The typical owner-occupied home in Winchester is worth about $97,600, 55% below the Indiana median of $218,200 and 71% below the national median of $332,700. Owners pay a median $884 a year in property taxes, about 0.91% of their home's value, higher than the Indiana rate of 0.74%. The median household earns $52,439 a year, so the median home costs 1.9 times the median income (3.0 times for Indiana). 70% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Winchester at a glance
| Winchester | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $97,600 | $218,200 | $332,700 |
| Median property tax paid per year | $884 | $1,614 | $3,119 |
| Property tax as a share of value | 0.91% | 0.74% | 0.94% |
| Median household income | $52,439 | $71,957 | $80,734 |
| Homes lived in by their owners | 70% | 71% | 65% |
| Owner homes with a mortgage | 64% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,005 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 18.3% | 18.1% | 21.0% |
| Median rent | $756 | $1,062 | $1,413 |
| Rent as a share of renters' income | 29.3% | 29.1% | 30.6% |
| Median year homes were built | 1958 | 1976 | 1980 |
| Vacant homes | 11.3% | 8.8% | 10.1% |
| Population | 5,284 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Winchester
At this week's average 30-year rate of 7.11%, buying the median Winchester home of $97,600 with 20% down costs about $640 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $803, 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 $27,426 for the 20%-down payment. That payment is 15% of the median Winchester household income of $52,439; at that income and 20% down, the 28% guideline points to a home of about $187,000.
The median rent here is $756 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $19,520 |
|---|---|
| Loan amount | $78,080 |
| Principal and interest | $525 |
| Property taxes (0.91% a year) | $74 |
| Homeowners insurance (our estimate, 0.5% a year) | $41 |
| PMI | $0 |
| Total per month | $640 |
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| Down payment | $3,416 |
|---|---|
| Loan amount | $95,832 |
| Principal and interest | $645 |
| Property taxes (0.91% a year) | $74 |
| Homeowners insurance (our estimate, 0.5% a year) | $41 |
| FHA mortgage insurance | $43 |
| Total per month | $803 |
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Questions about home buying in Winchester
What is the median home value in Winchester?
About $97,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Winchester?
Homeowners pay a median $884 a year, which is about 0.91% 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 Winchester?
For the median home with 20% down at 7.11%, the payment is about $640 a month. Keeping that under 28% of gross income takes about $27,426 a year.
More about Winchester
- Mortgage Refinance in Winchester
- Debt Relief in Winchester
- Home Equity Loans in Winchester
- 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