Total monthly cost of ownership
Cost to Own a Home in Inwood, Florida
A $115,000 home here costs
$1,114per 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 $47,500 a year.
A standard mortgage calculator would have told you $627. The real number is $487 higher every month, 78% more than the payment most buyers budget for.
Compare Polk 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.
Inwood against Polk County and Florida
| Measure | Inwood | Polk County |
|---|---|---|
| Median home value | $115,200 | $240,000 |
| Median property tax | $1,057 | $1,769 |
| Effective tax rate | 0.918% | 0.737% |
| Median gross rent | $1,112 | $1,272 |
| Population | 7,098 | 760,961 |
The weather behind that power bill
Inwood sits in Polk County, which averages a high of 92.9°F in its hottest month and a low of 51.9°F in its coldest, with 46.12" of precipitation a year and 46% of it in a single three-month stretch. That climate drives 3,929 cooling and 421 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for Polk County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Polk County
Talk to someone who works this market
These are Inwood 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 Inwood every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Inwood I already own here and may sell
Common questions
How much does it cost to own a home in Inwood?
A $115,000 home in Inwood, Florida costs approximately $1,114 per month with 20% down at 7.24%. That is $627 principal and interest, $88 property tax, $69 homeowners insurance, $233 utilities and $96 set aside for maintenance.
What is the property tax rate in Inwood?
Inwood has an effective property tax rate of 0.918%, based on a median home value of $115,200 and median real estate taxes of $1,057. That is higher than the Polk County average of 0.737%.
What is the average home price in Inwood?
The median owner-occupied home value in Inwood, Florida is $115,200, against $240,000 across Polk County.
Is it cheaper to rent or buy in Inwood?
Median gross rent in Inwood is $1,112 a month, against $1,114 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 Inwood?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Inwood, Florida at today's rate takes a household income of roughly $47,500 a year. That covers the full $1,114 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Inwood, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Florida.
- 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.