Total monthly cost of ownership
Cost to Own a Home in Indianapolis city (balance), Indiana
A $207,000 home here costs
$1,716per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,064. The real number is $652 higher every month — 61% 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.
Indianapolis city (balance) against Marion County and Indiana
| Measure | Indianapolis city (balance) | Marion County |
|---|---|---|
| Median home value | $207,000 | $207,000 |
| Median property tax | $1,924 | $1,923 |
| Effective tax rate | 0.929% | 0.929% |
| Median gross rent | $1,112 | $1,107 |
| Population | 882,043 | 971,822 |
The weather behind that power bill
Indianapolis city (balance) sits in Marion County, which averages a high of 85.2°F in its hottest month and a low of 21.2°F in its coldest, with 40.67" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,127 cooling and 5,221 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Marion County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Marion County
Common questions
How much does it cost to own a home in Indianapolis city (balance)?
A $207,000 home in Indianapolis city (balance), Indiana costs approximately $1,716 per month with 20% down at 6.66%. That is $1,064 principal and interest, $160 property tax, $88 homeowners insurance, $231 utilities and $173 set aside for maintenance.
What is the property tax rate in Indianapolis city (balance)?
Indianapolis city (balance) has an effective property tax rate of 0.929%, based on a median home value of $207,000 and median real estate taxes of $1,924. That is in line with the Marion County average of 0.929%.
What is the average home price in Indianapolis city (balance)?
The median owner-occupied home value in Indianapolis city (balance), Indiana is $207,000, against $207,000 across Marion County.
Is it cheaper to rent or buy in Indianapolis city (balance)?
Median gross rent in Indianapolis city (balance) is $1,112 a month, against $1,716 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 Indianapolis city (balance) — 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.