Total monthly cost of ownership
Cost to Own a Home in Morgantown, Indiana
A $130,000 home here costs
$1,113per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $668. The real number is $444 higher every month — 66% 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.
Morgantown against Morgan County and Indiana
| Measure | Morgantown | Morgan County |
|---|---|---|
| Median home value | $129,500 | $220,100 |
| Median property tax | $591 | $1,056 |
| Effective tax rate | 0.456% | 0.480% |
| Median gross rent | $882 | $988 |
| Population | 1,328 | 72,202 |
The weather behind that power bill
Morgantown 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 $163 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
Common questions
How much does it cost to own a home in Morgantown?
A $130,000 home in Morgantown, Indiana costs approximately $1,113 per month with 20% down at 6.66%. That is $668 principal and interest, $49 property tax, $55 homeowners insurance, $231 utilities and $108 set aside for maintenance.
What is the property tax rate in Morgantown?
Morgantown has an effective property tax rate of 0.456%, based on a median home value of $129,500 and median real estate taxes of $591. That is lower than the Morgan County average of 0.480%.
What is the average home price in Morgantown?
The median owner-occupied home value in Morgantown, Indiana is $129,500, against $220,100 across Morgan County.
Is it cheaper to rent or buy in Morgantown?
Median gross rent in Morgantown is $882 a month, against $1,113 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 Morgantown — 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.