The typical owner-occupied home in Trafalgar is worth about $233,600, 7% above the Indiana median of $218,200 and 30% below the national median of $332,700. Owners pay a median $1,461 a year in property taxes, about 0.63% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $77,885 a year, so the median home costs 3.0 times the median income (3.0 times for Indiana). 78% of occupied homes here are lived in by their owners, and 72% of those owners still have a mortgage.
Trafalgar at a glance
| Trafalgar | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $233,600 | $218,200 | $332,700 |
| Median property tax paid per year | $1,461 | $1,614 | $3,119 |
| Property tax as a share of value | 0.63% | 0.74% | 0.94% |
| Median household income | $77,885 | $71,957 | $80,734 |
| Homes lived in by their owners | 78% | 71% | 65% |
| Owner homes with a mortgage | 72% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,477 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 19.2% | 18.1% | 21.0% |
| Median rent | $1,024 | $1,062 | $1,413 |
| Rent as a share of renters' income | 43.1% | 29.1% | 30.6% |
| Median year homes were built | 1999 | 1976 | 1980 |
| Vacant homes | 4.1% | 8.8% | 10.1% |
| Population | 1,469 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Trafalgar
At this week's average 30-year rate of 7.11%, buying the median Trafalgar home of $233,600 with 20% down costs about $1,477 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,866, 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 $63,305 for the 20%-down payment. That payment is 23% of the median Trafalgar household income of $77,885; at that income and 20% down, the 28% guideline points to a home of about $287,000.
The median rent here is $1,024 a month, so owning the median home costs about $453 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $46,720 |
|---|---|
| Loan amount | $186,880 |
| Principal and interest | $1,257 |
| Property taxes (0.63% a year) | $123 |
| Homeowners insurance (our estimate, 0.5% a year) | $97 |
| PMI | $0 |
| Total per month | $1,477 |
Change the numbers in the calculator
| Down payment | $8,176 |
|---|---|
| Loan amount | $229,369 |
| Principal and interest | $1,543 |
| Property taxes (0.63% a year) | $123 |
| Homeowners insurance (our estimate, 0.5% a year) | $97 |
| FHA mortgage insurance | $103 |
| Total per month | $1,866 |
Change the numbers in the calculator
Questions about home buying in Trafalgar
What is the median home value in Trafalgar?
About $233,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Trafalgar?
Homeowners pay a median $1,461 a year, which is about 0.63% 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 Trafalgar?
For the median home with 20% down at 7.11%, the payment is about $1,477 a month. Keeping that under 28% of gross income takes about $63,305 a year.
More about Trafalgar
- Mortgage Refinance in Trafalgar
- Debt Relief in Trafalgar
- Home Equity Loans in Trafalgar
- 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