Total monthly cost of ownership
Cost to Own a Home in Oakland City, Indiana
A $102,000 home here costs
$974per 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 $41,500 a year.
A standard mortgage calculator would have told you $556. The real number is $418 higher every month, 75% more than the payment most buyers budget for.
Compare Gibson County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Oakland City from a five-year rolling sample, and with about 2,635 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Gibson County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Oakland City against Gibson County and Indiana
| Measure | Oakland City | Gibson County |
|---|---|---|
| Median home value | $102,000 | $170,500 |
| Median property tax | $814 | $1,244 |
| Effective tax rate | 0.798% | 0.730% |
| Median gross rent | $883 | $914 |
| Population | 2,635 | 32,986 |
The weather behind that power bill
Oakland City sits in Gibson County, which averages a high of 88.0°F in its hottest month and a low of 21.1°F in its coldest, with 49.84" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,303 cooling and 4,920 heating degree days, which is what sets the $153 electricity line above.
See the full climate breakdown for Gibson County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Gibson County
Talk to someone who works this market
These are Oakland City 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 Oakland City every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Oakland City?
A $102,000 home in Oakland City, Indiana costs approximately $974 per month with 20% down at 7.24%. That is $556 principal and interest, $68 property tax, $44 homeowners insurance, $221 utilities and $85 set aside for maintenance.
What is the property tax rate in Oakland City?
Oakland City has an effective property tax rate of 0.798%, based on a median home value of $102,000 and median real estate taxes of $814. That is higher than the Gibson County average of 0.730%.
What is the average home price in Oakland City?
The median owner-occupied home value in Oakland City, Indiana is $102,000, against $170,500 across Gibson County.
Is it cheaper to rent or buy in Oakland City?
Median gross rent in Oakland City is $883 a month, against $974 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 Oakland City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Oakland City, Indiana at today's rate takes a household income of roughly $41,500 a year. That covers the full $974 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Oakland City, 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.