Total monthly cost of ownership
Cost to Own a Home in Palmyra, Indiana
A $144,000 home here costs
$1,225per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $740. The real number is $484 higher every month — 65% 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.
Palmyra against Harrison County and Indiana
| Measure | Palmyra | Harrison County |
|---|---|---|
| Median home value | $143,500 | $219,200 |
| Median property tax | $859 | $1,195 |
| Effective tax rate | 0.599% | 0.545% |
| Median gross rent | $717 | $861 |
| Population | 1,271 | 39,785 |
The weather behind that power bill
Palmyra sits in Harrison County, which averages a high of 89.0°F in its hottest month and a low of 27.8°F in its coldest, with 48.34" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,742 cooling and 3,936 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Harrison County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Harrison County
Full Harrison County cost breakdown · Every county in Indiana
Common questions
How much does it cost to own a home in Palmyra?
A $144,000 home in Palmyra, Indiana costs approximately $1,225 per month with 20% down at 6.66%. That is $740 principal and interest, $72 property tax, $61 homeowners insurance, $231 utilities and $120 set aside for maintenance.
What is the property tax rate in Palmyra?
Palmyra has an effective property tax rate of 0.599%, based on a median home value of $143,500 and median real estate taxes of $859. That is higher than the Harrison County average of 0.545%.
What is the average home price in Palmyra?
The median owner-occupied home value in Palmyra, Indiana is $143,500, against $219,200 across Harrison County.
Is it cheaper to rent or buy in Palmyra?
Median gross rent in Palmyra is $717 a month, against $1,225 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 Palmyra — 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.