Cost of Living in Madison, NJ
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
244.2
100 = national avg
+144.2 vs national average
Living Wage (1 Adult)
$107,447
per year
Living Wage (Family of 4)
$253,965
per year
Cost Index by Category
Housing340.9
Food178.8
Transportation157.3
Healthcare163.0
Utilities195.4
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$1,822
per month
2 Bedroom
$2,205
per month
The overall cost of living index in Madison is 244.2, which is 144.2% above the national average. Housing costs are above the national average at an index of 340.9. A single adult needs to earn approximately $107,447 per year to cover basic expenses.