Total monthly cost of ownership
Cost to Own a Home in Lebanon, Indiana
A $179,000 home here costs
$1,531per 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 $65,500 a year.
A standard mortgage calculator would have told you $976. The real number is $555 higher every month, 57% more than the payment most buyers budget for.
Compare Boone 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.
Lebanon against Boone County and Indiana
| Measure | Lebanon | Boone County |
|---|---|---|
| Median home value | $179,200 | $341,800 |
| Median property tax | $1,299 | $2,725 |
| Effective tax rate | 0.725% | 0.797% |
| Median gross rent | $900 | $1,283 |
| Population | 17,575 | 72,827 |
The weather behind that power bill
Lebanon sits in Boone County, which averages a high of 83.0°F in its hottest month and a low of 19.7°F in its coldest, with 41.27" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 896 cooling and 5,617 heating degree days, which is what sets the $153 electricity line above.
See the full climate breakdown for Boone County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Boone County
Talk to someone who works this market
These are Lebanon 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 Lebanon every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lebanon I already own here and may sell
Common questions
How much does it cost to own a home in Lebanon?
A $179,000 home in Lebanon, Indiana costs approximately $1,531 per month with 20% down at 7.24%. That is $976 principal and interest, $108 property tax, $76 homeowners insurance, $221 utilities and $149 set aside for maintenance.
What is the property tax rate in Lebanon?
Lebanon has an effective property tax rate of 0.725%, based on a median home value of $179,200 and median real estate taxes of $1,299. That is lower than the Boone County average of 0.797%.
What is the average home price in Lebanon?
The median owner-occupied home value in Lebanon, Indiana is $179,200, against $341,800 across Boone County.
Is it cheaper to rent or buy in Lebanon?
Median gross rent in Lebanon is $900 a month, against $1,531 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 Lebanon?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lebanon, Indiana at today's rate takes a household income of roughly $65,500 a year. That covers the full $1,531 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lebanon, 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.