Total monthly cost of ownership
Cost to Own a Home in Hagerstown, Indiana
A $116,000 home here costs
$1,064per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $596. The real number is $468 higher every month — 78% 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.
Hagerstown against Wayne County and Indiana
| Measure | Hagerstown | Wayne County |
|---|---|---|
| Median home value | $115,600 | $126,100 |
| Median property tax | $1,083 | $1,101 |
| Effective tax rate | 0.937% | 0.873% |
| Median gross rent | $732 | $813 |
| Population | 1,710 | 66,377 |
The weather behind that power bill
Hagerstown sits in Wayne County, which averages a high of 84.8°F in its hottest month and a low of 19.6°F in its coldest, with 42.86" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 941 cooling and 5,536 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Wayne County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wayne County
Common questions
How much does it cost to own a home in Hagerstown?
A $116,000 home in Hagerstown, Indiana costs approximately $1,064 per month with 20% down at 6.66%. That is $596 principal and interest, $91 property tax, $49 homeowners insurance, $231 utilities and $97 set aside for maintenance.
What is the property tax rate in Hagerstown?
Hagerstown has an effective property tax rate of 0.937%, based on a median home value of $115,600 and median real estate taxes of $1,083. That is higher than the Wayne County average of 0.873%.
What is the average home price in Hagerstown?
The median owner-occupied home value in Hagerstown, Indiana is $115,600, against $126,100 across Wayne County.
Is it cheaper to rent or buy in Hagerstown?
Median gross rent in Hagerstown is $732 a month, against $1,064 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 Hagerstown — 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.