Total monthly cost of ownership
Cost to Own a Home in Cumberland, Indiana
A $241,000 home here costs
$2,033per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $87,000 a year.
A standard mortgage calculator would have told you $1,335. The real number is $698 higher every month, 52% more than the payment most buyers budget for.
Compare Marion 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.
Cumberland against Marion County and Indiana
| Measure | Cumberland | Marion County |
|---|---|---|
| Median home value | $241,200 | $207,000 |
| Median property tax | $2,110 | $1,923 |
| Effective tax rate | 0.875% | 0.929% |
| Median gross rent | $990 | $1,107 |
| Population | 6,154 | 971,822 |
Cumberland extends across 2 counties. Figures here use Marion County, where most of its housing sits.
The weather behind that power bill
Cumberland sits in Marion County, which averages a high of 85.2°F in its hottest month and a low of 21.2°F in its coldest, with 40.67" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,127 cooling and 5,221 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Marion County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Marion County
Talk to someone who works this market
These are Cumberland 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 Cumberland every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Cumberland I already own here and may sell
Common questions
How much does it cost to own a home in Cumberland?
A $241,000 home in Cumberland, Indiana costs approximately $2,033 per month with 20% down at 7.4%. That is $1,335 principal and interest, $176 property tax, $103 homeowners insurance, $219 utilities and $201 set aside for maintenance.
What is the property tax rate in Cumberland?
Cumberland has an effective property tax rate of 0.875%, based on a median home value of $241,200 and median real estate taxes of $2,110. That is lower than the Marion County average of 0.929%.
What is the average home price in Cumberland?
The median owner-occupied home value in Cumberland, Indiana is $241,200, against $207,000 across Marion County.
Is it cheaper to rent or buy in Cumberland?
Median gross rent in Cumberland is $990 a month, against $2,033 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 Cumberland?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cumberland, Indiana at today's rate takes a household income of roughly $87,000 a year. That covers the full $2,033 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cumberland, 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.