The typical owner-occupied home in Marion is worth about $85,300, 61% below the Indiana median of $218,200 and 74% below the national median of $332,700. Owners pay a median $815 a year in property taxes, about 0.96% of their home's value, higher than the Indiana rate of 0.74%. The median household earns $43,343 a year, so the median home costs 2.0 times the median income (3.0 times for Indiana). 59% of occupied homes here are lived in by their owners, and 45% of those owners still have a mortgage.
Marion at a glance
| Marion | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $85,300 | $218,200 | $332,700 |
| Median property tax paid per year | $815 | $1,614 | $3,119 |
| Property tax as a share of value | 0.96% | 0.74% | 0.94% |
| Median household income | $43,343 | $71,957 | $80,734 |
| Homes lived in by their owners | 59% | 71% | 65% |
| Owner homes with a mortgage | 45% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $934 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 18.6% | 18.1% | 21.0% |
| Median rent | $805 | $1,062 | $1,413 |
| Rent as a share of renters' income | 26.8% | 29.1% | 30.6% |
| Median year homes were built | 1957 | 1976 | 1980 |
| Vacant homes | 15.2% | 8.8% | 10.1% |
| Population | 27,531 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Marion
At this week's average 30-year rate of 7.11%, buying the median Marion home of $85,300 with 20% down costs about $563 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $705, 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 $24,121 for the 20%-down payment. That payment is 16% of the median Marion household income of $43,343; at that income and 20% down, the 28% guideline points to a home of about $153,000.
The median rent here is $805 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $17,060 |
|---|---|
| Loan amount | $68,240 |
| Principal and interest | $459 |
| Property taxes (0.96% a year) | $68 |
| Homeowners insurance (our estimate, 0.5% a year) | $36 |
| PMI | $0 |
| Total per month | $563 |
Change the numbers in the calculator
| Down payment | $2,986 |
|---|---|
| Loan amount | $83,755 |
| Principal and interest | $563 |
| Property taxes (0.96% a year) | $68 |
| Homeowners insurance (our estimate, 0.5% a year) | $36 |
| FHA mortgage insurance | $38 |
| Total per month | $705 |
Change the numbers in the calculator
Questions about home buying in Marion
What is the median home value in Marion?
About $85,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Marion?
Homeowners pay a median $815 a year, which is about 0.96% 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 Marion?
For the median home with 20% down at 7.11%, the payment is about $563 a month. Keeping that under 28% of gross income takes about $24,121 a year.
More about Marion
- Mortgage Refinance in Marion
- Debt Relief in Marion
- Home Equity Loans in Marion
- 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