The typical owner-occupied home in Galt is worth about $60,000, 74% below the Missouri median of $230,300 and 82% below the national median of $332,700. Owners pay a median $750 a year in property taxes, about 1.25% of their home's value, higher than the Missouri rate of 0.85%. The median household earns $24,531 a year, so the median home costs 2.4 times the median income (3.3 times for Missouri). 56% of occupied homes here are lived in by their owners, and 12% of those owners still have a mortgage.
Galt at a glance
| Galt | Missouri | U.S. | |
|---|---|---|---|
| Median home value | $60,000 | $230,300 | $332,700 |
| Median property tax paid per year | $750 | $1,948 | $3,119 |
| Property tax as a share of value | 1.25% | 0.85% | 0.94% |
| Median household income | $24,531 | $70,702 | $80,734 |
| Homes lived in by their owners | 56% | 68% | 65% |
| Owner homes with a mortgage | 12% | 60% | 61% |
| Median monthly costs, owners with a mortgage | $1,375 | $1,524 | $1,963 |
| Median rent | $386 | $1,033 | $1,413 |
| Rent as a share of renters' income | 35.8% | 28.1% | 30.6% |
| Median year homes were built | 1955 | 1978 | 1980 |
| Vacant homes | 13.9% | 11.2% | 10.1% |
| Population | 203 | 6,191,814 | 334,922,499 |
What a typical home costs per month in Galt
At this week's average 30-year rate of 7.11%, buying the median Galt home of $60,000 with 20% down costs about $410 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $510, 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 $17,589 for the 20%-down payment. That payment is 20% of the median Galt household income of $24,531; at that income and 20% down, the 28% guideline points to a home of about $84,000.
The median rent here is $386 a month, so owning the median home costs about $24 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $12,000 |
|---|---|
| Loan amount | $48,000 |
| Principal and interest | $323 |
| Property taxes (1.25% a year) | $62 |
| Homeowners insurance (our estimate, 0.5% a year) | $25 |
| PMI | $0 |
| Total per month | $410 |
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| Down payment | $2,100 |
|---|---|
| Loan amount | $58,913 |
| Principal and interest | $396 |
| Property taxes (1.25% a year) | $62 |
| Homeowners insurance (our estimate, 0.5% a year) | $25 |
| FHA mortgage insurance | $27 |
| Total per month | $510 |
Change the numbers in the calculator
Questions about home buying in Galt
What is the median home value in Galt?
About $60,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Galt?
Homeowners pay a median $750 a year, which is about 1.25% 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 Galt?
For the median home with 20% down at 7.11%, the payment is about $410 a month. Keeping that under 28% of gross income takes about $17,589 a year.
More about Galt
- Mortgage Refinance in Galt
- Debt Relief in Galt
- Home Equity Loans in Galt
- 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