The typical owner-occupied home in Patoka is worth about $99,000, 55% below the Indiana median of $218,200 and 70% below the national median of $332,700. Owners pay a median $480 a year in property taxes, about 0.48% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $48,958 a year, so the median home costs 2.0 times the median income (3.0 times for Indiana). 79% of occupied homes here are lived in by their owners, and 36% of those owners still have a mortgage.
Patoka at a glance
| Patoka | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $99,000 | $218,200 | $332,700 |
| Median property tax paid per year | $480 | $1,614 | $3,119 |
| Property tax as a share of value | 0.48% | 0.74% | 0.94% |
| Median household income | $48,958 | $71,957 | $80,734 |
| Homes lived in by their owners | 79% | 71% | 65% |
| Owner homes with a mortgage | 36% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $992 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 17.8% | 18.1% | 21.0% |
| Median rent | $850 | $1,062 | $1,413 |
| Rent as a share of renters' income | 22.4% | 29.1% | 30.6% |
| Median year homes were built | 1971 | 1976 | 1980 |
| Vacant homes | 9.0% | 8.8% | 10.1% |
| Population | 737 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Patoka
At this week's average 30-year rate of 7.11%, buying the median Patoka home of $99,000 with 20% down costs about $614 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $779, 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 $26,298 for the 20%-down payment. That payment is 15% of the median Patoka household income of $48,958; at that income and 20% down, the 28% guideline points to a home of about $184,000.
The median rent here is $850 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $19,800 |
|---|---|
| Loan amount | $79,200 |
| Principal and interest | $533 |
| Property taxes (0.48% a year) | $40 |
| Homeowners insurance (our estimate, 0.5% a year) | $41 |
| PMI | $0 |
| Total per month | $614 |
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| Down payment | $3,465 |
|---|---|
| Loan amount | $97,207 |
| Principal and interest | $654 |
| Property taxes (0.48% a year) | $40 |
| Homeowners insurance (our estimate, 0.5% a year) | $41 |
| FHA mortgage insurance | $44 |
| Total per month | $779 |
Change the numbers in the calculator
Questions about home buying in Patoka
What is the median home value in Patoka?
About $99,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Patoka?
Homeowners pay a median $480 a year, which is about 0.48% 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 Patoka?
For the median home with 20% down at 7.11%, the payment is about $614 a month. Keeping that under 28% of gross income takes about $26,298 a year.
More about Patoka
- Mortgage Refinance in Patoka
- Debt Relief in Patoka
- Home Equity Loans in Patoka
- 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