The typical owner-occupied home in Merrimac is worth about $276,600, 4% above the Wisconsin median of $266,500 and 17% below the national median of $332,700. Owners pay a median $4,058 a year in property taxes, about 1.47% of their home's value, close to the Wisconsin rate of 1.42%. The median household earns $92,417 a year, so the median home costs 3.0 times the median income (3.4 times for Wisconsin). 80% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Merrimac at a glance
| Merrimac | Wisconsin | U.S. | |
|---|---|---|---|
| Median home value | $276,600 | $266,500 | $332,700 |
| Median property tax paid per year | $4,058 | $3,792 | $3,119 |
| Property tax as a share of value | 1.47% | 1.42% | 0.94% |
| Median household income | $92,417 | $77,485 | $80,734 |
| Homes lived in by their owners | 80% | 68% | 65% |
| Owner homes with a mortgage | 67% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,677 | $1,689 | $1,963 |
| Those costs as a share of the owners' income | 22.8% | 19.5% | 21.0% |
| Median rent | $992 | $1,087 | $1,413 |
| Rent as a share of renters' income | 11.3% | 27.2% | 30.6% |
| Median year homes were built | 1964 | 1975 | 1980 |
| Vacant homes | 25.5% | 10.8% | 10.1% |
| Population | 570 | 5,914,872 | 334,922,499 |
What a typical home costs per month in Merrimac
At this week's average 30-year rate of 7.11%, buying the median Merrimac home of $276,600 with 20% down costs about $1,943 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,403, 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 $83,256 for the 20%-down payment. That payment is 25% of the median Merrimac household income of $92,417; at that income and 20% down, the 28% guideline points to a home of about $307,000.
The median rent here is $992 a month, so owning the median home costs about $951 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $55,320 |
|---|---|
| Loan amount | $221,280 |
| Principal and interest | $1,489 |
| Property taxes (1.47% a year) | $339 |
| Homeowners insurance (our estimate, 0.5% a year) | $115 |
| PMI | $0 |
| Total per month | $1,943 |
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| Down payment | $9,681 |
|---|---|
| Loan amount | $271,590 |
| Principal and interest | $1,827 |
| Property taxes (1.47% a year) | $339 |
| Homeowners insurance (our estimate, 0.5% a year) | $115 |
| FHA mortgage insurance | $122 |
| Total per month | $2,403 |
Change the numbers in the calculator
Questions about home buying in Merrimac
What is the median home value in Merrimac?
About $276,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Merrimac?
Homeowners pay a median $4,058 a year, which is about 1.47% 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 Merrimac?
For the median home with 20% down at 7.11%, the payment is about $1,943 a month. Keeping that under 28% of gross income takes about $83,256 a year.
More about Merrimac
- Mortgage Refinance in Merrimac
- Debt Relief in Merrimac
- Home Equity Loans in Merrimac
- 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