The typical owner-occupied home in Gas City is worth about $119,300, 45% below the Indiana median of $218,200 and 64% below the national median of $332,700. Owners pay a median $863 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 $55,982 a year, so the median home costs 2.1 times the median income (3.0 times for Indiana). 72% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Gas City at a glance
| Gas City | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $119,300 | $218,200 | $332,700 |
| Median property tax paid per year | $863 | $1,614 | $3,119 |
| Property tax as a share of value | 0.72% | 0.74% | 0.94% |
| Median household income | $55,982 | $71,957 | $80,734 |
| Homes lived in by their owners | 72% | 71% | 65% |
| Owner homes with a mortgage | 69% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,020 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 21.5% | 18.1% | 21.0% |
| Median rent | $901 | $1,062 | $1,413 |
| Rent as a share of renters' income | 21.6% | 29.1% | 30.6% |
| Median year homes were built | 1965 | 1976 | 1980 |
| Vacant homes | 6.5% | 8.8% | 10.1% |
| Population | 6,076 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Gas City
At this week's average 30-year rate of 7.11%, buying the median Gas City home of $119,300 with 20% down costs about $763 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $962, 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 $32,714 for the 20%-down payment. That payment is 16% of the median Gas City household income of $55,982; at that income and 20% down, the 28% guideline points to a home of about $204,000.
The median rent here is $901 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $23,860 |
|---|---|
| Loan amount | $95,440 |
| Principal and interest | $642 |
| Property taxes (0.72% a year) | $72 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| PMI | $0 |
| Total per month | $763 |
Change the numbers in the calculator
| Down payment | $4,176 |
|---|---|
| Loan amount | $117,139 |
| Principal and interest | $788 |
| Property taxes (0.72% a year) | $72 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| FHA mortgage insurance | $53 |
| Total per month | $962 |
Change the numbers in the calculator
Questions about home buying in Gas City
What is the median home value in Gas City?
About $119,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gas City?
Homeowners pay a median $863 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 Gas City?
For the median home with 20% down at 7.11%, the payment is about $763 a month. Keeping that under 28% of gross income takes about $32,714 a year.
More about Gas City
- Mortgage Refinance in Gas City
- Debt Relief in Gas City
- Home Equity Loans in Gas City
- 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