Total monthly cost of ownership
Cost to Own a Home in Monticello, Indiana
A $122,000 home here costs
$1,093per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $627. The real number is $466 higher every month — 74% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Monticello against White County and Indiana
| Measure | Monticello | White County |
|---|---|---|
| Median home value | $122,200 | $163,000 |
| Median property tax | $977 | $865 |
| Effective tax rate | 0.800% | 0.531% |
| Median gross rent | $860 | $853 |
| Population | 5,504 | 24,709 |
The weather behind that power bill
Monticello sits in White County, which averages a high of 83.0°F in its hottest month and a low of 16.2°F in its coldest, with 40.99" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 756 cooling and 6,218 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for White County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in White County
Common questions
How much does it cost to own a home in Monticello?
A $122,000 home in Monticello, Indiana costs approximately $1,093 per month with 20% down at 6.66%. That is $627 principal and interest, $81 property tax, $52 homeowners insurance, $231 utilities and $102 set aside for maintenance.
What is the property tax rate in Monticello?
Monticello has an effective property tax rate of 0.800%, based on a median home value of $122,200 and median real estate taxes of $977. That is higher than the White County average of 0.531%.
What is the average home price in Monticello?
The median owner-occupied home value in Monticello, Indiana is $122,200, against $163,000 across White County.
Is it cheaper to rent or buy in Monticello?
Median gross rent in Monticello is $860 a month, against $1,093 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Monticello — 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.