Total monthly cost of ownership
Cost to Own a Home in Monrovia, Indiana
A $217,000 home here costs
$1,765per 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 $75,500 a year.
A standard mortgage calculator would have told you $1,183. The real number is $582 higher every month, 49% more than the payment most buyers budget for.
Compare Morgan County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Monrovia from a five-year rolling sample, and with about 2,090 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 Morgan 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.
Monrovia against Morgan County and Indiana
| Measure | Monrovia | Morgan County |
|---|---|---|
| Median home value | $216,500 | $220,100 |
| Median property tax | $1,039 | $1,056 |
| Effective tax rate | 0.480% | 0.480% |
| Median gross rent | $988 | $988 |
| Population | 2,090 | 72,202 |
The weather behind that power bill
Monrovia sits in Morgan County, which averages a high of 83.9°F in its hottest month and a low of 18.9°F in its coldest, with 45.49" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 837 cooling and 5,647 heating degree days, which is what sets the $153 electricity line above.
See the full climate breakdown for Morgan County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Morgan County
Talk to someone who works this market
These are Monrovia 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 Monrovia 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 Monrovia?
A $217,000 home in Monrovia, Indiana costs approximately $1,765 per month with 20% down at 7.24%. That is $1,183 principal and interest, $87 property tax, $93 homeowners insurance, $221 utilities and $181 set aside for maintenance.
What is the property tax rate in Monrovia?
Monrovia has an effective property tax rate of 0.480%, based on a median home value of $216,500 and median real estate taxes of $1,039. That is in line with the Morgan County average of 0.480%.
What is the average home price in Monrovia?
The median owner-occupied home value in Monrovia, Indiana is $216,500, against $220,100 across Morgan County.
Is it cheaper to rent or buy in Monrovia?
Median gross rent in Monrovia is $988 a month, against $1,765 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 Monrovia?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Monrovia, Indiana at today's rate takes a household income of roughly $75,500 a year. That covers the full $1,765 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Monrovia, 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.