The typical owner-occupied home in Morgan County is worth about $237,600, 9% above the Indiana median of $218,200 and 29% below the national median of $332,700. Owners pay a median $1,174 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 $79,429 a year, so the median home costs 3.0 times the median income (3.0 times for Indiana). 82% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Morgan County at a glance
| Morgan County | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $237,600 | $218,200 | $332,700 |
| Median property tax paid per year | $1,174 | $1,614 | $3,119 |
| Property tax as a share of value | 0.49% | 0.74% | 0.94% |
| Median household income | $79,429 | $71,957 | $80,734 |
| Homes lived in by their owners | 82% | 71% | 65% |
| Owner homes with a mortgage | 65% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,426 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 18.3% | 18.1% | 21.0% |
| Median rent | $1,042 | $1,062 | $1,413 |
| Rent as a share of renters' income | 29.2% | 29.1% | 30.6% |
| Median year homes were built | 1981 | 1976 | 1980 |
| Vacant homes | 5.9% | 8.8% | 10.1% |
| Population | 72,659 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Morgan County
At this week's average 30-year rate of 7.11%, buying the median Morgan County home of $237,600 with 20% down costs about $1,475 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,871, 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 $63,201 for the 20%-down payment. That payment is 22% of the median Morgan County household income of $79,429; at that income and 20% down, the 28% guideline points to a home of about $299,000.
The median rent here is $1,042 a month, so owning the median home costs about $433 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $47,520 |
|---|---|
| Loan amount | $190,080 |
| Principal and interest | $1,279 |
| Property taxes (0.49% a year) | $97 |
| Homeowners insurance (our estimate, 0.5% a year) | $99 |
| PMI | $0 |
| Total per month | $1,475 |
Change the numbers in the calculator
| Down payment | $8,316 |
|---|---|
| Loan amount | $233,296 |
| Principal and interest | $1,569 |
| Property taxes (0.49% a year) | $97 |
| Homeowners insurance (our estimate, 0.5% a year) | $99 |
| FHA mortgage insurance | $105 |
| Total per month | $1,871 |
Change the numbers in the calculator
Questions about home buying in Morgan County
What is the median home value in Morgan County?
About $237,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Morgan County?
Homeowners pay a median $1,174 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 Morgan County?
For the median home with 20% down at 7.11%, the payment is about $1,475 a month. Keeping that under 28% of gross income takes about $63,201 a year.
More about Morgan County
- Mortgage Refinance in Morgan County
- Debt Relief in Morgan County
- Home Equity Loans in Morgan County
- 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