Quick facts: Madison, WV

Quick Facts

93.9
Cost of Living
below US average
2,787
Population
11.12
Crime Rate per 1000
below US average
$63,864
Median Income
below US average
$160,000
Median House Price
above US average
$1190
Average Rent
below US average
12%
Poverty Rate
above US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $63,864.

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Income Needed to Buy

βœ“ Affordable
$50k/year
Based on $160,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($63,864) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$51k/year
Based on $1190/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($63,864) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Madison, WV

Madison is a small city located in Boone County, West Virginia, nestled in the Appalachian Mountains. It serves as the county seat and has a population of around 3,000 residents, offering a tight-knit community atmosphere. The city is positioned along the banks of the Kanawha River, providing picturesque views and opportunities for outdoor recreational activities such as fishing and hiking. Madison has a rich history rooted in coal mining and agriculture, which shaped its economic landscape. The downtown area features charming local shops and eateries, reflecting the city’s traditional and welcoming vibe. The nearby Daniel Boone National Forest offers numerous trails and stunning natural scenery, while the surrounding hills are perfect for outdoor enthusiasts. The city is conveniently located near larger urban centers like Charleston, the capital of West Virginia, which is approximately 30 miles to the east, providing residents access to additional amenities and services. Madison hosts annual community events that foster social connections and celebrate local culture, making it a unique place to live, work, and explore.

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