The typical owner-occupied home in Mercer is worth about $212,500, 20% below the Wisconsin median of $266,500 and 36% below the national median of $332,700. Owners pay a median $1,912 a year in property taxes, about 0.90% of their home's value, lower than the Wisconsin rate of 1.42%. The median household earns $37,917 a year, so the median home costs 5.6 times the median income (3.4 times for Wisconsin). 72% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Mercer at a glance
| Mercer | Wisconsin | U.S. | |
|---|---|---|---|
| Median home value | $212,500 | $266,500 | $332,700 |
| Median property tax paid per year | $1,912 | $3,792 | $3,119 |
| Property tax as a share of value | 0.90% | 1.42% | 0.94% |
| Median household income | $37,917 | $77,485 | $80,734 |
| Homes lived in by their owners | 72% | 68% | 65% |
| Owner homes with a mortgage | 59% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,179 | $1,689 | $1,963 |
| Those costs as a share of the owners' income | 23.1% | 19.5% | 21.0% |
| Median rent | $334 | $1,087 | $1,413 |
| Rent as a share of renters' income | 20.2% | 27.2% | 30.6% |
| Median year homes were built | 1978 | 1975 | 1980 |
| Vacant homes | 49.6% | 10.8% | 10.1% |
| Population | 365 | 5,914,872 | 334,922,499 |
What a typical home costs per month in Mercer
At this week's average 30-year rate of 7.11%, buying the median Mercer home of $212,500 with 20% down costs about $1,392 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,746, 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 $59,637 for the 20%-down payment. That payment is 44% of the median Mercer household income of $37,917; at that income and 20% down, the 28% guideline points to a home of about $135,000.
The median rent here is $334 a month, so owning the median home costs about $1,058 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $42,500 |
|---|---|
| Loan amount | $170,000 |
| Principal and interest | $1,144 |
| Property taxes (0.90% a year) | $159 |
| Homeowners insurance (our estimate, 0.5% a year) | $89 |
| PMI | $0 |
| Total per month | $1,392 |
Change the numbers in the calculator
| Down payment | $7,438 |
|---|---|
| Loan amount | $208,651 |
| Principal and interest | $1,404 |
| Property taxes (0.90% a year) | $159 |
| Homeowners insurance (our estimate, 0.5% a year) | $89 |
| FHA mortgage insurance | $94 |
| Total per month | $1,746 |
Change the numbers in the calculator
Questions about home buying in Mercer
What is the median home value in Mercer?
About $212,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Mercer?
Homeowners pay a median $1,912 a year, which is about 0.90% 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 Mercer?
For the median home with 20% down at 7.11%, the payment is about $1,392 a month. Keeping that under 28% of gross income takes about $59,637 a year.
More about Mercer
- Mortgage Refinance in Mercer
- Debt Relief in Mercer
- Home Equity Loans in Mercer
- 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