The typical owner-occupied home in Arcola is worth about $115,300, 47% below the Indiana median of $218,200 and 65% below the national median of $332,700. Owners pay a median $575 a year in property taxes, about 0.50% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $71,528 a year, so the median home costs 1.6 times the median income (3.0 times for Indiana). 100% of occupied homes here are lived in by their owners, and 35% of those owners still have a mortgage.
Arcola at a glance
| Arcola | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $115,300 | $218,200 | $332,700 |
| Median property tax paid per year | $575 | $1,614 | $3,119 |
| Property tax as a share of value | 0.50% | 0.74% | 0.94% |
| Median household income | $71,528 | $71,957 | $80,734 |
| Homes lived in by their owners | 100% | 71% | 65% |
| Owner homes with a mortgage | 35% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,042 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 20.8% | 18.1% | 21.0% |
| Median rent | – | $1,062 | $1,413 |
| Median year homes were built | 1938 | 1976 | 1980 |
| Vacant homes | 0.0% | 8.8% | 10.1% |
| Population | 201 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Arcola
At this week's average 30-year rate of 7.11%, buying the median Arcola home of $115,300 with 20% down costs about $717 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $909, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $30,711 for the 20%-down payment. That payment is 12% of the median Arcola household income of $71,528; at that income and 20% down, the 28% guideline points to a home of about $269,000.
| Down payment | $23,060 |
|---|---|
| Loan amount | $92,240 |
| Principal and interest | $620 |
| Property taxes (0.50% a year) | $48 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| PMI | $0 |
| Total per month | $717 |
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| Down payment | $4,036 |
|---|---|
| Loan amount | $113,212 |
| Principal and interest | $762 |
| Property taxes (0.50% a year) | $48 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| FHA mortgage insurance | $51 |
| Total per month | $909 |
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Questions about home buying in Arcola
What is the median home value in Arcola?
About $115,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Arcola?
Homeowners pay a median $575 a year, which is about 0.50% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Arcola?
For the median home with 20% down at 7.11%, the payment is about $717 a month. Keeping that under 28% of gross income takes about $30,711 a year.
More about Arcola
- Mortgage Refinance in Arcola
- Debt Relief in Arcola
- Home Equity Loans in Arcola
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data