Total monthly cost of ownership
Cost to Own a Home in Redkey, Indiana
A $78,000 home here costs
$780per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $401. The real number is $379 higher every month — 95% 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.
Redkey against Jay County and Indiana
| Measure | Redkey | Jay County |
|---|---|---|
| Median home value | $78,300 | $110,100 |
| Median property tax | $600 | $665 |
| Effective tax rate | 0.766% | 0.604% |
| Median gross rent | $829 | $766 |
| Population | 1,451 | 20,281 |
The weather behind that power bill
Redkey sits in Jay County, which averages a high of 83.7°F in its hottest month and a low of 17.0°F in its coldest, with 39.93" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 771 cooling and 6,091 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Jay County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Jay County
Common questions
How much does it cost to own a home in Redkey?
A $78,000 home in Redkey, Indiana costs approximately $780 per month with 20% down at 6.66%. That is $401 principal and interest, $50 property tax, $33 homeowners insurance, $231 utilities and $65 set aside for maintenance.
What is the property tax rate in Redkey?
Redkey has an effective property tax rate of 0.766%, based on a median home value of $78,300 and median real estate taxes of $600. That is higher than the Jay County average of 0.604%.
What is the average home price in Redkey?
The median owner-occupied home value in Redkey, Indiana is $78,300, against $110,100 across Jay County.
Is it cheaper to rent or buy in Redkey?
Median gross rent in Redkey is $829 a month, against $780 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Redkey — 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.