This charming borough has a delightfully historic downtown, nice green spaces and elegant houses. Originally settled by Native Americans centuries ago, the area that would become Madison was favored first by Dutch fur traders and later by English settlers. These days, the borough is home to around 16,000 people. About 25 miles from New York City, it's home to many commuters as well as those who live and work locally.
Madison, NJ is a great place for affordable rent-to-own homes! With the current housing shortage trend it can make it harder to become a homeowner, including in Madison, NJ. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Madison, NJ is seeing rapid growth and Madison, NJ's' housing market remains optimal with an average home price that is -100% below the 2022 national average. Madison, NJ is part of Morris county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2022 for county Morris is 1.62% which is above the national average, which is 0.99%.
Madison, NJ has a walk score of
Madison, NJ has a bike score of
The state tax rate is 1.4 to 10.75% on top of the federal tax rate of 10 to 37%.