Total monthly cost of ownership
Cost to Own a Home in Garrett, Indiana
A $143,000 home here costs
$1,252per 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 $53,500 a year.
A standard mortgage calculator would have told you $780. The real number is $472 higher every month, 61% more than the payment most buyers budget for.
Compare DeKalb 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.
Garrett against DeKalb County and Indiana
| Measure | Garrett | DeKalb County |
|---|---|---|
| Median home value | $142,800 | $177,900 |
| Median property tax | $850 | $1,117 |
| Effective tax rate | 0.595% | 0.628% |
| Median gross rent | $836 | $828 |
| Population | 6,540 | 43,584 |
The weather behind that power bill
Garrett sits in DeKalb County, which averages a high of 80.8°F in its hottest month and a low of 16.5°F in its coldest, with 39.52" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 541 cooling and 6,590 heating degree days, which is what sets the $153 electricity line above.
See the full climate breakdown for DeKalb County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in DeKalb County
Talk to someone who works this market
These are Garrett 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 Garrett every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Garrett I already own here and may sell
Common questions
How much does it cost to own a home in Garrett?
A $143,000 home in Garrett, Indiana costs approximately $1,252 per month with 20% down at 7.24%. That is $780 principal and interest, $71 property tax, $61 homeowners insurance, $221 utilities and $119 set aside for maintenance.
What is the property tax rate in Garrett?
Garrett has an effective property tax rate of 0.595%, based on a median home value of $142,800 and median real estate taxes of $850. That is lower than the DeKalb County average of 0.628%.
What is the average home price in Garrett?
The median owner-occupied home value in Garrett, Indiana is $142,800, against $177,900 across DeKalb County.
Is it cheaper to rent or buy in Garrett?
Median gross rent in Garrett is $836 a month, against $1,252 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 Garrett?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Garrett, Indiana at today's rate takes a household income of roughly $53,500 a year. That covers the full $1,252 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Garrett, 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.