CALCMONEY // HOME AFFORDABILITY // IN
Find out how much home you can afford in Indiana using local median home prices, current mortgage rates, and IN-specific property tax data.
Open Full Calculator$235,000
$1,509/mo
$222,819
$64,664/yr
| Median Home Price | $235,000 |
| Down Payment (20%) | $47,000 |
| Loan Amount | $188,000 |
| Monthly PI Payment | $1,244 |
| Monthly Property Tax | $166 |
| Monthly Insurance Est. | $98 |
| Total Monthly PITI | $1,509 |
| Required Gross Income (28% rule) | $64,664/yr |
| Max Affordable Price (28% rule) | $222,819 |
$8,225
$1,926/mo
Indiana Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $235,000 | State median |
| Down Payment (20%) | $47,000 | Conventional |
| Monthly PITI (median home) | $1,509 | 6.95% rate |
| Required Income (28% rule) | $64,664 | Annual gross |
| Max Affordable Home | $222,819 | Based on median income |
| FHA Down Payment (3.5%) | $8,225 | Minimum FHA |
Monthly PITI includes principal, interest, property tax, and homeowners insurance.
The median home price in Indiana is $235,000, with a current 30-year fixed mortgage rate of 6.95%. A buyer putting 20% down on the median home would carry a loan of $188,000, resulting in a monthly principal and interest payment of $1,244. Once property taxes and insurance are added, total monthly housing costs reach $1,509.
Property taxes in Indiana average 0.85%, near the national average of 1.1%. On the median Indiana home, property taxes add $166/month to total housing costs.
Indiana levies a state income tax of 3.05% flat, which affects take-home pay and therefore what you can realistically budget for housing. Mortgage interest may be deductible on both federal and Indiana state returns — consult a tax professional for your situation.
Using the 28% rule, a household earning Indiana's median income of $61,900/year can afford up to $1,444/month in total housing costs (principal, interest, taxes, and insurance). Based on Indiana's current mortgage rate of 6.95% and property tax rate of 0.85%, that translates to a maximum affordable home price of approximately $222,819 with 20% down on a 30-year loan.
To comfortably afford the median Indiana home priced at $235,000, you need an annual gross income of approximately $64,664. This is based on the standard 28% rule: your total monthly housing costs (principal and interest of $1,244, property taxes of $166, and insurance of $98) come to $1,509/month, which should not exceed 28% of your gross monthly income.
Indiana's average property tax rate is 0.85%, which is near the national average of 1.1%. On the median Indiana home of $235,000, that means annual property taxes of $1,998, or $166/month. Because lenders include property taxes in your debt-to-income calculation, Indiana's property taxes have a relatively modest impact on overall affordability.
The minimum down payment depends on your loan type. For an FHA loan, you can put down as little as 3.5% — on the median Indiana home of $235,000, that is $8,225. Conventional loans typically require 5% down, though some programs allow 3%. Putting down 20% ($47,000 on the median Indiana home) lets you avoid private mortgage insurance (PMI), which can add 0.5%–1% to your annual loan cost. There are no Indiana-specific minimum down payment requirements beyond federal guidelines.