The typical owner-occupied home in Milltown is worth about $118,800, 46% below the Indiana median of $218,200 and 64% below the national median of $332,700. Owners pay a median $794 a year in property taxes, about 0.67% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $61,216 a year, so the median home costs 1.9 times the median income (3.0 times for Indiana). 69% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Milltown at a glance
| Milltown | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $118,800 | $218,200 | $332,700 |
| Median property tax paid per year | $794 | $1,614 | $3,119 |
| Property tax as a share of value | 0.67% | 0.74% | 0.94% |
| Median household income | $61,216 | $71,957 | $80,734 |
| Homes lived in by their owners | 69% | 71% | 65% |
| Owner homes with a mortgage | 49% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,078 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 15.6% | 18.1% | 21.0% |
| Median rent | $611 | $1,062 | $1,413 |
| Rent as a share of renters' income | 22.5% | 29.1% | 30.6% |
| Median year homes were built | 1967 | 1976 | 1980 |
| Vacant homes | 18.1% | 8.8% | 10.1% |
| Population | 763 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Milltown
At this week's average 30-year rate of 7.11%, buying the median Milltown home of $118,800 with 20% down costs about $755 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $953, 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 $32,364 for the 20%-down payment. That payment is 15% of the median Milltown household income of $61,216; at that income and 20% down, the 28% guideline points to a home of about $225,000.
The median rent here is $611 a month, so owning the median home costs about $144 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $23,760 |
|---|---|
| Loan amount | $95,040 |
| Principal and interest | $639 |
| Property taxes (0.67% a year) | $66 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| PMI | $0 |
| Total per month | $755 |
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| Down payment | $4,158 |
|---|---|
| Loan amount | $116,648 |
| Principal and interest | $785 |
| Property taxes (0.67% a year) | $66 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| FHA mortgage insurance | $53 |
| Total per month | $953 |
Change the numbers in the calculator
Questions about home buying in Milltown
What is the median home value in Milltown?
About $118,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Milltown?
Homeowners pay a median $794 a year, which is about 0.67% 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 Milltown?
For the median home with 20% down at 7.11%, the payment is about $755 a month. Keeping that under 28% of gross income takes about $32,364 a year.
More about Milltown
- Mortgage Refinance in Milltown
- Debt Relief in Milltown
- Home Equity Loans in Milltown
- 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