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Madison

Voted 8th Best Place to Live In New Jersey

On The Map

The History of Madison

Founded in 1889, and named after famous president James Madison, the Borough of Madison is a small community of 15,850 people. Located in Morris County, the area was originally home to the Lenape Native Americans and was later settled by British colonists.

In 1837 a train station in Madison opened it’s doors, known as the Morris and Essex Railroad, litterally changed the status of the town overnight. The notion of a ‘commuter’ was brand new at the time. The town went from a small village to a suburb of NYC.

The culture of Madison is steeped in the history of “Millionaires Row”. A strip of homes between Madison and Morristown attracted many Italian immigrants who were able to make use of their landscape and masonry skills at these massive homes.

 

Town Basics

Comprised of the single zip code 07940, the town is a total of 4.2sq miles and approximately 25 miles west of New York City.  In this tiny area, the town is ranked 168th in the state for density. It is bordered by several other communities including Chatham Boro and Township, Morris Township and Florham Park. It is close to trains, buses and many other of life’s conveniences.

Madison’s downtown is supported by the Madison Downtown Development Commission and a downtown manager who are responsible for maintaining the many historic sites as well commercial ventures. The town is also is home Drew University.


Madison Demographics

  • 29% Single Residents
  • 60% Married
  • 70% Homeowners
  • 40 Median Age
  • $108,500 Median Household Income
  • 69% College Educated
  • 5.8% Work from Home
  • 13% Take Public Transportation to Work
  • Ancestries: Italian (18.5%), Irish (12.6%), German (9%), Polish (2%), English (3.6%), American (4.2%)

Top in Education

  • Students attend one of three Elementary schools Torey J. Sabatini Elementary School, Kings Road Elementary School or Central Avenue Elementary School. The kids then move to Madison Junior Middle School for junior high. With all schools ranking 8 or 9 (on a scale of 10) by GreatSchools ratings (which are based on a comparison of test results for all schools in the state).
  • Madison teenagers attend regional Madison High School. New Jersey Monthly ranked the school number 32 on on their top public high school list in 2014 and in 2016.
  • Combined with the private schools, all schools in Madison have average school test scores that are 31% higher than the national average!

Did You Know?

The number of people who take public transportation in Madison is 97% higher than the national average!

Commuting

Commuters who work in New York City have multiple options for commuting to the city, the most convenient being the train.  In fact, of all people who work in Madison, 13% of them take public transportation.

The Madison station is located at Kings road between Green St. and Prospect St. 1 block from Main St. Rt. 124.  There are 3 parking lots. Lot 1 contains 65 spaces and is a daily lot that costs $5 a day for both residents and non residents alike. The 2nd lot is a resident only lot with 142 spaces. Cost of the permit is $425 a year. Lot 3 contains 206 spaces and allows both daily and permit parking. Residents are allowed to pay $5 a day or $425 for the year, while non residents are only allowed daily $5 parking.

Featured Listings In Madison

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Home Values

The median home value in Madison is $636,000. Home values have gone up 3.6% over the past year and Zillow predicts they will rise 2.4% within the next year. Also important to know, the median list price per square foot is $371, which is higher than the New York Metro average of $246. Lastly, the median price of homes currently listed in Madison is $659,000, with an average property tax in 2014 of $11,863.