Madison, New Jersey is considered to be one of the most desirable towns to live in Morris County. Here are some of the pros and cons of buying property in Madison:

Pros:
- Excellent public schools: Madison has highly rated public schools.
- Strong economy: Madison has a strong and diverse economy with many employment opportunities in healthcare, automotive, education, finance, and more.
- Proximity to New York City: Madison is located around 28 miles west of Manhattan. It takes about 45 minutes by train to reach New York City. This makes it an attractive option for those who work in the city but want to live in a quieter area.
- Beautiful location: Madison is surrounded by beautiful parks and nature reserves, including the Drew University Arboretum and the Bayley Ellard Field.
- Walkable downtown: Madison's downtown offers a vibrant and walkable area with a diverse range of shops and restaurants.

Cons:
- High cost of living: The cost of living in Madison is high, especially for housing. Real estate prices are above the national average.
- High property taxes: Property taxes in Madison are high, which can impact the affordability of owning a home in the area.
- Traffic: The region has two major highways running through it, and traffic can be an issue during rush hour.
- Flood zones: Madison is situated near the Passaic River, which has been known to cause flooding in the area.

Considering the pros and cons, Madison, New Jersey is an excellent place to buy property if you are looking for a town with excellent public schools, a strong local economy, and a beautiful location. However, it is essential to take into account the high cost of living and property taxes, traffic, and flood zones.