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Madison borough, NJ

ZIP 07940 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Wealthy AreaLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 07940

Median Home Value
$883,200
Median Rent
$2,138
Affordability Snapshot
$243,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$5,673/mo PITI).

15%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

5.2x
Home Price-to-Income Ratio

Well above the 3-5x guideline — challenging for first-time buyers.

34.4 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 07940 in Madison borough, NJ, a household would need roughly $243,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $5,673. That is about 44% above the local median household income ($168,520), so the median earner would likely stretch or need a larger down payment. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
64.2%-2% vs US avg
x
Vacancy Rate
2.9%-72% vs US avg
x
Broadband Access
95.1%+9% vs US avg
x
4+ Bedrooms
12.8%-14% vs US avg
x
Built Pre-1939
7.9%-39% vs US avg
x
Built Post-2014
0.5%-92% vs US avg
x
Rent Burden >30%
19.7%-60% vs US avg
x
Mortgage-Free
34.0%-11% vs US avg
x
$883,200
Home Value
$2,138
Rent
1959
Year Built
2012
Moved In

Residents have lived here since ~2012 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached62.8%
  • 1-unit attached6.9%
  • 2-9 units19.0%
  • 10+ units11.3%
  • Mobile home & other0.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$883,200
Median rent$2,138
Owner-occupied64.2%
Vacant2.9%
Price-to-income5.2x
Est. income to buy$243,000