Cost of living in Madison, New Jersey

Cost of living
compared to USA

the highest

Cost of living
compared to New Jersey

high

Median household
income

the highest

Is it expensive to live in Madison, New Jersey? When calculating the cost of living in Madison, New Jersey we factor in state income tax rates, average housing rental prices, average property values, cost of living index, and more.

The cost of living in Madison, New Jersey is the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest in the United States and highAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest in New Jersey, while median household income in Madison is $157,577 which is the highest Analytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest in the United States and the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest in New Jersey.

Taxes in Madison, New Jersey

The sales tax rate in Madison, New Jersey is 6.6%. Last year, the average property taxes paid was 2.1% Madison, New Jersey.

Here is the table with the State Income Taxes in the state of New Jersey:

State Income Tax Brackets:

Income Brackets(single):	Income Brackets(Married):	New Jersey Income Tax Rate
$0 - $20,000	$0 - $20,000	1.4%
$20,000 - $35,000	$20,000 - $50,000	1.8%
-	$50,000 - $70,000	2.5%
$35,000 - $40,000	$70,000 - $80,000	3.5%
$40,000 - $75,000	$80,000 - $150,000	5.5%
$75,000 - $500,000	$150,000 - $500,000	6.4%
$500,000 - $1,000,000	$500,000 - $1,000,000	9.0%
>= $1,000,000	>= $1,000,000	10.8%

Housing costs in Madison, New Jersey

The average cost of
a single-family home
compated to USA

the highest

The average cost of
a single-family home
compated to New Jersey

the highest

In Madison, New Jersey, 65.0% of the population owns their homes, while approximately 35.0% rent. The average cost of a single-family home in Madison, New Jersey in 2023 is $784,404 which is the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest in the United States and the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest in New Jersey. The average one-bedroom apartment cost is approximately $2,210 per month.

Rental Size	Monthly Cost	Compared to New Jersey
1 Bedroom	$2,210	the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest
2 Bedroom	$2,660	the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest
3 Bedroom	$3,360	the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest
4 Bedroom	$3,890	the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest