The typical owner-occupied home in Shipshewana is worth about $275,800, 26% above the Indiana median of $218,200 and 17% below the national median of $332,700. Owners pay a median $1,833 a year in property taxes, about 0.66% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $43,594 a year, so the median home costs 6.3 times the median income (3.0 times for Indiana). 69% of occupied homes here are lived in by their owners, and 72% of those owners still have a mortgage.
Shipshewana at a glance
| Shipshewana | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $275,800 | $218,200 | $332,700 |
| Median property tax paid per year | $1,833 | $1,614 | $3,119 |
| Property tax as a share of value | 0.66% | 0.74% | 0.94% |
| Median household income | $43,594 | $71,957 | $80,734 |
| Homes lived in by their owners | 69% | 71% | 65% |
| Owner homes with a mortgage | 72% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,245 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 23.2% | 18.1% | 21.0% |
| Median rent | $771 | $1,062 | $1,413 |
| Rent as a share of renters' income | 34.0% | 29.1% | 30.6% |
| Median year homes were built | 1985 | 1976 | 1980 |
| Vacant homes | 10.1% | 8.8% | 10.1% |
| Population | 822 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Shipshewana
At this week's average 30-year rate of 7.11%, buying the median Shipshewana home of $275,800 with 20% down costs about $1,751 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,210, 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 $75,037 for the 20%-down payment. That payment is 48% of the median Shipshewana household income of $43,594; at that income and 20% down, the 28% guideline points to a home of about $160,000.
The median rent here is $771 a month, so owning the median home costs about $980 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $55,160 |
|---|---|
| Loan amount | $220,640 |
| Principal and interest | $1,484 |
| Property taxes (0.66% a year) | $152 |
| Homeowners insurance (our estimate, 0.5% a year) | $115 |
| PMI | $0 |
| Total per month | $1,751 |
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| Down payment | $9,653 |
|---|---|
| Loan amount | $270,805 |
| Principal and interest | $1,822 |
| Property taxes (0.66% a year) | $152 |
| Homeowners insurance (our estimate, 0.5% a year) | $115 |
| FHA mortgage insurance | $122 |
| Total per month | $2,210 |
Change the numbers in the calculator
Questions about home buying in Shipshewana
What is the median home value in Shipshewana?
About $275,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Shipshewana?
Homeowners pay a median $1,833 a year, which is about 0.66% 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 Shipshewana?
For the median home with 20% down at 7.11%, the payment is about $1,751 a month. Keeping that under 28% of gross income takes about $75,037 a year.
More about Shipshewana
- Mortgage Refinance in Shipshewana
- Debt Relief in Shipshewana
- Home Equity Loans in Shipshewana
- 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