Total monthly cost of ownership
Cost to Own a Home in Mount Vernon, Indiana
A $164,000 home here costs
$1,427per 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 $61,000 a year.
A standard mortgage calculator would have told you $894. The real number is $532 higher every month, 60% more than the payment most buyers budget for.
Compare Posey 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.
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 $153 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
Talk to someone who works this market
These are Mount Vernon 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 Mount Vernon every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Mount Vernon I already own here and may sell
Common questions
How much does it cost to own a home in Mount Vernon?
A $164,000 home in Mount Vernon, Indiana costs approximately $1,427 per month with 20% down at 7.24%. That is $894 principal and interest, $104 property tax, $70 homeowners insurance, $221 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 $1,427 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 Mount Vernon?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Mount Vernon, Indiana at today's rate takes a household income of roughly $61,000 a year. That covers the full $1,427 monthly cost, not just the mortgage payment.
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.