Cost of Living in Madison, ME

With a cost of living index of 68, Madison, ME is one of the most affordable cities in the country. Living here is 32% cheaper than the national average and 19% below the Maine state average of 87. Madison is a small community of 2,552 residents.

Housing costs are the biggest factor in Madison's cost of living. The median monthly rent is $880 (33% below the US median of $1,319), and the median home value sits at $70,800 (77% below the national median of $304,900). At current prices, the median home costs roughly 1.6x the median household income — well within traditional affordability guidelines.

The median household income in Madison is $43,095, which is 43% lower than the national median of $75,149. Residents spend roughly 25% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Madison. The area sees an average annual temperature of 46.1°F, with summers averaging 68°F and winters around 24°F. Annual rainfall totals 41.8 inches spread over roughly 137 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.