Explore Madison
Frequently Asked Questions
How much does it cost to rent a condo in Madison, IL?
The median rent for a condo in Madison, IL is $675 per month, though prices vary by neighborhood, size, and property type. As of June 2026, condos tend to be the most affordable option while townhouses and single-family homes are currently more expensive.
How much do you need to make to afford rent in Madison, IL?
To comfortably afford the median rent in Madison, IL, a household needs to earn roughly $31,800 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $795 per month in Madison, IL, renters typically need to show $2,385 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Madison, IL?
In Madison, IL, the price-to-rent ratio is 6.9, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Madison, IL are best for renting a condo?
The best neighborhood for renting in Madison, IL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a condo include Downtown Saint Louis, Downtown West, Soulard, Central West End and O'Fallon, each with its own character and price range.
