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How Much Will Your Mortgage Be in Indiana?

Indiana is a state located in the midwestern and Great Lakes region of North America bordering Lake Michigan to the northwest. The housing market here is one of the most affordable in the U.S. with residents spending 17% of their income of their homes, significantly less than the national average spend. Also, see FHA Loan in Indiana for details and requirements for a home in the state. If you are a first-time homebuyer in Indiana, check out our homebuying guide for Indiana. 

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Indiana Home and Mortgage
Stats to Know

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Factors That Can Affect Your Indiana Mortgage Calculations

Home Prices in Indiana

Indiana has a population of close to seven million residents, making it the 17th most populous state in the U.S. Homes in Indiana have a median list price of $186,000 with median home values of $158,690, based on information collated in March 2020. The market in Indiana is very hot with home values rising 5.5% over the past year.

Indianapolis is the capital city of the state, and properties in the city have a median list price of $169,900 and have gone up 5.4% over the past year as the city expands. Just north of the city is Carmel where the median price listing for homes is $449,900, significantly higher than that of Indianapolis.

Fort Wayne is the second most populous city in Indiana, located in the northeast region of the state. Home prices here have an average list price of $165,900 and have seen an increase of 7.8% over the past year.

On the border of Kentucky in the south-west corner of Indiana is the city of Evansville. Homes currently listed in Evansville have a median list price of $135,000.

Property Taxes in Indiana

Indiana has some of the lowest property taxes in the state with the median effective tax rate at 0.85% between counties. The average homeowner pays $1,051 annually. There are only ten states in the U.S. collecting less in property taxes than Indiana.

Indiana Job Stats to Consider

Indiana has a diverse economy, home to professional sports teams and host to major athletic events. A large percentage of the state’s economy comes from manufacturing. Indiana’s top exports are motor vehicles and auto parts, pharmaceutical products, optical and medical equipment, and electric machinery and industrial machinery. Furthermore, Indiana is home to seven Fortune 500 companies.

The median household income recorded in Indiana was $55,746, below the national average of $61,937, based on information collected form the Census ACS 1-year survey in 2018. This has risen slightly over the past few years.

Residents of Indianapolis have a median income higher than the rest of the state. The unemployment rate in November 2019 was recorded at 3.2%, lower than the national average of 3.6%, according to information gathered by the Department of Numbers.

Indiana has a flat statewide income tax at a rate of 3.23%. However, many counties charge an additional income tax. The state sales tax is 7% with groceries and prescription drugs exempt from tax.

Indiana Job Stats

Job Stats (Civilian Labor Force, Employment, Unemployment)

Other Indiana Costs That Can Affect Indiana Mortgage Calculations

Indiana Home Warranty

A home warranty can cover many of the parts and components of your home's plumbing, electrical, heating and air conditioning systems, and other home appliances. Whereas home insurance covers you for damages and loss due to unexpected disasters such as fire and weather damage, it won't do anything for your broken-down washing machine. Home warranties ensure your appliances and vital systems do not break down due to normal wear and tear.

Fortunately, there is no shortage of home warranty providers serving Indiana.

Home Insurance in Indiana

When shopping around for home insurance in Indiana, watch out for how much coverage you need based on the structure of your home, your personal belongings coverage, liability protection, and coverage for your living expenses.

The actual amount you will pay in insurance will vary depending on your provider and where you live.

Closing Costs

Homebuyers can expect to pay 1% to 1.99% of the final purchase price in closing costs. For homes that are purchased between $100,000 and $200,000, buyers can expect to pay between $996 and $3,984.

Title Insurance

Title insurance protects the owner and the mortgage lender against any claims that might incur with the property’s title. These claims may arise from title problems that should have been discovered in the public records but may have been overlooked at the time of purchase, even with the most complete examination. Your lender will usually require a policy that equals the amount of the loan. Most title insurance policies are a one-time cost between $400 - $700.

Real Estate Transfer Tax

Indiana does not impose real estate transfer tax on property deeds. However, the county auditor and assessor charge a fee to process the sales disclosure form at a fee of $15.

Home Inspection

A home inspection is usually required by the mortgage lender to assess the property for any possible issues regarding its structure. Costs of the inspection will depend on the area and the square footage of the home, ranging from $260 - $565. Most general inspectors will assess the foundation, roofs, basements, plumbing, heating and cooling systems, and electrical aspects of the home.

Additional tests for mold, radon or termite can be carried out for an added cost.

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