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Madison County, MT

Rent vs Own in Madison County, Montana

HUD prices a 2-bedroom in Madison County at $1,540/mo while the ownership stack lands near $2,676/mo. That mid-sized gap is large enough that rate or down-payment tweaks usually cannot close it alone. Owner-occupied homes: 3,028.

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Renting is cheaper in Madison County

A 2-bedroom rental here runs $1,540/mo, meaningfully below the $2,676/mo ownership stack on the default assumptions. That is a $1,136/mo difference.

Based on 20% down, 6.5% rate, 30-year mortgage. Adjust below.

What This Data Tells Us About Renting vs Owning in Madison County

Primary driver

The purchase price is the larger hurdle

Median household income is $75,250, so the 6.2x home-price-to-income ratio is the binding constraint here, even before the 2.6% of income that goes to property tax. Buyers in this band usually need a larger down payment or a longer commute to a cheaper ZIP before the monthly ownership math clears.

Decision signal 2

Renting wins by a mid-sized monthly gap

Madison County lists a $470,100 median home with $1,937/yr property tax (0.41%). HUD's $1,540/mo 2-bedroom rent undercuts the ~$2,676/mo ownership stack by a mid-range margin of about $1,136/mo. Closing that gap usually takes more than a cosmetic rate tweak, price, tax load, or both.

Decision signal 3

The tax rate is a national tailwind

Madison County's 0.41% effective rate is among the lowest of 3,135 tracked counties: roughly 92% pay a higher rate. That low tax line is one reason owning can compete here.

Decision signal 4

Renting compares well inside the state

Using the assumptions above, Madison County ranks 49 of 56 Montana counties for buy-vs-rent value (rank 1 = the best relative deal for buying). It sits ahead of 7 other Montana counties on this measure.

Decision signal 5

HUD moved the rent benchmark up

HUD raised its 2-bedroom Fair Market Rent for Madison County from $1,492/mo in FY2025 to $1,540/mo in FY2026: it increased by $48/mo (+3.2%). A rising rent benchmark widens the gap in favour of owning over time, because the mortgage share of the ownership cost below is fixed at origination while the rent it is compared against reprices every year.

Methodology & disclaimer

This calculator is for informational purposes only and is not tax, legal, or financial advice. Property tax figures come from the U.S. Census Bureau ACS 5-Year Estimates and rent figures come from HUD Fair Market Rents; both describe area medians, not individual transactions. Insurance is estimated at 0.35% of home value annually and closing costs, maintenance, HOA, and PMI are not included. Consult a licensed mortgage, tax, or real-estate professional before making a buy-or-rent decision based on these numbers.

Monthly Cost Breakdown

Estimated Monthly Ownership
$2,676
Mortgage (P&I) $2,377
Property Tax $161
Insurance (est.) $137
Monthly Rent (2-BR FMR)
$1,540
Studio$1,154
1-Bedroom$1,202
2-Bedroom$1,540
3-Bedroom$2,073
4-Bedroom$2,583

Adjust Your Scenario

Affordability Context

Median Household Income
$75,250
$6,271/mo
Home Price / Income
6.2x
Expensive (>5x)
Tax-to-Income Ratio
2.6%
National benchmark: 2-4%

Who actually pays it here

A $2,000 to $2,999 yearly bill greets most paid-off owners in Madison County, above what the majority of American counties charge and heavy enough that a fixed retirement income feels it directly.

Unusually for Madison County, returns above $200,000 form the single largest block claiming it, a concentration only a minority of US counties show and a marker of high property values.

With ownership already mid-range more expensive than rent month-to-month, that annual bill reinforces why cash-flow renters stay put unless they are deliberately buying for tenure rather than monthly savings.

Bill bands are Census ACS counts of owner-occupied homes without a mortgage. Income brackets are IRS Statistics of Income county data for tax year 2022, counted over FILERS reporting real-estate taxes on Schedule A, which is a smaller group than homeowners: most filers take the standard deduction.

Nearby Counties

Yellowstone County
Home: $349,500 Tax: $2,832/yr
Flathead County
Home: $535,500 Tax: $3,120/yr
Gallatin County
Home: $667,600 Tax: $3,933/yr
Missoula County
Home: $472,100 Tax: $4,150/yr
Cascade County
Home: $265,300 Tax: $2,320/yr
Lewis and Clark County
Home: $393,500 Tax: $3,113/yr

Frequently Asked Questions

Is it cheaper to rent or buy in Madison County, Montana? ▼
Renting the HUD 2-bedroom is the clearer monthly path in Madison County by roughly $1,136/mo under default loan assumptions. Closing a gap this size usually needs a meaningfully lower price or rate, not a cosmetic tweak.
What is the average rent in Madison County? ▼
HUD prices a 2-bedroom unit at $1,540/mo here. Sizing up matters: going from a studio to a 4-bedroom adds about $1,429/mo, so the per-bedroom jump is worth checking against your actual space needs before assuming the 2-BR figure applies to your situation.
How much house can you afford in Madison County? ▼
On the common 3x-income guideline, a $75,250 household here can afford up to $225,750 -- about $244,350 short of this county's $470,100 median home. That gap is typically closed with a larger down payment, dual incomes, or a longer search outside the median price band.
What is the median home price in Madison County? ▼
$470,100, per the Census Bureau's ACS 5-Year Estimates. What stands out more than the price itself is the tax load on it: this county's 0.41% effective rate sits near the low end of the 3,135 counties tracked here.
How does Madison County compare to other Montana counties for renting vs buying? ▼
Out of 56 Montana counties ranked here on buy-vs-rent value, Madison County lands at spot 49, putting it in the more rent-favorable quarter of the state. The <a href="/states/montana">Montana state page</a> lists every peer county's tax bill beside this one.
Is rent going up or down in Madison County? ▼
HUD's 2-bedroom Fair Market Rent figure has risen 3.2% between the FY2025 and FY2026 publications, the two most recent years tracked here.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from the U.S. Census Bureau (American Community Survey). See our methodology for details. Retrieved and formatted by PlainPropertyTax

Source: U.S. Census Bureau, Government Finances State and local property tax revenue by jurisdiction · 2025

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