Total monthly cost of ownership
Cost to Own a Home in Nappanee, Indiana
A $209,000 home here costs
$1,780per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $76,500 a year.
A standard mortgage calculator would have told you $1,158. The real number is $623 higher every month, 54% more than the payment most buyers budget for.
Compare Elkhart 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.
Nappanee against Elkhart County and Indiana
| Measure | Nappanee | Elkhart County |
|---|---|---|
| Median home value | $209,000 | $194,400 |
| Median property tax | $1,688 | $1,592 |
| Effective tax rate | 0.808% | 0.819% |
| Median gross rent | $876 | $1,023 |
| Population | 7,040 | 206,868 |
Nappanee extends across 2 counties. Figures here use Elkhart County, where most of its housing sits.
The weather behind that power bill
Nappanee sits in Elkhart County, which averages a high of 83.3°F in its hottest month and a low of 17.8°F in its coldest, with 39.85" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 793 cooling and 6,116 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Elkhart County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Elkhart County
Full Elkhart County cost breakdown · Every county in Indiana
Talk to someone who works this market
These are Nappanee 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 Nappanee every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Nappanee I already own here and may sell
Common questions
How much does it cost to own a home in Nappanee?
A $209,000 home in Nappanee, Indiana costs approximately $1,780 per month with 20% down at 7.4%. That is $1,158 principal and interest, $141 property tax, $89 homeowners insurance, $219 utilities and $174 set aside for maintenance.
What is the property tax rate in Nappanee?
Nappanee has an effective property tax rate of 0.808%, based on a median home value of $209,000 and median real estate taxes of $1,688. That is lower than the Elkhart County average of 0.819%.
What is the average home price in Nappanee?
The median owner-occupied home value in Nappanee, Indiana is $209,000, against $194,400 across Elkhart County.
Is it cheaper to rent or buy in Nappanee?
Median gross rent in Nappanee is $876 a month, against $1,780 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 Nappanee?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Nappanee, Indiana at today's rate takes a household income of roughly $76,500 a year. That covers the full $1,780 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Nappanee, 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.