Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 2,960 people, 1,238 houses or apartments, and a median cost of homes of $102,371, house prices in Madison are some of the most affordable in Florida as well as the nation.
Single-family detached homes are the single most common housing type in Madison, accounting for 61.92% of the city's housing units. Other types of housing that are prevalent in Madison include duplexes, homes converted to apartments or other small apartment buildings ( 21.63%), large apartment complexes or high rise apartments ( 12.30%), and a few mobile homes or trailers ( 3.73%).
The most prevalent building size and type in Madison are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 45.97% owning and 54.03% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Madison's housing was primarily built during this period, from the '40s through the '60s. A full 49.07% of the city's housing hails from this era. Other housing ages represented in Madison include homes built between 1970-1999 ( 29.99%) and housing constructed before 1939 ( 11.33%). There's also some housing in Madison built between 2000 and later ( 9.61%).
Vacant housing appears to be an issue in Madison. Fully 14.44% of the housing stock is classified as vacant. Left unchecked, vacant Madison homes and apartments can be a drag on the real estate market, holding Madison real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Madison has experienced some of the highest home appreciation rates of any community in the nation. Madison real estate appreciated 124.09% over the last ten years, which is an average annual home appreciation rate of 8.40%, putting Madison in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Madison definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Madison appreciation rates have trailed the rest of the nation. In the last twelve months, Madison's appreciation rate has been -0.42%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Madison were at -2.36%, which equates to an annual appreciation rate of -9.13%.
Notably, Madison's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Florida, our data show that Madison's latest annual appreciation rate is lower than 90% of the other cities and towns in Florida.
$102,371
for Florida
for nation
1,238
$1,369 / per month