The typical owner-occupied home in Wakarusa is worth about $207,200, 5% below the Indiana median of $218,200 and 38% below the national median of $332,700. Owners pay a median $1,492 a year in property taxes, about 0.72% of their home's value, close to the Indiana rate of 0.74%. The median household earns $74,464 a year, so the median home costs 2.8 times the median income (3.0 times for Indiana). 85% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Wakarusa at a glance
| Wakarusa | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $207,200 | $218,200 | $332,700 |
| Median property tax paid per year | $1,492 | $1,614 | $3,119 |
| Property tax as a share of value | 0.72% | 0.74% | 0.94% |
| Median household income | $74,464 | $71,957 | $80,734 |
| Homes lived in by their owners | 85% | 71% | 65% |
| Owner homes with a mortgage | 59% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,347 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 17.3% | 18.1% | 21.0% |
| Median rent | $955 | $1,062 | $1,413 |
| Rent as a share of renters' income | 22.0% | 29.1% | 30.6% |
| Median year homes were built | 1962 | 1976 | 1980 |
| Vacant homes | 10.0% | 8.8% | 10.1% |
| Population | 2,282 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Wakarusa
At this week's average 30-year rate of 7.11%, buying the median Wakarusa home of $207,200 with 20% down costs about $1,326 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,671, 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 $56,817 for the 20%-down payment. That payment is 21% of the median Wakarusa household income of $74,464; at that income and 20% down, the 28% guideline points to a home of about $272,000.
The median rent here is $955 a month, so owning the median home costs about $371 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $41,440 |
|---|---|
| Loan amount | $165,760 |
| Principal and interest | $1,115 |
| Property taxes (0.72% a year) | $124 |
| Homeowners insurance (our estimate, 0.5% a year) | $86 |
| PMI | $0 |
| Total per month | $1,326 |
Change the numbers in the calculator
| Down payment | $7,252 |
|---|---|
| Loan amount | $203,447 |
| Principal and interest | $1,369 |
| Property taxes (0.72% a year) | $124 |
| Homeowners insurance (our estimate, 0.5% a year) | $86 |
| FHA mortgage insurance | $92 |
| Total per month | $1,671 |
Change the numbers in the calculator
Questions about home buying in Wakarusa
What is the median home value in Wakarusa?
About $207,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Wakarusa?
Homeowners pay a median $1,492 a year, which is about 0.72% 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 Wakarusa?
For the median home with 20% down at 7.11%, the payment is about $1,326 a month. Keeping that under 28% of gross income takes about $56,817 a year.
More about Wakarusa
- Mortgage Refinance in Wakarusa
- Debt Relief in Wakarusa
- Home Equity Loans in Wakarusa
- 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