Total monthly cost of ownership
Cost to Own a Home in Clay City, Indiana
A $87,000 home here costs
$813per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $447. The real number is $366 higher every month — 82% 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.
Clay City against Clay County and Indiana
| Measure | Clay City | Clay County |
|---|---|---|
| Median home value | $86,700 | $128,900 |
| Median property tax | $296 | $589 |
| Effective tax rate | 0.341% | 0.457% |
| Median gross rent | $706 | $837 |
| Population | 1,186 | 26,431 |
The weather behind that power bill
Clay City sits in Clay County, which averages a high of 85.6°F in its hottest month and a low of 20.5°F in its coldest, with 41.79" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,045 cooling and 5,089 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Clay County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Clay County
Common questions
How much does it cost to own a home in Clay City?
A $87,000 home in Clay City, Indiana costs approximately $813 per month with 20% down at 6.66%. That is $447 principal and interest, $25 property tax, $37 homeowners insurance, $231 utilities and $73 set aside for maintenance.
What is the property tax rate in Clay City?
Clay City has an effective property tax rate of 0.341%, based on a median home value of $86,700 and median real estate taxes of $296. That is lower than the Clay County average of 0.457%.
What is the average home price in Clay City?
The median owner-occupied home value in Clay City, Indiana is $86,700, against $128,900 across Clay County.
Is it cheaper to rent or buy in Clay City?
Median gross rent in Clay City is $706 a month, against $813 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 Clay City — 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.