The typical owner-occupied home in Milroy is worth about $132,100, 39% below the Indiana median of $218,200 and 60% below the national median of $332,700. Owners pay a median $483 a year in property taxes, about 0.37% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $83,164 a year, so the median home costs 1.6 times the median income (3.0 times for Indiana). 92% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Milroy at a glance
| Milroy | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $132,100 | $218,200 | $332,700 |
| Median property tax paid per year | $483 | $1,614 | $3,119 |
| Property tax as a share of value | 0.37% | 0.74% | 0.94% |
| Median household income | $83,164 | $71,957 | $80,734 |
| Homes lived in by their owners | 92% | 71% | 65% |
| Owner homes with a mortgage | 65% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,159 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 16.8% | 18.1% | 21.0% |
| Median rent | – | $1,062 | $1,413 |
| Median year homes were built | 1938 | 1976 | 1980 |
| Vacant homes | 23.1% | 8.8% | 10.1% |
| Population | 522 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Milroy
At this week's average 30-year rate of 7.11%, buying the median Milroy home of $132,100 with 20% down costs about $807 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,027, 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 $34,572 for the 20%-down payment. That payment is 12% of the median Milroy household income of $83,164; at that income and 20% down, the 28% guideline points to a home of about $318,000.
| Down payment | $26,420 |
|---|---|
| Loan amount | $105,680 |
| Principal and interest | $711 |
| Property taxes (0.37% a year) | $41 |
| Homeowners insurance (our estimate, 0.5% a year) | $55 |
| PMI | $0 |
| Total per month | $807 |
Change the numbers in the calculator
| Down payment | $4,624 |
|---|---|
| Loan amount | $129,707 |
| Principal and interest | $873 |
| Property taxes (0.37% a year) | $41 |
| Homeowners insurance (our estimate, 0.5% a year) | $55 |
| FHA mortgage insurance | $58 |
| Total per month | $1,027 |
Change the numbers in the calculator
Questions about home buying in Milroy
What is the median home value in Milroy?
About $132,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Milroy?
Homeowners pay a median $483 a year, which is about 0.37% 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 Milroy?
For the median home with 20% down at 7.11%, the payment is about $807 a month. Keeping that under 28% of gross income takes about $34,572 a year.
More about Milroy
- Mortgage Refinance in Milroy
- Debt Relief in Milroy
- Home Equity Loans in Milroy
- 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