Total monthly cost of ownership
Cost to Own a Home in Bright, Indiana
A $247,000 home here costs
$2,036per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $87,500 a year.
A standard mortgage calculator would have told you $1,347. The real number is $689 higher every month, 51% more than the payment most buyers budget for.
Compare Dearborn County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Bright against Dearborn County and Indiana
| Measure | Bright | Dearborn County |
|---|---|---|
| Median home value | $246,600 | $227,100 |
| Median property tax | $1,880 | $1,726 |
| Effective tax rate | 0.762% | 0.760% |
| Median gross rent | $834 | $848 |
| Population | 5,735 | 50,828 |
The weather behind that power bill
Bright sits in Dearborn County, which averages a high of 86.0°F in its hottest month and a low of 23.1°F in its coldest, with 45.26" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,160 cooling and 4,892 heating degree days, which is what sets the $153 electricity line above.
See the full climate breakdown for Dearborn County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Dearborn County
Full Dearborn County cost breakdown · Every county in Indiana
Talk to someone who works this market
These are Bright averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Bright every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Bright I already own here and may sell
Common questions
How much does it cost to own a home in Bright?
A $247,000 home in Bright, Indiana costs approximately $2,036 per month with 20% down at 7.24%. That is $1,347 principal and interest, $157 property tax, $105 homeowners insurance, $221 utilities and $206 set aside for maintenance.
What is the property tax rate in Bright?
Bright has an effective property tax rate of 0.762%, based on a median home value of $246,600 and median real estate taxes of $1,880. That is in line with the Dearborn County average of 0.760%.
What is the average home price in Bright?
The median owner-occupied home value in Bright, Indiana is $246,600, against $227,100 across Dearborn County.
Is it cheaper to rent or buy in Bright?
Median gross rent in Bright is $834 a month, against $2,036 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Bright?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Bright, Indiana at today's rate takes a household income of roughly $87,500 a year. That covers the full $2,036 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Bright, 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.