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Madison County, VA

Rent vs Own in Madison County, Virginia

Buying the median Madison County home costs roughly $2,144/mo against a $1,066/mo HUD rent, ownership runs well above the rent benchmark here, so the page focuses on why the stack is so heavy. Owner-occupied homes: 4,265.

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Renting is cheaper in Madison County

Ownership works out near $2,144/mo while a comparable 2-bedroom rents for $1,066/mo - a wide monthly miss for buyers. That is a $1,078/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

Ownership sits far above the rent benchmark

The $370,300 median home in Madison County carries $1,968/yr in tax at 0.53%. Against HUD's $1,066/mo 2-bedroom rent, the ownership stack (~$2,144/mo) is a wide miss - roughly $1,078/mo. Here the useful question is which line item (price, tax, or insurance) dominates the overage, not whether a small assumption change closes it.

Decision signal 2

Renting compares well inside the state

Using the assumptions above, Madison County ranks 129 of 133 Virginia counties for buy-vs-rent value (rank 1 = the best relative deal for buying). It sits ahead of 4 other Virginia counties on this measure.

Decision signal 3

Price and income sit in the middle band

Median household income is $84,323, for a 4.4x home-price-to-income ratio in the middle of the national distribution; property tax takes 2.3% of that income. Small changes in down payment or rate move this county across the rent-vs-own line more than they would in a high-ratio market.

Decision signal 4

HUD moved the rent benchmark down

HUD cut its 2-bedroom Fair Market Rent for Madison County from $1,096/mo in FY2025 to $1,066/mo in FY2026: it decreased by $30/mo (-2.7%). A falling benchmark narrows the case for buying here, and it usually reflects HUD re-estimating the local market rather than existing rents being cut.

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
$2,144
Mortgage (P&I) $1,872
Property Tax $164
Insurance (est.) $108
Monthly Rent (2-BR FMR)
$1,066
Studio$923
1-Bedroom$971
2-Bedroom$1,066
3-Bedroom$1,483
4-Bedroom$1,667

Adjust Your Scenario

Affordability Context

Median Household Income
$84,323
$7,027/mo
Home Price / Income
4.4x
Moderate (3-5x)
Tax-to-Income Ratio
2.3%
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.

Madison County matches the national pattern: six-figure earners between $100,000 and $200,000 account for more of these write-offs than any other local group.

When the ownership stack already sits far above HUD rent, that annual bill is less a tie-breaker and more confirmation that holding costs stay material long after the loan is gone.

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

Fairfax County
Home: $732,800 Tax: $7,368/yr
Virginia Beach city
Home: $382,500 Tax: $3,061/yr
Prince William County
Home: $530,100 Tax: $4,999/yr
Loudoun County
Home: $743,800 Tax: $6,325/yr
Chesterfield County
Home: $366,000 Tax: $2,773/yr
Henrico County
Home: $359,200 Tax: $2,565/yr

Frequently Asked Questions

Is it cheaper to rent or buy in Madison County, Virginia? ▼
Owning the median Madison County home is a wide miss versus HUD's 2-bedroom rent (about $1,078/mo more) on the standard stack. Treat this as a tenure/equity decision first; the cash-flow comparison alone will not favour buying here.
What is the average rent in Madison County? ▼
HUD prices a 2-bedroom unit at $1,066/mo here. Sizing up matters: going from a studio to a 4-bedroom adds about $744/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 does Madison County compare to other Virginia counties for renting vs buying? ▼
Out of 133 Virginia counties ranked here on buy-vs-rent value, Madison County lands at spot 129, putting it in the more rent-favorable quarter of the state. The <a href="/states/virginia">Virginia state page</a> lists every peer county's tax bill beside this one.
How much house can you afford in Madison County? ▼
On the common 3x-income guideline, a $84,323 household here can afford up to $252,969 -- about $117,331 short of this county's $370,300 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? ▼
$370,300, per the Census Bureau's ACS 5-Year Estimates. The property tax on that value works out to roughly 0.53% a year, in line with typical rates for the area.
Is rent going up or down in Madison County? ▼
HUD's 2-bedroom Fair Market Rent figure has fallen 2.7% 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

Verify with HUD →