Total monthly cost of ownership
Cost to Own a Home in Mount Vernon, Indiana
A $164,000 home here costs
$1,385per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $843. The real number is $542 higher every month — 64% 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.
Mount Vernon against Posey County and Indiana
| Measure | Mount Vernon | Posey County |
|---|---|---|
| Median home value | $164,200 | $218,000 |
| Median property tax | $1,254 | $1,370 |
| Effective tax rate | 0.764% | 0.628% |
| Median gross rent | $726 | $744 |
| Population | 6,431 | 25,163 |
The weather behind that power bill
Mount Vernon sits in Posey County, which averages a high of 87.9°F in its hottest month and a low of 22.9°F in its coldest, with 46.62" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,342 cooling and 4,609 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Posey County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Posey County
Common questions
How much does it cost to own a home in Mount Vernon?
A $164,000 home in Mount Vernon, Indiana costs approximately $1,385 per month with 20% down at 6.66%. That is $843 principal and interest, $104 property tax, $70 homeowners insurance, $231 utilities and $137 set aside for maintenance.
What is the property tax rate in Mount Vernon?
Mount Vernon has an effective property tax rate of 0.764%, based on a median home value of $164,200 and median real estate taxes of $1,254. That is higher than the Posey County average of 0.628%.
What is the average home price in Mount Vernon?
The median owner-occupied home value in Mount Vernon, Indiana is $164,200, against $218,000 across Posey County.
Is it cheaper to rent or buy in Mount Vernon?
Median gross rent in Mount Vernon is $726 a month, against $1,385 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 Mount Vernon — 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.