The typical owner-occupied home in Palmyra is worth about $227,500, 11% below the Pennsylvania median of $254,500 and 32% below the national median of $332,700. Owners pay a median $3,287 a year in property taxes, about 1.44% of their home's value, higher than the Pennsylvania rate of 1.30%. The median household earns $77,469 a year, so the median home costs 2.9 times the median income (3.3 times for Pennsylvania). 58% of occupied homes here are lived in by their owners, and 66% of those owners still have a mortgage.
Palmyra at a glance
| Palmyra | Pennsylvania | U.S. | |
|---|---|---|---|
| Median home value | $227,500 | $254,500 | $332,700 |
| Median property tax paid per year | $3,287 | $3,311 | $3,119 |
| Property tax as a share of value | 1.44% | 1.30% | 0.94% |
| Median household income | $77,469 | $77,971 | $80,734 |
| Homes lived in by their owners | 58% | 69% | 65% |
| Owner homes with a mortgage | 66% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,600 | $1,762 | $1,963 |
| Those costs as a share of the owners' income | 18.2% | 19.4% | 21.0% |
| Median rent | $1,084 | $1,209 | $1,413 |
| Rent as a share of renters' income | 26.1% | 29.2% | 30.6% |
| Median year homes were built | 1957 | 1965 | 1980 |
| Vacant homes | 4.9% | 9.2% | 10.1% |
| Population | 7,755 | 13,018,639 | 334,922,499 |
What a typical home costs per month in Palmyra
At this week's average 30-year rate of 7.11%, buying the median Palmyra home of $227,500 with 20% down costs about $1,592 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,971, 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 $68,234 for the 20%-down payment. That payment is 25% of the median Palmyra household income of $77,469; at that income and 20% down, the 28% guideline points to a home of about $258,000.
The median rent here is $1,084 a month, so owning the median home costs about $508 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $45,500 |
|---|---|
| Loan amount | $182,000 |
| Principal and interest | $1,224 |
| Property taxes (1.44% a year) | $273 |
| Homeowners insurance (our estimate, 0.5% a year) | $95 |
| PMI | $0 |
| Total per month | $1,592 |
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| Down payment | $7,962 |
|---|---|
| Loan amount | $223,379 |
| Principal and interest | $1,503 |
| Property taxes (1.44% a year) | $273 |
| Homeowners insurance (our estimate, 0.5% a year) | $95 |
| FHA mortgage insurance | $101 |
| Total per month | $1,971 |
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Questions about home buying in Palmyra
What is the median home value in Palmyra?
About $227,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Palmyra?
Homeowners pay a median $3,287 a year, which is about 1.44% 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 Palmyra?
For the median home with 20% down at 7.11%, the payment is about $1,592 a month. Keeping that under 28% of gross income takes about $68,234 a year.
More about Palmyra
- Mortgage Refinance in Palmyra
- Debt Relief in Palmyra
- Home Equity Loans in Palmyra
- 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