The typical owner-occupied home in Farmland is worth about $99,200, 55% below the Indiana median of $218,200 and 70% below the national median of $332,700. Owners pay a median $746 a year in property taxes, about 0.75% of their home's value, close to the Indiana rate of 0.74%. The median household earns $41,206 a year, so the median home costs 2.4 times the median income (3.0 times for Indiana). 56% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Farmland at a glance
| Farmland | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $99,200 | $218,200 | $332,700 |
| Median property tax paid per year | $746 | $1,614 | $3,119 |
| Property tax as a share of value | 0.75% | 0.74% | 0.94% |
| Median household income | $41,206 | $71,957 | $80,734 |
| Homes lived in by their owners | 56% | 71% | 65% |
| Owner homes with a mortgage | 64% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $908 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 18.2% | 18.1% | 21.0% |
| Median rent | $832 | $1,062 | $1,413 |
| Rent as a share of renters' income | 32.6% | 29.1% | 30.6% |
| Median year homes were built | 1959 | 1976 | 1980 |
| Vacant homes | 7.0% | 8.8% | 10.1% |
| Population | 1,276 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Farmland
At this week's average 30-year rate of 7.11%, buying the median Farmland home of $99,200 with 20% down costs about $637 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $802, 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 $27,308 for the 20%-down payment. That payment is 19% of the median Farmland household income of $41,206; at that income and 20% down, the 28% guideline points to a home of about $150,000.
The median rent here is $832 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $19,840 |
|---|---|
| Loan amount | $79,360 |
| Principal and interest | $534 |
| Property taxes (0.75% a year) | $62 |
| Homeowners insurance (our estimate, 0.5% a year) | $41 |
| PMI | $0 |
| Total per month | $637 |
Change the numbers in the calculator
| Down payment | $3,472 |
|---|---|
| Loan amount | $97,403 |
| Principal and interest | $655 |
| Property taxes (0.75% a year) | $62 |
| Homeowners insurance (our estimate, 0.5% a year) | $41 |
| FHA mortgage insurance | $44 |
| Total per month | $802 |
Change the numbers in the calculator
Questions about home buying in Farmland
What is the median home value in Farmland?
About $99,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Farmland?
Homeowners pay a median $746 a year, which is about 0.75% 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 Farmland?
For the median home with 20% down at 7.11%, the payment is about $637 a month. Keeping that under 28% of gross income takes about $27,308 a year.
More about Farmland
- Mortgage Refinance in Farmland
- Debt Relief in Farmland
- Home Equity Loans in Farmland
- 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