Madison vs Richmond
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Richmond is 2% cheaper for renters. A 2-bedroom rents for $1,021/mo vs $1,038/mo in Madison — saving $204/year.
Rent by Unit Size
| Unit Size | Madison | Richmond | Difference |
|---|---|---|---|
| Studio | $676 | $669 | $7 |
| 1 Bedroom | $827 | $842 | $15 |
| 2 Bedrooms | $1,038 | $1,021 | $17 |
| 3 Bedrooms | $1,222 | $1,317 | $95 |
| 4 Bedrooms | $1,400 | $1,453 | $53 |
| Median Income | $64,691 | $69,914 | $5,223 |
Madison
- Studio
- $676/mo
- 1 BR
- $827/mo
- 2 BR
- $1,038/mo
- 3 BR
- $1,222/mo
- 4 BR
- $1,400/mo
- Median Income
- $64,691/yr
Richmond
- Studio
- $669/mo
- 1 BR
- $842/mo
- 2 BR
- $1,021/mo
- 3 BR
- $1,317/mo
- 4 BR
- $1,453/mo
- Median Income
- $69,914/yr
Frequently Asked Questions
Is Madison or Richmond cheaper to rent in?
Richmond is cheaper — a 2-bedroom Fair Market Rent is $1,021/mo vs $1,038/mo in Madison. That's $17/mo or $204/year more expensive in Madison (2% higher).
What is the 2-bedroom rent in Madison vs Richmond?
The HUD Fair Market Rent for a 2-bedroom in Madison is $1,038/month. In Richmond, a 2-bedroom FMR is $1,021/month.
How do incomes compare between Madison and Richmond?
The median household income in Madison is $64,691/year. In Richmond it is $69,914/year. Richmond has the higher median income.
What is the studio rent in Madison vs Richmond?
A studio apartment Fair Market Rent in Madison is $676/mo. In Richmond it is $669/mo.