The typical owner-occupied home in Laurel is worth about $72,900, 67% below the Indiana median of $218,200 and 78% below the national median of $332,700. Owners pay a median $620 a year in property taxes, about 0.85% of their home's value, higher than the Indiana rate of 0.74%. The median household earns $27,692 a year, so the median home costs 2.6 times the median income (3.0 times for Indiana). 69% of occupied homes here are lived in by their owners, and 39% of those owners still have a mortgage.
Laurel at a glance
| Laurel | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $72,900 | $218,200 | $332,700 |
| Median property tax paid per year | $620 | $1,614 | $3,119 |
| Property tax as a share of value | 0.85% | 0.74% | 0.94% |
| Median household income | $27,692 | $71,957 | $80,734 |
| Homes lived in by their owners | 69% | 71% | 65% |
| Owner homes with a mortgage | 39% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $910 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 18.5% | 18.1% | 21.0% |
| Median rent | $956 | $1,062 | $1,413 |
| Rent as a share of renters' income | 42.9% | 29.1% | 30.6% |
| Median year homes were built | 1954 | 1976 | 1980 |
| Vacant homes | 11.9% | 8.8% | 10.1% |
| Population | 444 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Laurel
At this week's average 30-year rate of 7.11%, buying the median Laurel home of $72,900 with 20% down costs about $474 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $596, 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 $20,328 for the 20%-down payment. That payment is 21% of the median Laurel household income of $27,692; at that income and 20% down, the 28% guideline points to a home of about $99,000.
The median rent here is $956 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $14,580 |
|---|---|
| Loan amount | $58,320 |
| Principal and interest | $392 |
| Property taxes (0.85% a year) | $52 |
| Homeowners insurance (our estimate, 0.5% a year) | $30 |
| PMI | $0 |
| Total per month | $474 |
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| Down payment | $2,552 |
|---|---|
| Loan amount | $71,580 |
| Principal and interest | $482 |
| Property taxes (0.85% a year) | $52 |
| Homeowners insurance (our estimate, 0.5% a year) | $30 |
| FHA mortgage insurance | $32 |
| Total per month | $596 |
Change the numbers in the calculator
Questions about home buying in Laurel
What is the median home value in Laurel?
About $72,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Laurel?
Homeowners pay a median $620 a year, which is about 0.85% 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 Laurel?
For the median home with 20% down at 7.11%, the payment is about $474 a month. Keeping that under 28% of gross income takes about $20,328 a year.
More about Laurel
- Mortgage Refinance in Laurel
- Debt Relief in Laurel
- Home Equity Loans in Laurel
- 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