The typical owner-occupied home in Monroe City is worth about $144,800, 34% below the Indiana median of $218,200 and 56% below the national median of $332,700. Owners pay a median $705 a year in property taxes, about 0.49% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $56,094 a year, so the median home costs 2.6 times the median income (3.0 times for Indiana). 62% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Monroe City at a glance
| Monroe City | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $144,800 | $218,200 | $332,700 |
| Median property tax paid per year | $705 | $1,614 | $3,119 |
| Property tax as a share of value | 0.49% | 0.74% | 0.94% |
| Median household income | $56,094 | $71,957 | $80,734 |
| Homes lived in by their owners | 62% | 71% | 65% |
| Owner homes with a mortgage | 67% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $990 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 17.7% | 18.1% | 21.0% |
| Median rent | $867 | $1,062 | $1,413 |
| Rent as a share of renters' income | 22.0% | 29.1% | 30.6% |
| Median year homes were built | 1966 | 1976 | 1980 |
| Vacant homes | 3.2% | 8.8% | 10.1% |
| Population | 767 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Monroe City
At this week's average 30-year rate of 7.11%, buying the median Monroe City home of $144,800 with 20% down costs about $899 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,140, 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 $38,517 for the 20%-down payment. That payment is 19% of the median Monroe City household income of $56,094; at that income and 20% down, the 28% guideline points to a home of about $211,000.
The median rent here is $867 a month, so owning the median home costs about $32 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $28,960 |
|---|---|
| Loan amount | $115,840 |
| Principal and interest | $779 |
| Property taxes (0.49% a year) | $59 |
| Homeowners insurance (our estimate, 0.5% a year) | $60 |
| PMI | $0 |
| Total per month | $899 |
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| Down payment | $5,068 |
|---|---|
| Loan amount | $142,177 |
| Principal and interest | $956 |
| Property taxes (0.49% a year) | $59 |
| Homeowners insurance (our estimate, 0.5% a year) | $60 |
| FHA mortgage insurance | $64 |
| Total per month | $1,140 |
Change the numbers in the calculator
Questions about home buying in Monroe City
What is the median home value in Monroe City?
About $144,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Monroe City?
Homeowners pay a median $705 a year, which is about 0.49% 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 Monroe City?
For the median home with 20% down at 7.11%, the payment is about $899 a month. Keeping that under 28% of gross income takes about $38,517 a year.
More about Monroe City
- Mortgage Refinance in Monroe City
- Debt Relief in Monroe City
- Home Equity Loans in Monroe 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