39.9%. For the decision at hand, that 39.9% gap is useful for showing that a statewide midpoint may be a poor substitute for a local search range in Madison, WI. It does not mean every local property is 39.9% away from a comparable property elsewhere in the state, because the medians reflect different housing mixes and geographies. In practical terms, a borrower may use $372,900 and $266,500 to decide which assumptions need local replacement first, then compare actual properties and current financing disclosures on the same basis.