The typical owner-occupied home in Garrett is worth about $154,200, 29% below the Indiana median of $218,200 and 54% below the national median of $332,700. Owners pay a median $788 a year in property taxes, about 0.51% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $64,179 a year, so the median home costs 2.4 times the median income (3.0 times for Indiana). 80% of occupied homes here are lived in by their owners, and 66% of those owners still have a mortgage.
Garrett at a glance
| Garrett | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $154,200 | $218,200 | $332,700 |
| Median property tax paid per year | $788 | $1,614 | $3,119 |
| Property tax as a share of value | 0.51% | 0.74% | 0.94% |
| Median household income | $64,179 | $71,957 | $80,734 |
| Homes lived in by their owners | 80% | 71% | 65% |
| Owner homes with a mortgage | 66% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,105 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 18.2% | 18.1% | 21.0% |
| Median rent | $858 | $1,062 | $1,413 |
| Rent as a share of renters' income | 31.4% | 29.1% | 30.6% |
| Median year homes were built | 1974 | 1976 | 1980 |
| Vacant homes | 8.2% | 8.8% | 10.1% |
| Population | 6,642 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Garrett
At this week's average 30-year rate of 7.11%, buying the median Garrett home of $154,200 with 20% down costs about $960 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,217, 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 $41,127 for the 20%-down payment. That payment is 18% of the median Garrett household income of $64,179; at that income and 20% down, the 28% guideline points to a home of about $241,000.
The median rent here is $858 a month, so owning the median home costs about $102 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $30,840 |
|---|---|
| Loan amount | $123,360 |
| Principal and interest | $830 |
| Property taxes (0.51% a year) | $66 |
| Homeowners insurance (our estimate, 0.5% a year) | $64 |
| PMI | $0 |
| Total per month | $960 |
Change the numbers in the calculator
| Down payment | $5,397 |
|---|---|
| Loan amount | $151,407 |
| Principal and interest | $1,019 |
| Property taxes (0.51% a year) | $66 |
| Homeowners insurance (our estimate, 0.5% a year) | $64 |
| FHA mortgage insurance | $68 |
| Total per month | $1,217 |
Change the numbers in the calculator
Questions about home buying in Garrett
What is the median home value in Garrett?
About $154,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Garrett?
Homeowners pay a median $788 a year, which is about 0.51% 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 Garrett?
For the median home with 20% down at 7.11%, the payment is about $960 a month. Keeping that under 28% of gross income takes about $41,127 a year.
More about Garrett
- Mortgage Refinance in Garrett
- Debt Relief in Garrett
- Home Equity Loans in Garrett
- 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