The typical owner-occupied home in Galveston is worth about $130,300, 40% below the Indiana median of $218,200 and 61% below the national median of $332,700. Owners pay a median $728 a year in property taxes, about 0.56% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $56,927 a year, so the median home costs 2.3 times the median income (3.0 times for Indiana). 67% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Galveston at a glance
| Galveston | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $130,300 | $218,200 | $332,700 |
| Median property tax paid per year | $728 | $1,614 | $3,119 |
| Property tax as a share of value | 0.56% | 0.74% | 0.94% |
| Median household income | $56,927 | $71,957 | $80,734 |
| Homes lived in by their owners | 67% | 71% | 65% |
| Owner homes with a mortgage | 63% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $994 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 17.7% | 18.1% | 21.0% |
| Median rent | $633 | $1,062 | $1,413 |
| Rent as a share of renters' income | 14.1% | 29.1% | 30.6% |
| Median year homes were built | 1957 | 1976 | 1980 |
| Vacant homes | 8.9% | 8.8% | 10.1% |
| Population | 1,363 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Galveston
At this week's average 30-year rate of 7.11%, buying the median Galveston home of $130,300 with 20% down costs about $816 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,033, 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 $34,986 for the 20%-down payment. That payment is 17% of the median Galveston household income of $56,927; at that income and 20% down, the 28% guideline points to a home of about $212,000.
The median rent here is $633 a month, so owning the median home costs about $183 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $26,060 |
|---|---|
| Loan amount | $104,240 |
| Principal and interest | $701 |
| Property taxes (0.56% a year) | $61 |
| Homeowners insurance (our estimate, 0.5% a year) | $54 |
| PMI | $0 |
| Total per month | $816 |
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| Down payment | $4,560 |
|---|---|
| Loan amount | $127,940 |
| Principal and interest | $861 |
| Property taxes (0.56% a year) | $61 |
| Homeowners insurance (our estimate, 0.5% a year) | $54 |
| FHA mortgage insurance | $58 |
| Total per month | $1,033 |
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Questions about home buying in Galveston
What is the median home value in Galveston?
About $130,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Galveston?
Homeowners pay a median $728 a year, which is about 0.56% 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 Galveston?
For the median home with 20% down at 7.11%, the payment is about $816 a month. Keeping that under 28% of gross income takes about $34,986 a year.
More about Galveston
- Mortgage Refinance in Galveston
- Debt Relief in Galveston
- Home Equity Loans in Galveston
- 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