Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.
I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.
And while every neighbhorhood in Madison might be more expensive than living in rural Wisconsin, there are certain neighborhoods that are definitely cheaper.
So what exactly are those Madison neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in Madison are the cheapest.
What’s the cheapest neighborhood to live in Madison for 2020? According to the most recent census data, Elvehjem looks to be the cheaptest Madison neighborhood to live in.
At this point we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in Madison. You could be sacrificing location or crime rates in return for more space and cheaper groceries.
Read on to see how we determined the places around Madison that deserve a little bragging rights or maybe you’re interested in the worst neighborhoods in Madison.
Once you’re done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
For more Wisconsin reading, check out:
- Best Places To Live In Wisconsin
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- Cheapest States To Live In America
How We Determined The Cheapest Madison Hoods In 2020
In order to rank the cheapest places to live in Madison, we had to determine what criteria defines “cheap”.
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 101 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the “Cheapest City Neighborhood In Madison.” We’re lookin’ at you, Elvehjem.
Read on below to learn more about what it’s like to live in the cheapest places Madison. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
The 10 Cheapest Neighborhoods To Live In Madison For 2020
The median income in Elvehjem comes in at $79,550 and the median home value is $187,400 for 2020.
The median income in Heritage Heights comes in at $76,411 and the median home value is $198,267 for 2020.
The median income in Sherman Village comes in at $58,090 and the median home value is $163,733 for 2020.
The median income in Meadowood comes in at $65,893 and the median home value is $195,880 for 2020.
The median income in Prairie Hills comes in at $60,294 and the median home value is $166,667 for 2020.
The median income in Westchester Gardens comes in at $71,042 and the median home value is $191,500 for 2020.
The median income in Westhaven Trails comes in at $98,384 and the median home value is $217,000 for 2020.
The median income in Rolling Meadows comes in at $71,252 and the median home value is $179,700 for 2020.
The median income in Glen Oak Hills comes in at $90,721 and the median home value is $230,300 for 2020.
The median income in Wexford comes in at $81,566 and the median home value is $247,950 for 2020.
Summing Up The Cheapest Places In Madison
If you’re measuring the neighborhoods in Madison where prices are low and it’s cheap to live, this is an accurate list.
As we mentioned earlier, the neighborhoods in Madison aren’t all cheap. Greenbush takes the title of the most expensive neighborhood to live in Madison.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more Wisconsin reading, check out:
- Cheapest Places To Live In Wisconsin
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