Housing data for Madison Borough, NJ
Madison Borough, NJ has an estimated 16,447 residents and 5,781 homes (US Census Bureau, 2020–2024 American Community Survey).
It is a borough in Morris County.
36.2% of households rent.
The median gross rent is $2,253 a month.
Its population grew measurably since 2015–2019 (+0.4%).
Figures last updated on .
- Residents
- 16,447 (±39)
- Housing units
- 5,781 (±270)
- Households that rent
- 36.2%
- Median gross rent
- $2,253
- Residents since 2015–2019
- +0.4%
What stands out in Madison Borough
Median home value: $943,200 (±$43,310) in Madison Borough, higher than in Morris County ($582,500).
Homes heated by fuel oil: 1.3% (±1.0 points) in Madison Borough, lower than in Morris County (13.9%).
Households that rent: 36.2% (±3.6 points) in Madison Borough, higher than in Morris County (25.7%).
Commuting by public transportation: 8.0% (±2.8 points) in Madison Borough, higher than in Morris County (3.3%).
- Home values in Madison Borough
- Heating fuel in Madison Borough
- Renters and owners in Madison Borough
- Commute and cars in Madison Borough
Housing in Madison Borough at a glance
- Median rent: $2,253 median gross rent a month
- Rent by bedrooms: $2,595 median gross rent, 2 bedrooms
- Rent burden: 53.1% of renters pay 30% or more of income
- Renters and owners: 36.2% of households rent
- Income and affordability: $171,471 median household income
- Home values: $943,200 median home value
- Homeowner costs: $4,000 or more median monthly cost with a mortgage
- Property taxes: $10,000 or more median real estate taxes a year
- Types of homes: 15.5% of homes are in buildings of 5 or more units
- Bedrooms: 65.3% of homes have 3 or more bedrooms
- Age of homes: 70.3% of homes were built before 1980
- Vacancy rate: 1.9% rental vacancy rate
- Heating fuel: 86.7% heat with utility gas
- Commute and cars: 27.6 minutes average trip to work
- Crime reported to police: 0 violent crimes per 100,000 residents
- Growth: +0.4% residents since 2015–2019
- How long people stay: 22.1% moved in since 2020
- Crowding and facilities: 0.5% of homes have more than 1 person per room
Madison Borough against Morris County, its state and the nation
| Madison Borough | Morris County | New Jersey | United States | |
|---|---|---|---|---|
| Residents | 16,447 (±39) | 514,528 (exact) | 9,343,809 (exact) | 334,922,499 |
| Housing units | 5,781 (±270) | 199,506 (±100) | 3,791,354 (±469) | 143,775,355 |
| Households that rent | 36.2% (±3.6 points) | 25.7% (±0.8 points) | 36.2% (±0.2 points) | 34.8% |
| Median gross rent | $2,253 (±$120) | $1,904 (±$30) | $1,720 (±$7) | $1,413 |
| Median household income | $171,471 (±$19,397) | $137,326 (±$2,991) | $103,556 (±$513) | $80,734 |
| Median home value | $943,200 (±$43,310) | $582,500 (±$5,640) | $454,400 (±$1,150) | $332,700 |
| Median real estate taxes (a year) | $10,000 or more | $10,000 or more | $9,590 (±$25) | $3,119 |
| Built before 1980 | 70.3% (±6.6 points) | 62.4% (±1.4 points) | 62.8% (±0.3 points) | 49.7% |
| Average commute | 27.6 minutes (±2.3) | 29.8 minutes (±0.4) | 30.5 minutes (±0.1) | 26.4 minutes |
| Households with broadband | 95.6% (±1.6 points) | 95.2% (±0.4 points) | 92.8% (±0.1 points) | 91.0% |
| Median age of residents | 38.2 years (±2.4) | 42.6 years (±0.2) | 40.1 years (±0.1) | 38.9 years |
Madison Borough covers 4.3 square miles of land, about 3,814 residents per square mile (Census Bureau Gazetteer).
How Madison Borough has changed since 2015–2019
| 2015–2019 | 2020–2024 | Amount of change | Verdict | |
|---|---|---|---|---|
| Residents | 16,377 (±33) | 16,447 (±39) | +0.4% | Measurable increase |
| Housing units | 5,786 (±237) | 5,781 (±270) | −0.1% | Not a measurable change |
| Median gross rent | $1,807 (±$110) | $2,253 (±$120) | +24.7% | No measurable change after inflation |
| Median home value | $724,700 (±$24,654) | $943,200 (±$43,310) | +30.2% | Up after inflation |
| Median household income | $146,157 (±$10,601) | $171,471 (±$19,397) | +17.3% | No measurable change after inflation |
| Households that rent | 32.4% (±2.9 points) | 36.2% (±3.6 points) | +3.8 percentage points | Not a measurable change |
| Rental vacancy rate | 0.0% (±1.9 points) | 1.9% (±2.4 points) | +1.9 percentage points | Not a measurable change |
The Census Bureau publishes 2015–2019 dollars in 2019 dollars and 2020–2024 dollars in 2024 dollars.
Prices (the CPI-U, US Bureau of Labor Statistics) rose 22.7% between 2019 and 2024, so a dollar figure’s verdict compares the two after raising the earlier one by that much, using the Census Bureau’s test for a difference.
The two periods do not overlap, as the Census Bureau recommends for 5-year estimates.
Crime reported to police in Madison Borough
In 2025, the Madison Police Department reported 0 violent and 201 property crimes per 100,000 residents to the FBI.
ZIP codes in Madison Borough
| ZIP code | Share of the ZIP’s land in this place | Residents | Median gross rent | Median home value | Median household income |
|---|---|---|---|---|---|
| 07940 | 88% | 17,610 | $2,251 | $940,900 | $172,708 |
A ZIP code is a mail route rather than a boundary, so the Census Bureau publishes figures for ZIP Code Tabulation Areas built from census blocks; the share column says how much of each one’s land lies in this place.
Places near Madison Borough
| Place | Distance | Median gross rent | Median home value | Households that rent |
|---|---|---|---|---|
| Florham Park Borough | 1.7 mi | $3,109 | $791,400 | 30.2% |
| Chatham Borough | 2.1 mi | $2,250 | $984,900 | 17.5% |
| Green Village | 2.2 mi | $2,782 | $823,900 | 50.3% |
| Chatham Township | 2.6 mi | $2,769 | $1,072,600 | 15.9% |
| Summit | 4.0 mi | $2,430 | $994,500 | 31.7% |
| Morristown Town | 4.1 mi | $2,274 | $567,600 | 63.3% |
| New Providence Borough | 4.1 mi | $1,903 | $769,900 | 24.2% |
| Harding Township | 4.3 mi | $2,917 | $1,145,100 | 9.8% |
Places in New Jersey most like Madison Borough
| Place | Median gross rent | Median home value | Median household income | Households that rent |
|---|---|---|---|---|
| Springfield Township (Union County) | $2,188 | $636,600 | $155,906 | 33.2% |
| Park Ridge Borough | $2,257 | $706,200 | $171,029 | 19.0% |
| Westwood Borough | $2,458 | $606,400 | $165,781 | 37.1% |
| Princeton | $2,636 | $1,050,600 | $192,079 | 44.6% |
| Wayne Township | $2,164 | $612,700 | $153,056 | 21.4% |
| Ramsey Borough | $2,245 | $697,300 | $160,996 | 20.8% |
Matched on rent, home value, income, the share who rent, the age of the homes, the share in apartment buildings and the commute, each measured against the spread across New Jersey.
HUD Fair Market Rent for Madison Borough, fiscal year 2027
| Studio | 1 bedroom | 2 bedrooms | 3 bedrooms | 4 bedrooms |
|---|---|---|---|---|
| $1,637 | $1,850 | $2,233 | $2,785 | $3,188 |
HUD income limits for Madison Borough, fiscal year 2026
| Household size | Extremely low (30%) | Very low (50%) | Low (80%) |
|---|---|---|---|
| 1 person | $29,050 | $48,450 | $74,800 |
| 2 people | $33,200 | $55,400 | $85,450 |
| 3 people | $37,350 | $62,300 | $96,150 |
| 4 people | $41,500 | $69,200 | $106,800 |
| 5 people | $44,850 | $74,750 | $115,350 |
| 6 people | $48,150 | $80,300 | $123,900 |
| 7 people | $51,500 | $85,850 | $132,450 |
| 8 people | $55,720 | $91,350 | $141,000 |
These are the limits HUD sets for its housing programs in the Newark, NJ HUD Metro FMR Area, where HUD’s median family income for fiscal year 2026 is $138,400.
A program can use its own limits; tax-credit and local programs often do.
Survey years: 2020–2024 (American Community Survey 5-year estimates), compared with 2015–2019.
Margins of error are at the 90% confidence level.
What you can do on Seayora in Madison Borough
One account for renting, owning, managing and fixing homes, with these figures beside you.
Own or manage a rental?
List it, sign the lease and collect rent online, with the figures for Madison Borough beside you.
Create a landlord account · See what landlords get
Looking for a place to rent?
Browse homes for rent near Madison Borough, save the ones you like and apply online.
Browse rentals · Create a renter account
Do repairs, renovations or maintenance?
Get found by owners and renters near Madison Borough, and send estimates and invoices from your phone.
Questions about Madison Borough
What is the average rent in Madison Borough, NJ?
The Census Bureau publishes the median rather than the average: the median gross rent in Madison Borough is $2,253 (±$120) a month (2020–2024 American Community Survey), so half of renting households pay less and half pay more.
How much is a one-bedroom apartment in Madison Borough?
The median gross rent for a one-bedroom home in Madison Borough, NJ is $1,813 (±$75) a month (2020–2024 American Community Survey).
Are renters in Madison Borough rent-burdened?
53.1% of renting households in Madison Borough pay 30% or more of their income in gross rent, the share housing researchers usually call rent-burdened (2020–2024 American Community Survey).
How many renters are there in Madison Borough?
Madison Borough has an estimated 2,032 (±231) renting households, 36.2% of its occupied homes (2020–2024 American Community Survey).
What is the median household income in Madison Borough?
The median household income in Madison Borough is $171,471 (±$19,397) a year (2020–2024 American Community Survey).
What is the average home value in Madison Borough, NJ?
The Census Bureau publishes the median: $943,200 (±$43,310) for owner-occupied homes in Madison Borough (2020–2024 American Community Survey).
Is Madison Borough growing?
In Madison Borough, the number of residents went from 16,377 in 2015–2019 to 16,447 in 2020–2024 (+0.4%), a measurable increase.
What ZIP codes are in Madison Borough?
The ZIP code that covers Madison Borough is 07940.
What is the median rent in ZIP code 07940?
The median gross rent in ZIP Code Tabulation Area 07940 is $2,251 (±$120) a month (2020–2024 American Community Survey).
Sources
- Demographic and Housing Estimates (DP05), 2020–2024 ACS 5-year estimates — Madison borough, Morris County, New Jersey
- Selected Housing Characteristics (DP04), 2020–2024 ACS 5-year estimates — Madison borough, Morris County, New Jersey
- Selected Economic Characteristics (DP03), 2020–2024 ACS 5-year estimates — Madison borough, Morris County, New Jersey
- Median Real Estate Taxes Paid by Mortgage Status (B25103), 2020–2024 ACS 5-year estimates — Madison borough, Morris County, New Jersey
- Selected Social Characteristics (DP02), 2020–2024 ACS 5-year estimates — Madison borough, Morris County, New Jersey
- Total Population (B01003), 2015–2019 ACS 5-year estimates — Madison borough, Morris County, New Jersey
- Median Gross Rent (B25064), 2015–2019 ACS 5-year estimates — Madison borough, Morris County, New Jersey
- HUD Fair Market Rents, fiscal year 2027: Newark, NJ HUD Metro FMR Area
- HUD Income Limits, fiscal year 2026: Newark, NJ HUD Metro FMR Area
- US Census Bureau, American Community Survey 2020–2024 5-year estimates for ZIP Code Tabulation Areas
- FBI Uniform Crime Reporting Program, Crime Data Explorer: Madison Police Department (ORI NJ0141700)
- FBI: Uniform Crime Reporting statistics and their proper use
- Consumer Price Index for All Urban Consumers (CPI-U), US city average, all items, US Bureau of Labor Statistics: annual averages 2019 and 2024
- US Census Bureau, 2024 Gazetteer Files
To check these figures in the Census Bureau’s own API, request the variables below from the 2024 ACS 5-year data profile (acs/acs5/profile) for Madison borough, Morris County, New Jersey (county subdivision:42510, in state:34 county:027).
Each estimate (E or PE) has a margin of error beside it (M or PM).
The 2015–2019 figures are B01003_001E, B01003_001M, B25064_001E, B25064_001M from the 2019 release.
The API needs a free key.
DP05_0001E, DP05_0001M, DP04_0001E, DP04_0001M, DP04_0047PE, DP04_0047PM, DP04_0134E, DP04_0134M, DP03_0062E, DP03_0062M, DP04_0089E, DP04_0089M
This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Figures are published by the US Census Bureau, HUD, the Bureau of Labor Statistics and the FBI; Seayora reproduces them and does not adjust them, except where a sentence says it compares dollar figures after inflation. They describe the whole place, not any one building or street, and are not an appraisal, a rent determination, a tax bill, a safety rating or legal advice.
Figures last updated on .