CALCMONEY // HOME AFFORDABILITY // IN // EVANSVILLE
How much house can you afford in Evansville? Based on local median home prices, current IN mortgage rates, and Evansville property tax data.
$188,000
$1,193/mo
$51,127/yr
$173,866
Monthly housing costs of $1,193 represent 29.8% of Evansville's median gross monthly income ($4,000/mo). At 29.8%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $188,000 |
| Down Payment (20%) | $37,600 |
| Loan Amount | $150,400 |
| Monthly PI Payment | $970 |
| Monthly Property Tax | $144 |
| Monthly Insurance Est. | $78 |
| Total Monthly PITI | $1,193 |
| Housing Cost % of Income | 29.8% |
| Required Income (28% rule) | $51,127/yr |
| Max Affordable Home | $173,866 |
$6,580
$1,522/mo
Evansville Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $188,000 | Evansville city median |
| Down Payment (20%) | $37,600 | Conventional loan |
| Monthly PITI | $1,193 | 6.7% rate, 30yr fixed |
| Required Income (28% rule) | $51,127 | Annual gross |
| Max Affordable Home | $173,866 | Based on median income |
| FHA Down (3.5%) | $6,580 | Minimum FHA |
| Housing Cost % of Income | 29.8% | Median income: $48,000/yr |
| Property Tax Rate | 0.92% | $1,730/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Evansville is $188,000, with a local 30-year mortgage rate of 6.7%. A buyer putting 20% down carries a loan of $150,400, generating a monthly P&I payment of $970. Adding property taxes ($144/mo) and homeowners insurance ($78/mo) brings total monthly PITI to $1,193.
Evansville's property tax rate of 0.92% is near the national average, adding a standard increment to monthly housing costs. On the Evansville median home, that is $144/month, or $1,730 per year.
Indiana levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Evansville should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Evansville's median income of $48,000/year can afford up to $1,120/month in total housing costs. Based on Evansville's mortgage rate of 6.7% and property tax rate of 0.92%, that translates to a maximum affordable home price of approximately $173,866 with 20% down on a 30-year loan.
To afford the median Evansville home priced at $188,000, you need an annual gross income of approximately $51,127. Total monthly housing costs (principal and interest of $970, property taxes of $144, and insurance of $78) come to $1,193/month, which equals 28% of the required income.
At the median home price of $188,000 and median household income of $48,000, the total monthly housing cost of $1,193 represents 29.8% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Evansville home of $188,000 is $37,600. An FHA loan requires just 3.5% down — $6,580 — but adds mortgage insurance of roughly $129/month, bringing total FHA payments to $1,522/month.
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