Cost of Living in Madison

Madison, is a borough in Morris County known for its charming downtown area, community feel, and proximity to New York City. The cost of living in Madison is generally higher than the national average, reflecting the desirability of the area and its location within the New York metropolitan area. Housing costs in Madison are a significant factor in the overall cost of living, with prices for homes being quite high compared to many other parts of the United States.

For housing, the median price for a 3-bedroom home in Madison can range from $600,000 to $800,000, depending on the location, age, and condition of the property. A 4-bedroom home typically sells for between $700,000 and over $1 million. These prices can fluctuate based on market conditions and specific neighborhood characteristics. Apartment rentals for a 1-bedroom can start around $1,800 per month, while a 2-bedroom apartment might rent for $2,500 or more per month. Purchasing an apartment or a condo in Madison can also be costly, with prices often starting at around $300,000 and going up significantly for larger units or those in more desirable locations.

When it comes to dining out, Madison offers a variety of restaurants ranging from casual eateries to upscale dining experiences. A meal at an inexpensive restaurant might cost around $15 to $25 per person, while a three-course meal at a mid-range restaurant could be between $50 and $70 per person, excluding drinks and gratuity. Utilities, including electricity, heating, cooling, water, and garbage, for a standard 915-square-foot apartment, can range from $150 to $250 per month, depending on usage and the time of year.

Private school tuition in Madison varies widely based on the institution and the level of education. For preschool, tuition can range from $10,000 to $20,000 per year. Elementary schools might charge between $15,000 and $30,000 per year, while middle schools and high schools can cost anywhere from $20,000 to over $40,000 annually. These costs are influenced by the school's reputation, facilities, and the breadth of programs offered.