Total monthly cost of ownership
Cost to Own a Home in McCordsville, Indiana
A $328,000 home here costs
$2,613per 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 $112,000 a year.
A standard mortgage calculator would have told you $1,788. The real number is $825 higher every month, 46% more than the payment most buyers budget for.
Compare Hancock 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.
McCordsville against Hancock County and Indiana
| Measure | McCordsville | Hancock County |
|---|---|---|
| Median home value | $327,900 | $258,100 |
| Median property tax | $2,284 | $1,756 |
| Effective tax rate | 0.697% | 0.680% |
| Median gross rent | $1,085 | $1,121 |
| Population | 9,700 | 82,013 |
The weather behind that power bill
McCordsville sits in Hancock County, which averages a high of 84.3°F in its hottest month and a low of 18.5°F in its coldest, with 47.77" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 952 cooling and 5,706 heating degree days, which is what sets the $153 electricity line above.
See the full climate breakdown for Hancock County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hancock County
Full Hancock County cost breakdown · Every county in Indiana
Talk to someone who works this market
These are McCordsville 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 McCordsville every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in McCordsville I already own here and may sell
Common questions
How much does it cost to own a home in McCordsville?
A $328,000 home in McCordsville, Indiana costs approximately $2,613 per month with 20% down at 7.24%. That is $1,788 principal and interest, $191 property tax, $140 homeowners insurance, $221 utilities and $273 set aside for maintenance.
What is the property tax rate in McCordsville?
McCordsville has an effective property tax rate of 0.697%, based on a median home value of $327,900 and median real estate taxes of $2,284. That is higher than the Hancock County average of 0.680%.
What is the average home price in McCordsville?
The median owner-occupied home value in McCordsville, Indiana is $327,900, against $258,100 across Hancock County.
Is it cheaper to rent or buy in McCordsville?
Median gross rent in McCordsville is $1,085 a month, against $2,613 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 McCordsville?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in McCordsville, Indiana at today's rate takes a household income of roughly $112,000 a year. That covers the full $2,613 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for McCordsville, 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.