Total monthly cost of ownership
Cost to Own a Home in Bloomington, Indiana
A $290,000 home here costs
$2,285per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,491. The real number is $794 higher every month — 53% 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.
Bloomington against Monroe County and Indiana
| Measure | Bloomington | Monroe County |
|---|---|---|
| Median home value | $289,700 | $261,700 |
| Median property tax | $2,370 | $1,837 |
| Effective tax rate | 0.818% | 0.702% |
| Median gross rent | $1,160 | $1,151 |
| Population | 78,791 | 139,822 |
The weather behind that power bill
Bloomington sits in Monroe County, which averages a high of 85.1°F in its hottest month and a low of 20.6°F in its coldest, with 49.38" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 1,069 cooling and 5,281 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Monroe County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Monroe County
Common questions
How much does it cost to own a home in Bloomington?
A $290,000 home in Bloomington, Indiana costs approximately $2,285 per month with 20% down at 6.66%. That is $1,491 principal and interest, $198 property tax, $124 homeowners insurance, $231 utilities and $242 set aside for maintenance.
What is the property tax rate in Bloomington?
Bloomington has an effective property tax rate of 0.818%, based on a median home value of $289,700 and median real estate taxes of $2,370. That is higher than the Monroe County average of 0.702%.
What is the average home price in Bloomington?
The median owner-occupied home value in Bloomington, Indiana is $289,700, against $261,700 across Monroe County.
Is it cheaper to rent or buy in Bloomington?
Median gross rent in Bloomington is $1,160 a month, against $2,285 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 Bloomington — 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.