The typical owner-occupied home in Hagerstown is worth about $119,600, 45% below the Indiana median of $218,200 and 64% below the national median of $332,700. Owners pay a median $1,069 a year in property taxes, about 0.89% of their home's value, higher than the Indiana rate of 0.74%. The median household earns $56,484 a year, so the median home costs 2.1 times the median income (3.0 times for Indiana). 77% of occupied homes here are lived in by their owners, and 68% of those owners still have a mortgage.
Hagerstown at a glance
| Hagerstown | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $119,600 | $218,200 | $332,700 |
| Median property tax paid per year | $1,069 | $1,614 | $3,119 |
| Property tax as a share of value | 0.89% | 0.74% | 0.94% |
| Median household income | $56,484 | $71,957 | $80,734 |
| Homes lived in by their owners | 77% | 71% | 65% |
| Owner homes with a mortgage | 68% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,084 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 16.2% | 18.1% | 21.0% |
| Median rent | $661 | $1,062 | $1,413 |
| Rent as a share of renters' income | 29.7% | 29.1% | 30.6% |
| Median year homes were built | 1938 | 1976 | 1980 |
| Vacant homes | 9.7% | 8.8% | 10.1% |
| Population | 1,642 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Hagerstown
At this week's average 30-year rate of 7.11%, buying the median Hagerstown home of $119,600 with 20% down costs about $782 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $981, 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 $33,522 for the 20%-down payment. That payment is 17% of the median Hagerstown household income of $56,484; at that income and 20% down, the 28% guideline points to a home of about $202,000.
The median rent here is $661 a month, so owning the median home costs about $121 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $23,920 |
|---|---|
| Loan amount | $95,680 |
| Principal and interest | $644 |
| Property taxes (0.89% a year) | $89 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| PMI | $0 |
| Total per month | $782 |
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| Down payment | $4,186 |
|---|---|
| Loan amount | $117,434 |
| Principal and interest | $790 |
| Property taxes (0.89% a year) | $89 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| FHA mortgage insurance | $53 |
| Total per month | $981 |
Change the numbers in the calculator
Questions about home buying in Hagerstown
What is the median home value in Hagerstown?
About $119,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Hagerstown?
Homeowners pay a median $1,069 a year, which is about 0.89% 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 Hagerstown?
For the median home with 20% down at 7.11%, the payment is about $782 a month. Keeping that under 28% of gross income takes about $33,522 a year.
More about Hagerstown
- Mortgage Refinance in Hagerstown
- Debt Relief in Hagerstown
- Home Equity Loans in Hagerstown
- 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