Madrid, IA
Population 2,803 · Iowa
About Madrid, IA
Madrid is a small town located in Iowa with a population of 2,803 residents according to the latest US Census Bureau American Community Survey data. The median household income is $86,915 per year, which is 16% above the national median of $75,149. The median age of 40.1 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Madrid features a median home value of $185,100, which is 24% below the national median of $244,900. This positions Madrid in a moderately priced market relative to the rest of the country. Median monthly rent is $1,034, 11% below the national average of $1,163/month. Of the 1,217 total housing units, 82% are owner-occupied (932 units) and 18% are renter-occupied (204 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Madrid shows an unemployment rate of 0.8%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 7.4%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Madrid have an average one-way commute time of 25.9 minutes.
Education & Demographics
22.6% of Madrid 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 2.7% White, 0.0% Hispanic or Latino, 0.6% Black or African American, and 0.0% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Madrid, IA
Compared to national averages, Madrid has a median household income of $86,915 (16% above the national median of $75,149). Home values average $185,100, which is 24% below the national median. Monthly rent at $1,034 is 11% below the US average of $1,163. Within Iowa, Madrid's income is 28% above the state average of $67,947, and home values are 40% above the state median of $132,237.
Why Live in Madrid, IA?
Madrid offers a strong local economy with a median household income of $86,915, well above the national average, and affordable housing with a median home value of $185,100, below the US average of $244,900, and rent that’s lower than the national average at $1,034/month. Additionally, the city features a strong job market with an unemployment rate of just 0.8%, and a low poverty rate of 7.4%, better than the national average.
Madrid has a population of 2,803 with a median age of 40.1 years. Compare Madrid with other cities to see how it stacks up, or explore all cities in Iowa.
Similar Cities Near Madrid
Cities in Iowa with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Grundy Center | 2,794 | $77,540 | $173,200 | Compare |
| Postville | 2,787 | $47,281 | $100,300 | Compare |
| Sibley | 2,821 | $54,767 | $119,800 | Compare |
| Marengo | 2,823 | $58,125 | $114,100 | Compare |
| Clarion | 2,775 | $58,702 | $107,600 | Compare |
| Park View | 2,861 | $106,429 | $276,500 | Compare |
| Onawa | 2,862 | $54,659 | $125,700 | Compare |
| Fairfax | 2,865 | $120,552 | $278,800 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Iowa
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Madrid With Other Cities
Frequently Asked Questions about Madrid
What is the population of Madrid, IA?
The population of Madrid, IA is 2,803 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Iowa.
What is the median household income in Madrid?
The median household income in Madrid, IA is $86,915 per year, which is 16% above the national median of $75,149.
What is the median home value in Madrid?
The median home value in Madrid, IA is $185,100, which is 24% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Madrid?
The median monthly rent in Madrid, IA is $1,034, which is 11% below the national average of $1,163/month.
What is the unemployment rate in Madrid?
The unemployment rate in Madrid, IA is 0.8%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Madrid, IA a good place to live?
Madrid offers above-average incomes, affordable housing, and a strong job market. With a population of 2,803 and a median age of 40.1, the city appeals to a broad range of residents.
How educated is Madrid, IA?
22.6% of residents in Madrid 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 Madrid?
Key cost-of-living indicators for Madrid, IA: median home value is $185,100 (24% below national), median rent is $1,034/month, and median household income is $86,915. The home-value-to-income ratio is 2.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Madrid?
The poverty rate in Madrid, IA is 7.4%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Madrid, IA?
Madrid's population is 2.7% White, 0.0% Hispanic or Latino, 0.6% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.