The typical owner-occupied home in New Richmond is worth about $89,200, 59% below the Indiana median of $218,200 and 73% below the national median of $332,700. Owners pay a median $515 a year in property taxes, about 0.58% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $80,329 a year, so the median home costs 1.1 times the median income (3.0 times for Indiana). 91% of occupied homes here are lived in by their owners, and 66% of those owners still have a mortgage.
New Richmond at a glance
| New Richmond | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $89,200 | $218,200 | $332,700 |
| Median property tax paid per year | $515 | $1,614 | $3,119 |
| Property tax as a share of value | 0.58% | 0.74% | 0.94% |
| Median household income | $80,329 | $71,957 | $80,734 |
| Homes lived in by their owners | 91% | 71% | 65% |
| Owner homes with a mortgage | 66% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,291 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 21.4% | 18.1% | 21.0% |
| Median rent | $875 | $1,062 | $1,413 |
| Rent as a share of renters' income | 16.3% | 29.1% | 30.6% |
| Median year homes were built | 1938 | 1976 | 1980 |
| Vacant homes | 4.8% | 8.8% | 10.1% |
| Population | 433 | 6,851,073 | 334,922,499 |
What a typical home costs per month in New Richmond
At this week's average 30-year rate of 7.11%, buying the median New Richmond home of $89,200 with 20% down costs about $560 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $709, 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 $24,014 for the 20%-down payment. That payment is 8% of the median New Richmond household income of $80,329; at that income and 20% down, the 28% guideline points to a home of about $298,000.
The median rent here is $875 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $17,840 |
|---|---|
| Loan amount | $71,360 |
| Principal and interest | $480 |
| Property taxes (0.58% a year) | $43 |
| Homeowners insurance (our estimate, 0.5% a year) | $37 |
| PMI | $0 |
| Total per month | $560 |
Change the numbers in the calculator
| Down payment | $3,122 |
|---|---|
| Loan amount | $87,584 |
| Principal and interest | $589 |
| Property taxes (0.58% a year) | $43 |
| Homeowners insurance (our estimate, 0.5% a year) | $37 |
| FHA mortgage insurance | $39 |
| Total per month | $709 |
Change the numbers in the calculator
Questions about home buying in New Richmond
What is the median home value in New Richmond?
About $89,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New Richmond?
Homeowners pay a median $515 a year, which is about 0.58% 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 New Richmond?
For the median home with 20% down at 7.11%, the payment is about $560 a month. Keeping that under 28% of gross income takes about $24,014 a year.
More about New Richmond
- Mortgage Refinance in New Richmond
- Debt Relief in New Richmond
- Home Equity Loans in New Richmond
- 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