Madison, IN vs Richmond, IN

Richmond is moderately more affordable than Madison, with a 10.3% lower cost of living index. Madison scores 73 compared to 66 for Richmond, where the US average is 100. This difference means residents of Madison can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Madison is $827/month compared to $815/month in Richmond — a 2% difference. Home values follow the same pattern: Richmond is more affordable at $107,600 median vs $186,600.

Median household income in Madison is $57,050 compared to $46,395 in Richmond (+23%). While Madison is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Madison spend roughly 17.4% of their income on rent, less than the 21.1% in Richmond.