Total monthly cost of ownership
Cost to Own a Home in Underwood, Indiana
A $181,000 home here costs
$1,532per 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 $65,500 a year.
A standard mortgage calculator would have told you $987. The real number is $546 higher every month, 55% more than the payment most buyers budget for.
Compare Clark County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Underwood from a five-year rolling sample, and with about 1,140 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 Clark 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.
Underwood against Clark County and Indiana
| Measure | Underwood | Clark County |
|---|---|---|
| Median home value | $181,300 | $212,400 |
| Median property tax | $1,156 | $1,566 |
| Effective tax rate | 0.638% | 0.737% |
| Median gross rent | — | $1,058 |
| Population | 1,140 | 122,800 |
The weather behind that power bill
Underwood sits in Clark County, which averages a high of 87.9°F in its hottest month and a low of 27.1°F in its coldest, with 48.12" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,543 cooling and 4,150 heating degree days, which is what sets the $153 electricity line above.
See the full climate breakdown for Clark County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Clark County
Talk to someone who works this market
These are Underwood 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 Underwood every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Underwood I already own here and may sell
Common questions
How much does it cost to own a home in Underwood?
A $181,000 home in Underwood, Indiana costs approximately $1,532 per month with 20% down at 7.24%. That is $987 principal and interest, $96 property tax, $77 homeowners insurance, $221 utilities and $151 set aside for maintenance.
What is the property tax rate in Underwood?
Underwood has an effective property tax rate of 0.638%, based on a median home value of $181,300 and median real estate taxes of $1,156. That is lower than the Clark County average of 0.737%.
What is the average home price in Underwood?
The median owner-occupied home value in Underwood, Indiana is $181,300, against $212,400 across Clark County.
Is it cheaper to rent or buy in Underwood?
Rent data is not published for Underwood at this level of detail.
What salary do you need to buy a home in Underwood?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Underwood, Indiana at today's rate takes a household income of roughly $65,500 a year. That covers the full $1,532 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Underwood, 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.