The typical owner-occupied home in Smithfield is worth about $173,200, 32% below the Pennsylvania median of $254,500 and 48% below the national median of $332,700. Owners pay a median $1,332 a year in property taxes, about 0.77% of their home's value, lower than the Pennsylvania rate of 1.30%. The median household earns $62,031 a year, so the median home costs 2.8 times the median income (3.3 times for Pennsylvania). 73% of occupied homes here are lived in by their owners, and 54% of those owners still have a mortgage.
Smithfield at a glance
| Smithfield | Pennsylvania | U.S. | |
|---|---|---|---|
| Median home value | $173,200 | $254,500 | $332,700 |
| Median property tax paid per year | $1,332 | $3,311 | $3,119 |
| Property tax as a share of value | 0.77% | 1.30% | 0.94% |
| Median household income | $62,031 | $77,971 | $80,734 |
| Homes lived in by their owners | 73% | 69% | 65% |
| Owner homes with a mortgage | 54% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,442 | $1,762 | $1,963 |
| Those costs as a share of the owners' income | 15.4% | 19.4% | 21.0% |
| Median rent | $950 | $1,209 | $1,413 |
| Rent as a share of renters' income | 38.6% | 29.2% | 30.6% |
| Median year homes were built | 1952 | 1965 | 1980 |
| Vacant homes | 5.7% | 9.2% | 10.1% |
| Population | 1,050 | 13,018,639 | 334,922,499 |
What a typical home costs per month in Smithfield
At this week's average 30-year rate of 7.11%, buying the median Smithfield home of $173,200 with 20% down costs about $1,115 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,404, 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 $47,803 for the 20%-down payment. That payment is 22% of the median Smithfield household income of $62,031; at that income and 20% down, the 28% guideline points to a home of about $225,000.
The median rent here is $950 a month, so owning the median home costs about $165 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $34,640 |
|---|---|
| Loan amount | $138,560 |
| Principal and interest | $932 |
| Property taxes (0.77% a year) | $111 |
| Homeowners insurance (our estimate, 0.5% a year) | $72 |
| PMI | $0 |
| Total per month | $1,115 |
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| Down payment | $6,062 |
|---|---|
| Loan amount | $170,063 |
| Principal and interest | $1,144 |
| Property taxes (0.77% a year) | $111 |
| Homeowners insurance (our estimate, 0.5% a year) | $72 |
| FHA mortgage insurance | $77 |
| Total per month | $1,404 |
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Questions about home buying in Smithfield
What is the median home value in Smithfield?
About $173,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Smithfield?
Homeowners pay a median $1,332 a year, which is about 0.77% 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 Smithfield?
For the median home with 20% down at 7.11%, the payment is about $1,115 a month. Keeping that under 28% of gross income takes about $47,803 a year.
More about Smithfield
- Mortgage Refinance in Smithfield
- Debt Relief in Smithfield
- Home Equity Loans in Smithfield
- 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