The typical owner-occupied home in Lapel is worth about $220,400, about the same as the Indiana median of $218,200 and 34% below the national median of $332,700. Owners pay a median $1,406 a year in property taxes, about 0.64% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $79,778 a year, so the median home costs 2.8 times the median income (3.0 times for Indiana). 70% of occupied homes here are lived in by their owners, and 70% of those owners still have a mortgage.
Lapel at a glance
| Lapel | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $220,400 | $218,200 | $332,700 |
| Median property tax paid per year | $1,406 | $1,614 | $3,119 |
| Property tax as a share of value | 0.64% | 0.74% | 0.94% |
| Median household income | $79,778 | $71,957 | $80,734 |
| Homes lived in by their owners | 70% | 71% | 65% |
| Owner homes with a mortgage | 70% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,427 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 20.2% | 18.1% | 21.0% |
| Median rent | $1,318 | $1,062 | $1,413 |
| Rent as a share of renters' income | 19.6% | 29.1% | 30.6% |
| Median year homes were built | 1975 | 1976 | 1980 |
| Vacant homes | 3.2% | 8.8% | 10.1% |
| Population | 2,668 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Lapel
At this week's average 30-year rate of 7.11%, buying the median Lapel home of $220,400 with 20% down costs about $1,396 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,763, 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 $59,807 for the 20%-down payment. That payment is 21% of the median Lapel household income of $79,778; at that income and 20% down, the 28% guideline points to a home of about $294,000.
The median rent here is $1,318 a month, so owning the median home costs about $78 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $44,080 |
|---|---|
| Loan amount | $176,320 |
| Principal and interest | $1,186 |
| Property taxes (0.64% a year) | $118 |
| Homeowners insurance (our estimate, 0.5% a year) | $92 |
| PMI | $0 |
| Total per month | $1,396 |
Change the numbers in the calculator
| Down payment | $7,714 |
|---|---|
| Loan amount | $216,408 |
| Principal and interest | $1,456 |
| Property taxes (0.64% a year) | $118 |
| Homeowners insurance (our estimate, 0.5% a year) | $92 |
| FHA mortgage insurance | $97 |
| Total per month | $1,763 |
Change the numbers in the calculator
Questions about home buying in Lapel
What is the median home value in Lapel?
About $220,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lapel?
Homeowners pay a median $1,406 a year, which is about 0.64% 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 Lapel?
For the median home with 20% down at 7.11%, the payment is about $1,396 a month. Keeping that under 28% of gross income takes about $59,807 a year.
More about Lapel
- Mortgage Refinance in Lapel
- Debt Relief in Lapel
- Home Equity Loans in Lapel
- 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