Total monthly cost of ownership
Cost to Own a Home in Mishawaka, Indiana
A $141,000 home here costs
$1,292per 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 $55,500 a year.
A standard mortgage calculator would have told you $781. The real number is $511 higher every month, 65% more than the payment most buyers budget for.
Compare St. Joseph 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.
Mishawaka against St. Joseph County and Indiana
| Measure | Mishawaka | St. Joseph County |
|---|---|---|
| Median home value | $140,600 | $179,800 |
| Median property tax | $1,375 | $1,559 |
| Effective tax rate | 0.978% | 0.867% |
| Median gross rent | $1,041 | $1,030 |
| Population | 50,907 | 272,574 |
The weather behind that power bill
Mishawaka sits in St. Joseph County, which averages a high of 82.7°F in its hottest month and a low of 17.0°F in its coldest, with 39.23" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 722 cooling and 6,400 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for St. Joseph County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in St. Joseph County
Full St. Joseph County cost breakdown · Every county in Indiana
Talk to someone who works this market
These are Mishawaka 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 Mishawaka every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Mishawaka?
A $141,000 home in Mishawaka, Indiana costs approximately $1,292 per month with 20% down at 7.4%. That is $781 principal and interest, $115 property tax, $60 homeowners insurance, $219 utilities and $118 set aside for maintenance.
What is the property tax rate in Mishawaka?
Mishawaka has an effective property tax rate of 0.978%, based on a median home value of $140,600 and median real estate taxes of $1,375. That is higher than the St. Joseph County average of 0.867%.
What is the average home price in Mishawaka?
The median owner-occupied home value in Mishawaka, Indiana is $140,600, against $179,800 across St. Joseph County.
Is it cheaper to rent or buy in Mishawaka?
Median gross rent in Mishawaka is $1,041 a month, against $1,292 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 Mishawaka?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Mishawaka, Indiana at today's rate takes a household income of roughly $55,500 a year. That covers the full $1,292 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Mishawaka, 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.