Total monthly cost of ownership
Cost to Own a Home in Albion, Indiana
A $138,000 home here costs
$1,186per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $709. The real number is $477 higher every month — 67% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Albion against Noble County and Indiana
| Measure | Albion | Noble County |
|---|---|---|
| Median home value | $138,200 | $183,400 |
| Median property tax | $863 | $1,250 |
| Effective tax rate | 0.624% | 0.682% |
| Median gross rent | $875 | $776 |
| Population | 2,680 | 47,417 |
The weather behind that power bill
Albion sits in Noble County, which averages a high of 83.2°F in its hottest month and a low of 18.1°F in its coldest, with 34.59" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 766 cooling and 6,177 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Noble County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Noble County
Common questions
How much does it cost to own a home in Albion?
A $138,000 home in Albion, Indiana costs approximately $1,186 per month with 20% down at 6.66%. That is $709 principal and interest, $72 property tax, $59 homeowners insurance, $231 utilities and $115 set aside for maintenance.
What is the property tax rate in Albion?
Albion has an effective property tax rate of 0.624%, based on a median home value of $138,200 and median real estate taxes of $863. That is lower than the Noble County average of 0.682%.
What is the average home price in Albion?
The median owner-occupied home value in Albion, Indiana is $138,200, against $183,400 across Noble County.
Is it cheaper to rent or buy in Albion?
Median gross rent in Albion is $875 a month, against $1,186 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Albion — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Indiana.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.