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.
IndexMadisonSouth DakotaNational
Cost of living index8589100
IndexMadisonSouth DakotaNational
Goods & Services index10495100
Groceries index105105100
Health care index11193100
Housing index5075100
Transportation index9891100
Utilities index7687100
A general summary of the cost of living index in Madison, SD is shown above. Compared to the state average of South Dakota the cost of living index in Madison, SD is 85, which is 5% lower than the average in South Dakota and compared to the national average it is 15% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Madison, SD goods and services come in at 10% higher than the average in South Dakota and are 4% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Madison is 5% lower than the South Dakota average.
  • The cost of living in Madison is 15% lower than the national average.
  • The cost of housing in Madison is 50% lower than the national average.
  • South Dakota general sales tax is 21% lower than the national average.
  • South Dakota state income tax is 100% lower than the national average.

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Compare Madison, SD Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Madison, SD to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Madison, SD, then you would need to earn more income in order to maintain the same standard of living. To use the Madison, SD salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$56,852$4,738$1,326$1,706
Renters$22,358$1,863$522$671
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Madison, SD, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Madison, SD homeowners have a median income of $56,852. Using that number, you will come up with a maximum of $1,326 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $22,358, which means there is a maximum of $522 to be spent on the costs of renting a home or apartment.

South Dakota Sales Tax

StateGeneral Sales TaxWith Max Surtax
South Dakota4%6%

South Dakota Income Tax

StateIncome Tax (Low)Income Tax (High)
South Dakota0%0%
When you are determining the total cost of living in Madison, SD you will want to make sure you consider both the South Dakota sales tax and the South Dakota income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in South Dakota is 4%, with the highest surtax being 6%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in South Dakota have a range from 0% to 0%.

Goods & Services

ItemMadisonNational avg.Difference
Haircut $18.25$14.5925.1%
Beauty Salon $25.50$34.6826.5%
Toothpaste $1.79$2.4727.6%
Shampoo $0.92$1.0210.0%
Movie $9.25$9.876.3%
Bowling $3.50$4.3920.3%

Groceries

ItemMadisonNational avg.Difference
Ground Beef $4.88$4.489.0%
Fried Chicken $2.09$1.4642.8%
Milk $2.29$2.362.8%
Potatoes $2.79$3.068.9%
Pizza $12.00$9.2429.8%
Beer $7.76$8.6310.1%

Health Care

ItemMadisonNational avg.Difference
Optometrist $76.81$99.7823.0%
Doctor $160.37$105.0352.7%
Dentist $92.75$88.704.6%
Ibuprofen $8.15$9.4113.4%
Lipitor $266.68$298.5010.7%

Housing

ItemMadisonNational avg.Difference
Home Price $88,600.00$175,700.0049.6%
Avg. Mortgage Payment $929.86$1,081.0314.0%
Apartment Rent $463.00$920.0049.7%

Transportation

ItemMadisonNational avg.Difference
Gasoline $1.98$2.095.4%
Tire Balancing $48.00$45.296.0%

Utilities

ItemMadisonNational avg.Difference
All Electricity$148.78$170.8012.9%
Phone $17.01$28.2639.8%
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.
Winfred, SD9095-5%
Wentworth, SD13978-22%
Ramona, SD16477-23%
Nunda, SD5281-19%
Chester, SD30287-13%
Madison, SD6,83085-15%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Marion, SC6,83388-12%
Ralston, NE6,82689-11%
Carthage, TX6,83589-11%
Miramar Beach, FL6,83511111%
Yardville, NJ6,82512020%
Madison, SD6,83085-15%
Source: The Madison, SD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.