Buying a Home in Indiana: What You Need to Know
If you're considering buying a home in Indiana, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Indiana homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Indiana-specific data to give you accurate monthly payment estimates.
Indiana Property Taxes
Indiana has an effective property tax rate of 0.77%, ranking #27 out of 50 states (where #1 is the highest). On a median-priced home of $255,000, you'd pay approximately $1,964 per year in property taxes, or about $164/month.
Indiana's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Indiana Homeowners Insurance
The average annual homeowners insurance premium in Indiana is $1,666 for $300,000 in dwelling coverage, or about $139/month.
Indiana's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
Indiana Closing Costs
Closing costs in Indiana average 0.7% of the home's purchase price. On a $255,000 home, that's approximately $1,785. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Indiana Housing Market
The median home price in Indiana is $255,000. This is below the national median of approximately $410,000, making Indiana one of the more affordable states for homebuyers. First-time buyers may find more options within their budget here.
More Indiana Mortgage Tools
Use these additional calculators to plan your Indiana home purchase: