Total monthly cost of ownership
Cost to Own a Home in Hagerstown, Indiana
A $116,000 home here costs
$1,091per 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 $46,500 a year.
A standard mortgage calculator would have told you $632. The real number is $458 higher every month, 72% more than the payment most buyers budget for.
Compare Wayne County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Hagerstown from a five-year rolling sample, and with about 1,710 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Wayne County figures are drawn from a far larger sample if you want a steadier number.
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 $153 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
Talk to someone who works this market
These are Hagerstown 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 Hagerstown 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 Hagerstown?
A $116,000 home in Hagerstown, Indiana costs approximately $1,091 per month with 20% down at 7.24%. That is $632 principal and interest, $91 property tax, $49 homeowners insurance, $221 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 $1,091 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 Hagerstown?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Hagerstown, Indiana at today's rate takes a household income of roughly $46,500 a year. That covers the full $1,091 monthly cost, not just the mortgage payment.
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.