Total monthly cost of ownership
Cost to Own a Home in Shelbyville, Indiana
A $151,000 home here costs
$1,305per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $776. The real number is $529 higher every month — 68% 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.
Shelbyville against Shelby County and Indiana
| Measure | Shelbyville | Shelby County |
|---|---|---|
| Median home value | $151,100 | $188,300 |
| Median property tax | $1,291 | $1,327 |
| Effective tax rate | 0.854% | 0.705% |
| Median gross rent | $970 | $956 |
| Population | 19,866 | 45,104 |
The weather behind that power bill
Shelbyville sits in Shelby County, which averages a high of 84.8°F in its hottest month and a low of 19.8°F in its coldest, with 44.03" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 988 cooling and 5,436 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Shelby County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Shelby County
Common questions
How much does it cost to own a home in Shelbyville?
A $151,000 home in Shelbyville, Indiana costs approximately $1,305 per month with 20% down at 6.66%. That is $776 principal and interest, $107 property tax, $64 homeowners insurance, $231 utilities and $126 set aside for maintenance.
What is the property tax rate in Shelbyville?
Shelbyville has an effective property tax rate of 0.854%, based on a median home value of $151,100 and median real estate taxes of $1,291. That is higher than the Shelby County average of 0.705%.
What is the average home price in Shelbyville?
The median owner-occupied home value in Shelbyville, Indiana is $151,100, against $188,300 across Shelby County.
Is it cheaper to rent or buy in Shelbyville?
Median gross rent in Shelbyville is $970 a month, against $1,305 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 Shelbyville — 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.