Total monthly cost of ownership
Cost to Own a Home in Lawrence, Indiana
A $220,000 home here costs
$1,800per 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 $669 higher every month — 59% 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.
Lawrence against Marion County and Indiana
| Measure | Lawrence | Marion County |
|---|---|---|
| Median home value | $220,400 | $207,000 |
| Median property tax | $1,927 | $1,923 |
| Effective tax rate | 0.874% | 0.929% |
| Median gross rent | $1,084 | $1,107 |
| Population | 49,284 | 971,822 |
The weather behind that power bill
Lawrence 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 Lawrence?
A $220,000 home in Lawrence, Indiana costs approximately $1,800 per month with 20% down at 6.66%. That is $1,131 principal and interest, $160 property tax, $94 homeowners insurance, $231 utilities and $183 set aside for maintenance.
What is the property tax rate in Lawrence?
Lawrence has an effective property tax rate of 0.874%, based on a median home value of $220,400 and median real estate taxes of $1,927. That is lower than the Marion County average of 0.929%.
What is the average home price in Lawrence?
The median owner-occupied home value in Lawrence, Indiana is $220,400, against $207,000 across Marion County.
Is it cheaper to rent or buy in Lawrence?
Median gross rent in Lawrence is $1,084 a month, against $1,800 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 Lawrence — 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.