Madison County, Indiana: commercial real estate data.
Madison County, Indiana has a population of 131,900 across 452 square miles, up 3.2 percent since the 2020 census base. County output reached $5.53 bn in 2024, 2,353 establishments operate here, and the SBA record carries 141 7(a) approvals worth $48.0 m.
123 sourced county values · tier FULL · 11 sections
Madison County
How many people live in Madison County
- Population131,900
- Households53,429
- Average household size2.47
- Median household income$63,037
- Median age40.9
- Median gross rent$939 per month
- Median owner-occupied home value$161,300
- Home value to household income2.6 times
- Annual rent as a share of median income17.9 percent
- Adults 25 and over with a bachelor degree or higher20.5 percent
- Adults 25 and over with a graduate degree6.9 percent
- Adults 25 and over92,905
- Population under 1828,283
- Share under 1821.4 percent
- Population 65 and over24,810
- Share 65 and over18.8 percent
- Working age population, 18 to 6478,807
- Civilian labor force64,421
- Unemployment rate5.9 percent
- Labor force participation, adults 18 and over62.2 percent
- Rank by population among Indiana counties13th of 92
- Rank by population among US county-equivalents496th
Madison County is the 13th largest of 92 Indiana counties by population. A median home costs 2.6 times median household income, which is an affordable ownership market by national standards. Residents under 18 outnumber those 65 and over, at 21.4 percent against 18.8 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Madison County
Is Madison County growing
- Population change since the 2020 census base3.16 percent
- Census 2020 base population130,111
- Births, 20241,484
- Deaths, 20241,621
- Natural change, 2024-137
- Net domestic migration, 20241,577
- Net international migration, 202441
- Total net migration, 20241,618
- Cumulative net domestic migration, 2021 to 20245,231
- Rank by growth among US county-equivalents835th
The county has grown 3.16 percent since the 2020 census base. Deaths exceeded births in 2024, so all of the growth came from people moving in. A market held up by migration alone is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Madison County
Where people moving to Madison County come from
- Tax returns filed by households arriving3,660
- People arriving, from those returns6,734
- Adjusted gross income arriving$182.3 m
- Net adjusted gross income movement$0
- Average income of an arriving household$49,810
- Largest single originMadison County Non-migrants (49,180 households)
- Largest single destination (49,180 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Madison County Non-migrants | 49,180 | 96,384 | $3.10 bn |
| Other flows - Different State | 861 | 1,630 | $40.3 m |
| Hamilton County | 779 | 1,528 | $48.4 m |
| Marion County | 625 | 1,150 | $28.0 m |
| Other flows - South | 413 | 764 | $19.7 m |
| Other flows - Same State | 374 | 589 | $16.1 m |
| Delaware County | 280 | 500 | $11.6 m |
| Other flows - Midwest | 241 | 459 | $11.4 m |
The largest single source of arrivals is Madison County Non-migrants, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Madison County
What the Madison County economy runs on
- County GDP, 2024$5.53 bn
- County GDP, 2023$5.21 bn
- GDP change, 2023 to 20246.0 percent
- GDP change over five years37.0 percent
- Rank by GDP among Indiana counties20th
- Rank by GDP among US county-equivalents673rd
- GDP per resident$41,893
Output grew 6.0 percent in the latest year and 37.0 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Madison County
Who employs people in Madison County
- Covered employment, annual average40,192
- Establishments reporting2,484
- Average annual pay$49,965
- Average weekly wage$961
- Sector 62, employment7,022
- Sector 62, average annual pay$56,109
- Sector 31-33, employment5,381
- Sector 31-33, average annual pay$66,125
- Sector 44-45, employment4,504
- Sector 44-45, average annual pay$32,086
- Sector 72, employment4,254
- Sector 72, average annual pay$20,669
- Sector 48-49, employment2,068
- Sector 56, employment1,854
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 62 | 7,022 | 280 | $56,109 |
| Sector 31-33 | 5,381 | 108 | $66,125 |
| Sector 44-45 | 4,504 | 349 | $32,086 |
| Sector 72 | 4,254 | 236 | $20,669 |
| Sector 48-49 | 2,068 | 76 | $58,102 |
| Sector 56 | 1,854 | 152 | $36,511 |
| Sector 23 | 1,745 | 242 | $71,010 |
| Sector 52 | 1,261 | 154 | $77,579 |
The largest sector is the biggest private employer group at 7,022 jobs, 17.5 percent of covered employment. Average pay per job sits below median household income, so households here typically need more than one earner.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Madison County
What businesses operate in Madison County
- Establishments, all industries2,353
- Employment at those establishments34,645
- Annual payroll$1.61 bn
- Establishments per 1,000 residents17.8
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against.
US Census Bureau, County Business Patterns, 2023.
Madison County
What is being built in Madison County
- Housing units authorised by permit, 2024186
- Declared construction value permitted$52.7 m
- Single family units authorised186
- Multifamily units authorised0
- Multifamily share of units0.0 percent
- Average declared value per unit$283,503
- Units authorised per 1,000 households3.5
Multifamily is 0.0 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Madison County
How much SBA lending happens in Madison County
- 7(a) approvals recorded141
- 7(a) gross approval dollars$48.0 m
- Average 7(a) approval$340,284
- Median 7(a) approval$150,000
- 10th percentile approval$44,800
- 90th percentile approval$758,000
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)1,300
- Jobs per approval9.2
- Distinct 7(a) lenders active30
- Distinct industries receiving approvals71
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer22.0 percent
- Loans on real estate terms31
- Loans on working capital terms, 120 months or shorter107
- Franchise loans15
- Franchise share of approvals10.6 percent
- Leading industry by approval countLimited-Service Restaurants (9)
- Most active lenderThe Huntington National Bank (29)
- 504 approvals recorded35
- 504 gross approval dollars$21.7 m
- Average 504 approval$620,400
- Median 504 approval$373,000
- Distinct CDCs active4
- 504 jobs per approval11.3
- 504 jobs per million dollars approved18.2
- Most active CDCIndiana Statewide Certified Development Corporation (23)
- 7(a) share of SBA approvals80.1 percent
- Combined SBA approval dollars$69.7 m
The average approval of $340,284 sits well above the median of $150,000, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually gets. Only 22.0 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Madison County
Do SBA loans in Madison County get paid back
- Loans with a final outcome recorded30
- Paid in full28
- Charged off2
- Charge off rate on resolved loans6.7 percent
- Status: Paid in full28
- Status: Cancelled17
- Status: Exempt from disclosure88
- Status: Committed, not yet disbursed6
- Status: Charged off2
Of the 30 loans that have reached a final outcome, 6.7 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Madison County
Which parts of Madison County get the lending
- Places in the county with recorded lending8
- Anderson, approvals95
- PENDLETON, approvals16
- Alexandria, approvals14
- ELWOOD, approvals7
- CHESTERFIELD, approvals3
- Fortville, approvals2
| Place | Approvals | Gross approval dollars |
|---|---|---|
| Anderson | 95 | $37,676,600 |
| PENDLETON | 16 | $5,884,500 |
| Alexandria | 14 | $1,652,100 |
| ELWOOD | 7 | $1,647,800 |
| CHESTERFIELD | 3 | $409,000 |
| Fortville | 2 | $330,000 |
| Markleville | 2 | $180,000 |
| LAPEL | 2 | $200,000 |
Anderson accounts for 95 approvals against 16 in PENDLETON. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Madison County
How big is Madison County
- Land area452 sq mi
- Rank by land area among Indiana counties18th of 92
- Width, east to west15.1 mi
- Height, north to south30.1 mi
- Geographies sharing a boundary6
- Residents per square mile of land292
- Establishments per square mile5.21
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No NFIP communities are listed for this county in the FEMA Community Status Book.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
Feasibility studies
When a Madison County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Madison County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population131,900
- Households53,429
- Average household size2.47
- Median household income$63,037
- Median age40.9
Common questions
Madison County questions, answered from the record.
How many people live in Madison County, Indiana?
131,900, in 53,429 households, ranking 13th of 92 Indiana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Madison County growing?
The population has grown 3.16 percent since the 2020 census base. In 2024 there were 1,484 births against 1,621 deaths, with net migration of 1,618. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Madison County?
$63,037. The median owner-occupied home is valued at $161,300, which is 2.6 times income, and median gross rent is $939 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Madison County?
2,353 establishments, employing 34,645 people with an annual payroll of $1.61 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is the average wage in Madison County?
Average annual pay is $49,965, or $961 a week, across 40,192 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Madison County?
141 7(a) approvals totalling $48.0 m since FY2020, across 30 lenders, with a median approval of $150,000, plus 35 504 approvals worth $21.7 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Madison County get paid back?
Of the 30 loans that have reached a final outcome, 28 were paid in full and 2 charged off, a charge off rate of 6.7 percent. Loans still running are excluded, because they have not yet succeeded or failed.
What is being built in Madison County?
186 housing units were authorised by permit in 2024, with a declared construction value of $52.7 m. Multifamily was 0.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Madison County?
Zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Madison County come from?
The largest single origin is Madison County Non-migrants, with 49,180 households. Arriving households report an average income of $49,810 against null for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Madison County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Madison County?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.