Total monthly cost of ownership
Cost to Own a Home in Ellettsville, Indiana
A $224,000 home here costs
$1,871per 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 $80,000 a year.
A standard mortgage calculator would have told you $1,241. The real number is $630 higher every month, 51% more than the payment most buyers budget for.
Compare Monroe 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.
Ellettsville against Monroe County and Indiana
| Measure | Ellettsville | Monroe County |
|---|---|---|
| Median home value | $224,400 | $261,700 |
| Median property tax | $1,555 | $1,837 |
| Effective tax rate | 0.693% | 0.702% |
| Median gross rent | $746 | $1,151 |
| Population | 6,653 | 139,822 |
The weather behind that power bill
Ellettsville 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 $151 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
Talk to someone who works this market
These are Ellettsville 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 Ellettsville every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Ellettsville?
A $224,000 home in Ellettsville, Indiana costs approximately $1,871 per month with 20% down at 7.4%. That is $1,241 principal and interest, $129 property tax, $96 homeowners insurance, $219 utilities and $187 set aside for maintenance.
What is the property tax rate in Ellettsville?
Ellettsville has an effective property tax rate of 0.693%, based on a median home value of $224,400 and median real estate taxes of $1,555. That is in line with the Monroe County average of 0.702%.
What is the average home price in Ellettsville?
The median owner-occupied home value in Ellettsville, Indiana is $224,400, against $261,700 across Monroe County.
Is it cheaper to rent or buy in Ellettsville?
Median gross rent in Ellettsville is $746 a month, against $1,871 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 Ellettsville?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Ellettsville, Indiana at today's rate takes a household income of roughly $80,000 a year. That covers the full $1,871 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Ellettsville, 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.