Thinking about moving to Madison?
You’ll be in good company. Between 2010 and 2016, more than 19,342 people have moved to Madison, an increase of 8.3%. New residents are attracted to Madison’s farmer’s market, dairy products, beautiful scenery, bike trails and craft beer.
Madison is home to 252,551 Madisonians. With an area of 76.8 square miles, Madison has a population density of 3,288 persons per square mile, which makes it less dense than many other cities of comparable size.
The Madison, WI Metropolitan Statistical Area boasts a population of 648,929 people, of which Madison proper’s population makes up 39%.
One of the drawbacks of all of Madison’s growth and livability are its relatively high housing prices. The median home value in Madison is $231,100, 15% above the US median value, according to Zillow. The median price per square foot in Madison is $171. Over the past 5 years, home values in Madison have increased by 5%.
Renters in Madison will also have a hard time finding affordable housing. The median rent in Madison is $1,535 per month, which is 7% higher than the US median. Over the past year, rental rates in Madison have increased by 4.2%.
Madison’s economy is on fire. The Madison metro area’s GDP grew by 26% between 2011 and 2016, from $37.6 billion in 2011 to $47.4 billion in 2016, a total increase of $9.8 billion. The metro area has a per capita GDP of $73,082. According to the US Census Bureau, the median household income in Madison is $61,886, 5% higher than the national median. Madison’s unemployment rate is 2.7%.