Madison, IL
Population 2,788 · Illinois
About Madison, IL
Madison is a small town located in Illinois with a population of 2,788 residents according to the latest US Census Bureau American Community Survey data. The median household income is $44,181 per year, which is 41% below the national median of $75,149. The median age of 46.7 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Madison features a median home value of $51,200, which is 79% below the national median of $244,900. This makes Madison one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $1,010, 13% below the national average of $1,163/month. Of the 1,498 total housing units, 45% are owner-occupied (556 units) and 55% are renter-occupied (683 units). The higher proportion of renters may reflect a transient population, younger demographics, or high housing costs relative to income.
Economy & Employment
The local economy in Madison shows an unemployment rate of 21.4%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 30.8%, above the national average of 12.4%. Workers in Madison have an average one-way commute time of 20.7 minutes.
Education & Demographics
7.2% of Madison residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 1.1% White, 4.7% Hispanic or Latino, 0.0% Black or African American, and 4.8% Asian residents, with 6.1% of the population being foreign-born.
How Madison Ranks in Illinois
Cost of Living in Madison, IL
Compared to national averages, Madison has a median household income of $44,181 (41% below the national median of $75,149). Home values average $51,200, which is 79% below the national median. Monthly rent at $1,010 is 13% below the US average of $1,163. Within Illinois, Madison's income is 41% below the state average of $75,072, and home values are 69% below the state median of $165,779.
Why Live in Madison, IL?
Madison offers affordable housing with a median home value of $51,200, below the US average of $244,900, and rent that’s lower than the national average at $1,010/month, and short commute times averaging just 20.7 minutes.
Potential considerations include median household income ($44,181) that falls below the national average. However, Madison’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Madison has a population of 2,788 with a median age of 46.7 years. Compare Madison with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Madison
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Lena | 2,778 | $76,076 | $154,000 | Compare |
| Bushnell | 2,763 | $55,368 | $69,100 | Compare |
| Heyworth | 2,818 | $90,556 | $196,200 | Compare |
| McLeansboro | 2,750 | $46,589 | $72,200 | Compare |
| Hamilton | 2,738 | $53,487 | $105,600 | Compare |
| Savanna | 2,851 | $46,094 | $75,000 | Compare |
| Newton | 2,852 | $58,564 | $98,900 | Compare |
| Oakbrook Terrace | 2,714 | $70,586 | $315,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Madison With Other Cities
Frequently Asked Questions about Madison
What is the population of Madison, IL?
The population of Madison, IL is 2,788 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Illinois.
What is the median household income in Madison?
The median household income in Madison, IL is $44,181 per year, which is 41% below the national median of $75,149.
What is the median home value in Madison?
The median home value in Madison, IL is $51,200, which is 79% below the national median of $244,900. A significant portion of residents rent their homes.
What is the average rent in Madison?
The median monthly rent in Madison, IL is $1,010, which is 13% below the national average of $1,163/month.
What is the unemployment rate in Madison?
The unemployment rate in Madison, IL is 21.4%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Madison, IL a good place to live?
Madison offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 2,788 and a median age of 46.7, the city appeals to established professionals and retirees.
How educated is Madison, IL?
7.2% of residents in Madison aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Madison?
Key cost-of-living indicators for Madison, IL: median home value is $51,200 (79% below national), median rent is $1,010/month, and median household income is $44,181. The home-value-to-income ratio is 1.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Madison?
The poverty rate in Madison, IL is 30.8%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Madison, IL?
Madison's population is 1.1% White, 4.7% Hispanic or Latino, 0.0% Black or African American, 4.8% Asian, and 57.7% two or more races. 6.1% of residents are foreign-born.