The typical owner-occupied home in Indian River is worth about $314,100, 36% above the Michigan median of $231,600 and 6% below the national median of $332,700. Owners pay a median $2,103 a year in property taxes, about 0.67% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $62,140 a year, so the median home costs 5.1 times the median income (3.2 times for Michigan). 83% of occupied homes here are lived in by their owners, and 47% of those owners still have a mortgage.
Indian River at a glance
| Indian River | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $314,100 | $231,600 | $332,700 |
| Median property tax paid per year | $2,103 | $2,904 | $3,119 |
| Property tax as a share of value | 0.67% | 1.25% | 0.94% |
| Median household income | $62,140 | $72,875 | $80,734 |
| Homes lived in by their owners | 83% | 73% | 65% |
| Owner homes with a mortgage | 47% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,375 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 30.3% | 19.3% | 21.0% |
| Median rent | – | $1,129 | $1,413 |
| Rent as a share of renters' income | 41.5% | 30.2% | 30.6% |
| Median year homes were built | 1984 | 1972 | 1980 |
| Vacant homes | 45.8% | 11.8% | 10.1% |
| Population | 2,039 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Indian River
At this week's average 30-year rate of 7.11%, buying the median Indian River home of $314,100 with 20% down costs about $1,997 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,520, 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 $85,570 for the 20%-down payment. That payment is 39% of the median Indian River household income of $62,140; at that income and 20% down, the 28% guideline points to a home of about $228,000.
| Down payment | $62,820 |
|---|---|
| Loan amount | $251,280 |
| Principal and interest | $1,690 |
| Property taxes (0.67% a year) | $175 |
| Homeowners insurance (our estimate, 0.5% a year) | $131 |
| PMI | $0 |
| Total per month | $1,997 |
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| Down payment | $10,994 |
|---|---|
| Loan amount | $308,411 |
| Principal and interest | $2,075 |
| Property taxes (0.67% a year) | $175 |
| Homeowners insurance (our estimate, 0.5% a year) | $131 |
| FHA mortgage insurance | $139 |
| Total per month | $2,520 |
Change the numbers in the calculator
Questions about home buying in Indian River
What is the median home value in Indian River?
About $314,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Indian River?
Homeowners pay a median $2,103 a year, which is about 0.67% 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 Indian River?
For the median home with 20% down at 7.11%, the payment is about $1,997 a month. Keeping that under 28% of gross income takes about $85,570 a year.
More about Indian River
- Mortgage Refinance in Indian River
- Debt Relief in Indian River
- Home Equity Loans in Indian River
- 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