Cost of Living in Madison
Summary: If you are thinking about moving to Madison, here is an overview of the cost of living there.
Madison, is a picturesque town located on the Connecticut shoreline, known for its high quality of life, excellent schools, and beautiful beaches. The cost of living in Madison is generally higher than the national average, reflecting its desirability and the affluence of the area. Housing costs in Madison are a significant factor in the overall cost of living, with prices for homes varying depending on proximity to the water, size, and condition of the property.
As of my knowledge cutoff in early 2023, the median home value in Madison for a 3-bedroom home is approximately $400,000 to $600,000, while a larger 4-bedroom home may range from $500,000 to over $1,000,000, with some properties, especially those with waterfront views or larger lots, commanding even higher prices. Apartment rentals in Madison can also be quite costly, with a 1-bedroom apartment typically ranging from $1,200 to $1,800 per month, and a 2-bedroom apartment ranging from $1,800 to $2,500 per month. Purchasing an apartment or a condo in Madison can vary widely in price, starting from around $200,000 and going up to $500,000 or more for luxury units with more amenities or desirable locations.
Dining out in Madison can cater to a variety of tastes and budgets, with casual eateries and fine dining restaurants available. 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. Utilities, including electricity, heating, cooling, water, and garbage, for a standard 85m² apartment, can range from $150 to $250 per month, depending on usage and the time of year.
Private school tuition in Madison can be a significant expense for families. Preschool costs can vary, with some programs starting at around $10,000 to $15,000 per year. Elementary and middle schools can range from $15,000 to $25,000 per year, while private high schools can cost upwards of $30,000 to $40,000 per year, depending on the institution and the level of education provided.
| Item | Cost |
|---|---|
| 3-Bedroom Home Purchase | $400,000 - $600,000 |
| 4-Bedroom Home Purchase | $500,000 - $1,000,000+ |
| 1-Bedroom Apartment Rental | $1,200 - $1,800 / month |
| 2-Bedroom Apartment Rental | $1,800 - $2,500 / month |
| Apartment Purchase | $200,000 - $500,000+ |
| Inexpensive Restaurant Meal | $15 - $25 |
| Mid-Range Restaurant 3-Course Meal | $50 - $70 |
| Monthly Utilities (85m² Apartment) | $150 - $250 |
| Private Preschool Tuition | $10,000 - $15,000 / year |
| Private Elementary/Middle School Tuition | $15,000 - $25,000 / year |
| Private High School Tuition | $30,000 - $40,000 / year |
About the Author
Betsy Burlingame is one of the founders of BlueBurbia and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and BlueBurbia, Betsy worked at AT&T in International
and Mass Market Marketing. She graduated from Ohio Wesleyan University
with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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