The typical owner-occupied home in Elkhart is worth about $253,900, 22% above the Iowa median of $208,000 and 24% below the national median of $332,700. Owners pay a median $3,747 a year in property taxes, about 1.48% of their home's value, higher than the Iowa rate of 1.39%. The median household earns $84,554 a year, so the median home costs 3.0 times the median income (2.8 times for Iowa). 81% of occupied homes here are lived in by their owners, and 76% of those owners still have a mortgage.
Elkhart at a glance
| Elkhart | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $253,900 | $208,000 | $332,700 |
| Median property tax paid per year | $3,747 | $2,897 | $3,119 |
| Property tax as a share of value | 1.48% | 1.39% | 0.94% |
| Median household income | $84,554 | $75,059 | $80,734 |
| Homes lived in by their owners | 81% | 72% | 65% |
| Owner homes with a mortgage | 76% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $1,688 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 19.5% | 18.7% | 21.0% |
| Median rent | $836 | $972 | $1,413 |
| Rent as a share of renters' income | 27.9% | 27.4% | 30.6% |
| Median year homes were built | 2005 | 1972 | 1980 |
| Vacant homes | 7.7% | 8.5% | 10.1% |
| Population | 899 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Elkhart
At this week's average 30-year rate of 7.11%, buying the median Elkhart home of $253,900 with 20% down costs about $1,785 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,208, 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 $76,515 for the 20%-down payment. That payment is 25% of the median Elkhart household income of $84,554; at that income and 20% down, the 28% guideline points to a home of about $281,000.
The median rent here is $836 a month, so owning the median home costs about $949 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $50,780 |
|---|---|
| Loan amount | $203,120 |
| Principal and interest | $1,366 |
| Property taxes (1.48% a year) | $313 |
| Homeowners insurance (our estimate, 0.5% a year) | $106 |
| PMI | $0 |
| Total per month | $1,785 |
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| Down payment | $8,886 |
|---|---|
| Loan amount | $249,301 |
| Principal and interest | $1,677 |
| Property taxes (1.48% a year) | $313 |
| Homeowners insurance (our estimate, 0.5% a year) | $106 |
| FHA mortgage insurance | $112 |
| Total per month | $2,208 |
Change the numbers in the calculator
Questions about home buying in Elkhart
What is the median home value in Elkhart?
About $253,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elkhart?
Homeowners pay a median $3,747 a year, which is about 1.48% 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 Elkhart?
For the median home with 20% down at 7.11%, the payment is about $1,785 a month. Keeping that under 28% of gross income takes about $76,515 a year.
More about Elkhart
- Mortgage Refinance in Elkhart
- Debt Relief in Elkhart
- Home Equity Loans in Elkhart
- 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