Madison County, Kentucky: commercial real estate data.
Madison County, Kentucky had an estimated 99,582 residents on July 1, 2024, up 7.4 percent since the 2020 census base of 92,701, across 437 square miles. County output reached $4.44 bn in 2024, 1,808 establishments operate here, and the SBA record carries 67 7(a) approvals worth $33.4 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Madison County
How many people live in Madison County
- Population, American Community Survey 2020-202495,769
- Households37,051
- Average household size2.58
- Median household income$63,351
- Median age34.7
- Median gross rent$889 per month
- Median owner-occupied home value$232,000
- Home value to household income3.7 times
- Annual rent as a share of median income16.8 percent
- Adults 25 and over with a bachelor degree or higher34.4 percent
- Adults 25 and over with a graduate degree14.1 percent
- Adults 25 and over60,118
- Population under 1820,145
- Share under 1821.0 percent
- Population 65 and over14,190
- Share 65 and over14.8 percent
- Working age population, 18 to 6461,434
- Civilian labor force49,293
- Unemployment rate5.1 percent
- Labor force participation, adults 18 and over65.2 percent
- Rank by population among Kentucky counties8th of 120
- Rank by population among US county-equivalents, Puerto Rico included645th of 3,222
Madison County is the 8th largest of 120 Kentucky counties by population. A median home costs 3.7 times median household income, which is moderately unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 21.0 percent against 14.8 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's population growing?
- Population, July 1, 202499,582
- Census 2020 base population92,701
- Population change since the 2020 census base7.42 percent
- Population change, 2023 to 20241,983
- Births, 20241,031
- Deaths, 2024939
- Natural change, 202492
- Net domestic migration, 20241,626
- Net international migration, 2024258
- Total net migration, 20241,884
- Cumulative net domestic migration, 2021 to 20245,658
- Rank by growth among US county-equivalents283rd of 3,144
The county has grown 7.42 percent since the 2020 census base. The population grew in 2024 from both sources: births exceeded deaths and more people moved in than left.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Madison County
Where are people moving to Madison County from?
- Tax returns filed by households arriving2,922
- People arriving, from those returns5,260
- Tax returns filed by households leaving2,442
- Net household movement480
- Adjusted gross income arriving$158.6 m
- Net adjusted gross income movement$35.9 m
- Average income of an arriving household$54,272
- Average income of a leaving household$50,243
- Largest single originFayette County (598 households)
- Largest single destinationFayette County (446 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Fayette County | 598 | 1,087 | $34.1 m |
| Clark County | 103 | 178 | $4.3 m |
| Rockcastle County | 98 | 197 | $3.3 m |
| Estill County | 87 | 166 | $3.6 m |
| Laurel County | 76 | 127 | $3.5 m |
| Jessamine County | 72 | 119 | $3.8 m |
| Scott County | 65 | 137 | $3.8 m |
| Garrard County | 58 | 114 | $2.4 m |
Households arriving report $4,029 more average income than households leaving, so the migration is raising local spending power rather than just moving it around. The largest single source of arrivals is Fayette County, 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 is the Madison County economy?
- County GDP, 2024$4.44 bn
- County GDP, 2023$4.12 bn
- GDP change, 2023 to 20247.7 percent
- GDP change over five years44.3 percent
- Rank by GDP among the Kentucky areas BEA publishes13th of 120
- Rank by GDP among the US county areas BEA publishes762nd of 3,127
- GDP per resident$46,322
Output grew 7.7 percent in the latest year and 44.3 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
Employment by industry in Madison County
- Covered employment, annual average36,909
- Establishments reporting3,101
- Average annual pay$53,794
- Average weekly wage$1,035
- Manufacturing, employment4,911
- Manufacturing, average annual pay$71,318
- Retail trade, employment4,827
- Retail trade, average annual pay$37,391
- Health care and social assistance, employment4,662
- Health care and social assistance, average annual pay$48,148
- Accommodation and food services, employment4,134
- Accommodation and food services, average annual pay$21,413
- Professional, scientific and technical services, employment2,348
- Construction, employment2,212
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Manufacturing | 4,911 | 119 | $71,318 |
| Retail trade | 4,827 | 338 | $37,391 |
| Health care and social assistance | 4,662 | 440 | $48,148 |
| Accommodation and food services | 4,134 | 187 | $21,413 |
| Professional, scientific and technical services | 2,348 | 495 | $102,428 |
| Construction | 2,212 | 305 | $69,923 |
| Administrative and support and waste management services | 1,934 | 223 | $44,564 |
| Other services, except public administration | 1,245 | 168 | $40,646 |
Manufacturing is the largest private sector at 4,911 jobs, 13.3 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Madison County
How many businesses are in Madison County?
- Establishments, all industries1,808
- Employment at those establishments25,781
- Annual payroll$1.19 bn
- Establishments per 1,000 residents18.9
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Madison County
Building permits in Madison County
- Housing units authorized by permit, 2024816
- Declared construction value permitted$160.8 m
- Single family units authorized536
- Multifamily units authorized280
- Multifamily share of units34.3 percent
- Average declared value per unit$197,071
- Units authorized per 1,000 households22.0
Single-family homes are 65.7 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Madison County
SBA loans in Madison County (7(a) and 504)
- 7(a) approvals recorded67
- 7(a) gross approval dollars$33.4 m
- Average 7(a) approval$498,881
- Median 7(a) approval$178,500
- 10th percentile approval$25,000
- 90th percentile approval$1,686,400
- Largest single approval$4,000,000
- Jobs reported supported, 7(a)872
- Jobs per approval13.0
- Distinct 7(a) lenders active25
- Distinct industries receiving approvals41
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer17.9 percent
- Loans on real estate terms12
- Loans on working capital terms, 120 months or shorter51
- Franchise loans5
- Franchise share of approvals7.5 percent
- Most active lenderU.S. Bank, National Association (15)
- 504 approvals recorded5
- 504 gross approval dollars$3.5 m
- Average 504 approval$704,600
- Median 504 approval$647,000
- Distinct CDCs active2
- 504 jobs per approval8.6
- 504 jobs per million dollars approved12.2
- Most active CDCAlloy Development Co., Inc. (3)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$36.9 m
The average approval of $498,881 sits well above the median of $178,500, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 17.9 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
SBA loan default and charge-off rates in Madison County
Do SBA loans in Madison County get paid back?
- Loans with a final outcome recorded6
- Paid in full5
- Charged off1
- Status: Exempt from disclosure45
- Status: Cancelled11
- Status: Paid in full5
- Status: Charged off1
- Status: Committed, not yet disbursed5
Only 6 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Madison County
SBA lending by place in Madison County
- Borrower cities with recorded lending2
- Richmond, approvals55
- Berea, approvals12
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Richmond | 55 | $27,594,000 |
| Berea | 12 | $5,831,000 |
Richmond accounts for 55 approvals against 12 in Berea. 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 large is Madison County?
- Land area437 sq mi
- Rank by land area among Kentucky counties23rd of 120
- Width, east to west24.4 mi
- Height, north to south25.5 mi
- Geographies sharing a boundary7
- Residents per square mile of land219
- Establishments per square mile4.14
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.
Madison County
Flood risk in Madison County
- Participation of the county's own NFIP community Madison County, unincorporated areasParticipating, community 210342
- Community Rating System class of the county's own communityClass 9
- Communities in the county in the NFIP Community Status Book3
- Of those, participating in the NFIP3
- NFIP participation rate100.0 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 8
- Communities carrying a CRS class3
- Radon levels in Madison County, EPA zone predicted average indoor radon screening level from 2 to 4 pCi/LZone 2
The county's own community in the status book, unincorporated Madison County (community 210342), participates in the National Flood Insurance Program and carries Community Rating System class 9, a flood insurance premium discount for policies written there. The EPA places Madison County in radon zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. The best Community Rating System class among the county's communities is 8, which carries a flood insurance premium discount for policies written in that community. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
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.
- Population, American Community Survey 2020-202495,769
- Households37,051
- Average household size2.58
- Median household income$63,351
- Median age34.7
Common questions
Madison County questions, answered from the record.
How many people live in Madison County, Kentucky?
The Census Bureau estimates 99,582 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 95,769, in 37,051 households, ranking 8th of 120 Kentucky counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Madison County's population growing?
The population has grown 7.42 percent since the 2020 census base of 92,701, to 99,582 on July 1, 2024. In 2024 there were 1,031 births against 939 deaths, with net migration of 1,884. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Madison County?
$63,351. The median owner-occupied home is valued at $232,000, which is 3.7 times income, and median gross rent is $889 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Madison County?
1,808 establishments, employing 25,781 people with an annual payroll of $1.19 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Madison County?
Manufacturing is the largest private sector at 4,911 jobs, 13.3 percent of covered employment. Covered employment averages 36,909 jobs at an average annual pay of $53,794, or $1,035 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Madison County?
67 7(a) approvals totaling $33.4 m since FY2020, across 25 lenders, with a median approval of $178,500, plus 5 504 approvals worth $3.5 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Madison County?
816 housing units were authorized by permit in 2024, with a declared construction value of $160.8 m. Multifamily was 34.3 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Madison County?
Zone 2, a predicted average indoor radon screening level from 2 to 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 Fayette County, with 598 households. Arriving households report an average income of $54,272 against $50,243 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?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Madison County
Cities and places in Madison.
2 Census places lie wholly or partly in Madison County. All 2 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Richmond | city | 37,111 | 55 | Wholly in this county |
| Berea | city | 15,786 | 12 | Wholly in this county |
Nearby