Madison, Mississippi Housing Market Prices
Madison Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 73% above the Mississippi median$225,000
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Median rent 97% above the Mississippi median$1,881
Housing Market Overview
| Metric | Madison | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $225,000 | $130,069 | $248,835 |
| Price Trend (Annual %) | 7.9% | 5.6% | 7.5% |
| Median Gross Rent | $1,881 | $954 | $1,407 |
| Rent Trend (Annual %) | 3.1% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Madison is about 73% higher than in Mississippi. Rent is about 97% higher than the Mississippi average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Madison, up about 7.9% and 3.1% a year respectively. Home prices are changing faster.
Median rent in Madison rose about 35.8% between 2015 and 2024, from $1,386 to $1,881. Over the same span, rent in Mississippi rose about 33.2%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Madison.
Buying the median-priced home in Madison costs roughly 10.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Madison. The price-to-rent ratio in Mississippi is about 11.4.
| Metric | Madison | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $225,000 | $130,069 | $248,835 |
| Median Household Income | $118,326 | $56,669 | $80,455 |
| Price-to-Income Ratio | 1.9 | 2.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Madison rose about 51.0%, while median household income rose about 32.4% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Madison | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 88.8% | 59.8% | 58.5% |
| Rental Rate | 6.6% | 25.6% | 31.2% |
| Vacancy Rate | 4.7% | 14.6% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Madison has a homeownership rate of 88.8%, higher than the Mississippi average of 59.8%. Its housing vacancy rate is 4.7%, compared with 14.6% in Mississippi.
Housing Stock
| Metric | Madison | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.86 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1998 | 1986 | 1978 |
| Median Number of Rooms | 7.3 | 5.7 | 5.5 |
The typical housing unit in Madison was built around 1998. On average, 2.9 people live in a home with about 7.3 rooms, staying for about 13.0 years on average.
Madison, MS Housing Compared With Nearby Cities
How Madison, MS compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Madison, MS | 21,023 | $225,000 #1/2 | $1,881 #1/2 | 93.1% #1/2 |
| Jackson, MS | 145,698 | $75,050 | $1,056 | 49.0% |
Frequently Asked Questions
Common questions about the housing market in Madison, Mississippi.
What is the median home price in Madison, Mississippi?
The median home price in Madison, Mississippi is $225,000, higher than the Mississippi average of $130,069.
What is the average home price in Madison, Mississippi?
The typical home price in Madison, Mississippi, reported as the median sale price, is $225,000. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Madison, Mississippi?
The median gross rent in Madison, Mississippi is $1,881 per month, higher than the Mississippi average of $954.
What was the median gross rent in Madison in 2020?
In 2020, the median gross rent in Madison, Mississippi was $1,600 per month.
What is the price-to-rent ratio in Madison, Mississippi?
The price-to-rent ratio in Madison, Mississippi is about 10.0, meaning it would take roughly 10.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Madison.
Are home prices or rent rising faster in Madison, Mississippi?
Both home prices and rent are rising in Madison, up about 7.9% and 3.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Madison, Mississippi?
88.8% of households in Madison, Mississippi own their home, higher than the Mississippi average of 59.8%.
What is the vacancy rate in Madison, Mississippi?
The housing vacancy rate in Madison, Mississippi is 4.7%, lower than the Mississippi average of 14.6%.
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