The typical owner-occupied home in Spiceland is worth about $118,300, 46% below the Indiana median of $218,200 and 64% below the national median of $332,700. Owners pay a median $898 a year in property taxes, about 0.76% of their home's value, close to the Indiana rate of 0.74%. The median household earns $65,875 a year, so the median home costs 1.8 times the median income (3.0 times for Indiana). 69% of occupied homes here are lived in by their owners, and 68% of those owners still have a mortgage.
Spiceland at a glance
| Spiceland | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $118,300 | $218,200 | $332,700 |
| Median property tax paid per year | $898 | $1,614 | $3,119 |
| Property tax as a share of value | 0.76% | 0.74% | 0.94% |
| Median household income | $65,875 | $71,957 | $80,734 |
| Homes lived in by their owners | 69% | 71% | 65% |
| Owner homes with a mortgage | 68% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,106 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 13.7% | 18.1% | 21.0% |
| Median rent | $789 | $1,062 | $1,413 |
| Rent as a share of renters' income | 37.7% | 29.1% | 30.6% |
| Median year homes were built | 1953 | 1976 | 1980 |
| Vacant homes | 13.0% | 8.8% | 10.1% |
| Population | 840 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Spiceland
At this week's average 30-year rate of 7.11%, buying the median Spiceland home of $118,300 with 20% down costs about $761 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $958, 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 $32,609 for the 20%-down payment. That payment is 14% of the median Spiceland household income of $65,875; at that income and 20% down, the 28% guideline points to a home of about $239,000.
The median rent here is $789 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $23,660 |
|---|---|
| Loan amount | $94,640 |
| Principal and interest | $637 |
| Property taxes (0.76% a year) | $75 |
| Homeowners insurance (our estimate, 0.5% a year) | $49 |
| PMI | $0 |
| Total per month | $761 |
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| Down payment | $4,140 |
|---|---|
| Loan amount | $116,157 |
| Principal and interest | $781 |
| Property taxes (0.76% a year) | $75 |
| Homeowners insurance (our estimate, 0.5% a year) | $49 |
| FHA mortgage insurance | $52 |
| Total per month | $958 |
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Questions about home buying in Spiceland
What is the median home value in Spiceland?
About $118,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Spiceland?
Homeowners pay a median $898 a year, which is about 0.76% 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 Spiceland?
For the median home with 20% down at 7.11%, the payment is about $761 a month. Keeping that under 28% of gross income takes about $32,609 a year.
More about Spiceland
- Mortgage Refinance in Spiceland
- Debt Relief in Spiceland
- Home Equity Loans in Spiceland
- 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