Total monthly cost of ownership
Cost to Own a Home in Highland, Indiana
A $220,000 home here costs
$1,805per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,131. The real number is $674 higher every month — 60% 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.
Highland against Lake County and Indiana
| Measure | Highland | Lake County |
|---|---|---|
| Median home value | $219,500 | $214,700 |
| Median property tax | $1,979 | $1,987 |
| Effective tax rate | 0.902% | 0.925% |
| Median gross rent | $1,202 | $1,094 |
| Population | 23,749 | 498,990 |
The weather behind that power bill
Highland sits in Lake County, which averages a high of 85.0°F in its hottest month and a low of 18.4°F in its coldest, with 33.35" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 975 cooling and 5,737 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Lake County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lake County
Common questions
How much does it cost to own a home in Highland?
A $220,000 home in Highland, Indiana costs approximately $1,805 per month with 20% down at 6.66%. That is $1,131 principal and interest, $165 property tax, $94 homeowners insurance, $231 utilities and $183 set aside for maintenance.
What is the property tax rate in Highland?
Highland has an effective property tax rate of 0.902%, based on a median home value of $219,500 and median real estate taxes of $1,979. That is lower than the Lake County average of 0.925%.
What is the average home price in Highland?
The median owner-occupied home value in Highland, Indiana is $219,500, against $214,700 across Lake County.
Is it cheaper to rent or buy in Highland?
Median gross rent in Highland is $1,202 a month, against $1,805 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 Highland — 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.