Total monthly cost of ownership
Cost to Own a Home in Middlebury, Indiana
A $230,000 home here costs
$1,956per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $84,000 a year.
A standard mortgage calculator would have told you $1,274. The real number is $682 higher every month, 54% more than the payment most buyers budget for.
Compare Elkhart County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Middlebury from a five-year rolling sample, and with about 3,681 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Elkhart County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Middlebury against Elkhart County and Indiana
| Measure | Middlebury | Elkhart County |
|---|---|---|
| Median home value | $230,300 | $194,400 |
| Median property tax | $2,086 | $1,592 |
| Effective tax rate | 0.906% | 0.819% |
| Median gross rent | $1,072 | $1,023 |
| Population | 3,681 | 206,868 |
The weather behind that power bill
Middlebury sits in Elkhart County, which averages a high of 83.3°F in its hottest month and a low of 17.8°F in its coldest, with 39.85" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 793 cooling and 6,116 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Elkhart County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Elkhart County
Full Elkhart County cost breakdown · Every county in Indiana
Talk to someone who works this market
These are Middlebury 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 Middlebury every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Middlebury I already own here and may sell
Common questions
How much does it cost to own a home in Middlebury?
A $230,000 home in Middlebury, Indiana costs approximately $1,956 per month with 20% down at 7.4%. That is $1,274 principal and interest, $174 property tax, $98 homeowners insurance, $219 utilities and $192 set aside for maintenance.
What is the property tax rate in Middlebury?
Middlebury has an effective property tax rate of 0.906%, based on a median home value of $230,300 and median real estate taxes of $2,086. That is higher than the Elkhart County average of 0.819%.
What is the average home price in Middlebury?
The median owner-occupied home value in Middlebury, Indiana is $230,300, against $194,400 across Elkhart County.
Is it cheaper to rent or buy in Middlebury?
Median gross rent in Middlebury is $1,072 a month, against $1,956 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 Middlebury?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Middlebury, Indiana at today's rate takes a household income of roughly $84,000 a year. That covers the full $1,956 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Middlebury, 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.