Madison cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexMadisonIndianaNational
Cost of living index8687100
IndexMadisonIndianaNational
Goods & Services index9694100
Groceries index8594100
Health care index8995100
Housing index6973100
Transportation index9892100
Utilities index9090100
A general overview of the cost of living index for Madison, IN is displayed above. In Madison, IN, the overall cost of living index is 86, which is 2% lower than the Indiana average and 14% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Madison, IN, the city's goods and services are 2% higher than the Indiana average and 4% lower than the U.S. average.

Did you know?

  • The cost of living in Madison is 2% lower than the Indiana average.
  • The cost of living in Madison is 14% lower than the national average.
  • The cost of housing in Madison is 31% lower than the national average.
  • Indiana general sales tax is 37% higher than the national average.
  • Indiana state income tax is 48% higher than the national average.

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Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
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The salary calculator is used in order to provide a comparison of your current salary in Madison, IN to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Madison, IN, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Madison, IN salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$58,602$4,884$1,367$1,758
Renters$26,570$2,214$620$797
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Madison, IN as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Madison, IN homeowners, is $58,602. This would allow for a maximum of $1,367 per month to be spent on housing costs. For renters, the median monthly income is $26,570 which would result in a maximum of $620 to be spent on rental costs.

Indiana Sales Tax

StateGeneral Sales TaxWith Max Surtax
Indiana7%7%

Indiana Income Tax

StateIncome Tax (Low)Income Tax (High)
Indiana3.3%3.3%
When considering the overall cost of living expenses in Madison, IN, it's important to take into account the sales tax for Indiana, as well as the rate for income tax in Indiana. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Indiana is 7%, and the sales tax in the state of Indiana is 7%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Indiana starts from 3.3% and goes up to 3.3%.

Goods & Services

ItemMadisonNational avg.Difference
Haircut $13.10$15.5615.8%
Beauty Salon $36.00$36.110.3%
Toothpaste $2.20$2.4710.9%
Shampoo $0.93$0.963.6%
Movie $9.25$10.138.7%
Bowling $4.13$4.7412.7%

Groceries

ItemMadisonNational avg.Difference
Ground Beef $4.12$3.983.5%
Fried Chicken $1.31$1.416.9%
Milk $2.20$2.066.4%
Potatoes $2.76$2.987.4%
Pizza $10.00$9.475.6%
Beer $8.74$8.790.6%

Health Care

ItemMadisonNational avg.Difference
Optometrist $84.23$101.0416.6%
Doctor $90.58$107.4415.7%
Dentist $89.57$90.420.9%
Ibuprofen $8.72$9.286.0%
Lipitor $327.64$426.5023.2%

Housing

ItemMadisonNational avg.Difference
Home Price $119,300.00$175,700.0032.1%
Avg. Mortgage Payment $846.28$1,133.2325.3%
Apartment Rent $644.00$920.0030.0%

Transportation

ItemMadisonNational avg.Difference
Gasoline $1.94$1.992.7%
Tire Balancing $45.87$45.760.2%

Utilities

ItemMadisonNational avg.Difference
All Electricity$128.25$163.8121.7%
Phone $30.22$28.396.5%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Deputy, IN1393-7%
Canaan, IN9697-3%
Brooksburg, IN6673-27%
Prestonville, KY10178-22%
Milton, KY66080-20%
Madison, IN12,03386-14%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
South Miami, FL12,03612626%
Doctor Phillips, FL12,02811717%
Neosho, MO12,03882-18%
Ferndale, WA12,04011313%
Bensville, MD12,02413737%
Madison, IN12,03386-14%
Source: The Madison, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.