The typical owner-occupied home in Monrovia is worth about $233,200, 7% above the Indiana median of $218,200 and 30% below the national median of $332,700. Owners pay a median $1,190 a year in property taxes, about 0.51% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $92,344 a year, so the median home costs 2.5 times the median income (3.0 times for Indiana). 89% of occupied homes here are lived in by their owners, and 84% of those owners still have a mortgage.
Monrovia at a glance
| Monrovia | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $233,200 | $218,200 | $332,700 |
| Median property tax paid per year | $1,190 | $1,614 | $3,119 |
| Property tax as a share of value | 0.51% | 0.74% | 0.94% |
| Median household income | $92,344 | $71,957 | $80,734 |
| Homes lived in by their owners | 89% | 71% | 65% |
| Owner homes with a mortgage | 84% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,448 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 17.7% | 18.1% | 21.0% |
| Median rent | $1,385 | $1,062 | $1,413 |
| Rent as a share of renters' income | 21.9% | 29.1% | 30.6% |
| Median year homes were built | 2007 | 1976 | 1980 |
| Vacant homes | 3.3% | 8.8% | 10.1% |
| Population | 2,055 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Monrovia
At this week's average 30-year rate of 7.11%, buying the median Monrovia home of $233,200 with 20% down costs about $1,451 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,840, 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 $62,198 for the 20%-down payment. That payment is 19% of the median Monrovia household income of $92,344; at that income and 20% down, the 28% guideline points to a home of about $346,000.
The median rent here is $1,385 a month, so owning the median home costs about $66 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $46,640 |
|---|---|
| Loan amount | $186,560 |
| Principal and interest | $1,255 |
| Property taxes (0.51% a year) | $99 |
| Homeowners insurance (our estimate, 0.5% a year) | $97 |
| PMI | $0 |
| Total per month | $1,451 |
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| Down payment | $8,162 |
|---|---|
| Loan amount | $228,976 |
| Principal and interest | $1,540 |
| Property taxes (0.51% a year) | $99 |
| Homeowners insurance (our estimate, 0.5% a year) | $97 |
| FHA mortgage insurance | $103 |
| Total per month | $1,840 |
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Questions about home buying in Monrovia
What is the median home value in Monrovia?
About $233,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Monrovia?
Homeowners pay a median $1,190 a year, which is about 0.51% 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 Monrovia?
For the median home with 20% down at 7.11%, the payment is about $1,451 a month. Keeping that under 28% of gross income takes about $62,198 a year.
More about Monrovia
- Mortgage Refinance in Monrovia
- Debt Relief in Monrovia
- Home Equity Loans in Monrovia
- 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