The typical owner-occupied home in Clay City is worth about $94,500, 57% below the Indiana median of $218,200 and 72% below the national median of $332,700. Owners pay a median $285 a year in property taxes, about 0.30% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $72,292 a year, so the median home costs 1.3 times the median income (3.0 times for Indiana). 63% of occupied homes here are lived in by their owners, and 48% of those owners still have a mortgage.
Clay City at a glance
| Clay City | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $94,500 | $218,200 | $332,700 |
| Median property tax paid per year | $285 | $1,614 | $3,119 |
| Property tax as a share of value | 0.30% | 0.74% | 0.94% |
| Median household income | $72,292 | $71,957 | $80,734 |
| Homes lived in by their owners | 63% | 71% | 65% |
| Owner homes with a mortgage | 48% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $937 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 17.4% | 18.1% | 21.0% |
| Median rent | $756 | $1,062 | $1,413 |
| Rent as a share of renters' income | 18.3% | 29.1% | 30.6% |
| Median year homes were built | 1955 | 1976 | 1980 |
| Vacant homes | 18.6% | 8.8% | 10.1% |
| Population | 1,104 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Clay City
At this week's average 30-year rate of 7.11%, buying the median Clay City home of $94,500 with 20% down costs about $572 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $729, 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 $24,496 for the 20%-down payment. That payment is 9% of the median Clay City household income of $72,292; at that income and 20% down, the 28% guideline points to a home of about $279,000.
The median rent here is $756 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $18,900 |
|---|---|
| Loan amount | $75,600 |
| Principal and interest | $509 |
| Property taxes (0.30% a year) | $24 |
| Homeowners insurance (our estimate, 0.5% a year) | $39 |
| PMI | $0 |
| Total per month | $572 |
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| Down payment | $3,308 |
|---|---|
| Loan amount | $92,788 |
| Principal and interest | $624 |
| Property taxes (0.30% a year) | $24 |
| Homeowners insurance (our estimate, 0.5% a year) | $39 |
| FHA mortgage insurance | $42 |
| Total per month | $729 |
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Questions about home buying in Clay City
What is the median home value in Clay City?
About $94,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Clay City?
Homeowners pay a median $285 a year, which is about 0.30% 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 Clay City?
For the median home with 20% down at 7.11%, the payment is about $572 a month. Keeping that under 28% of gross income takes about $24,496 a year.
More about Clay City
- Mortgage Refinance in Clay City
- Debt Relief in Clay City
- Home Equity Loans in Clay City
- 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