The typical owner-occupied home in Richland is worth about $146,400, 33% below the Indiana median of $218,200 and 56% below the national median of $332,700. Owners pay a median $970 a year in property taxes, about 0.66% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $73,250 a year, so the median home costs 2.0 times the median income (3.0 times for Indiana). 88% of occupied homes here are lived in by their owners, and 55% of those owners still have a mortgage.
Richland at a glance
| Richland | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $146,400 | $218,200 | $332,700 |
| Median property tax paid per year | $970 | $1,614 | $3,119 |
| Property tax as a share of value | 0.66% | 0.74% | 0.94% |
| Median household income | $73,250 | $71,957 | $80,734 |
| Homes lived in by their owners | 88% | 71% | 65% |
| Owner homes with a mortgage | 55% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,384 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 17.0% | 18.1% | 21.0% |
| Median rent | $850 | $1,062 | $1,413 |
| Rent as a share of renters' income | 21.7% | 29.1% | 30.6% |
| Median year homes were built | 1974 | 1976 | 1980 |
| Vacant homes | 9.8% | 8.8% | 10.1% |
| Population | 588 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Richland
At this week's average 30-year rate of 7.11%, buying the median Richland home of $146,400 with 20% down costs about $929 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,173, 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 $39,831 for the 20%-down payment. That payment is 15% of the median Richland household income of $73,250; at that income and 20% down, the 28% guideline points to a home of about $269,000.
The median rent here is $850 a month, so owning the median home costs about $79 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $29,280 |
|---|---|
| Loan amount | $117,120 |
| Principal and interest | $788 |
| Property taxes (0.66% a year) | $81 |
| Homeowners insurance (our estimate, 0.5% a year) | $61 |
| PMI | $0 |
| Total per month | $929 |
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| Down payment | $5,124 |
|---|---|
| Loan amount | $143,748 |
| Principal and interest | $967 |
| Property taxes (0.66% a year) | $81 |
| Homeowners insurance (our estimate, 0.5% a year) | $61 |
| FHA mortgage insurance | $65 |
| Total per month | $1,173 |
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Questions about home buying in Richland
What is the median home value in Richland?
About $146,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Richland?
Homeowners pay a median $970 a year, which is about 0.66% 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 Richland?
For the median home with 20% down at 7.11%, the payment is about $929 a month. Keeping that under 28% of gross income takes about $39,831 a year.
More about Richland
- Mortgage Refinance in Richland
- Debt Relief in Richland
- Home Equity Loans in Richland
- 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