Mortgage payment estimates, closing cost breakdowns, and homebuying data for Anderson, Indiana.
Median Home Price
$125K
Population
54K
Avg Monthly Rent
$720
Property Tax Rate
0.84% *
* Property tax shown is the Indiana state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Anderson.
Anderson vs Indiana Median
The median home price in Anderson is $125,000, which is 48% below the Indiana state median of $240,000.
Mortgage Calculator — Anderson, IN
Pre-filled with Anderson median home price and Indiana tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $125K home using Indiana's 0.84% tax rate and $1,700/yr insurance.
5% Down
$1,049/mo
Down: $6,250
Loan: $119K
P&I: $751
Tax: $88
Insurance: $142
PMI: $69
10% Down
$1,006/mo
Down: $12,500
Loan: $113K
P&I: $711
Tax: $88
Insurance: $142
PMI: $66
20% Down (No PMI)
$861/mo
Down: $25,000
Loan: $100K
P&I: $632
Tax: $88
Insurance: $142
Income needed (28% rule): $37K/year with 20% down, $43K/year with 10% down.
Rent vs Buy in Anderson
Rent
$720/mo
vs
Buy (10% down)
$1,006/mo
Price-to-rent ratio: 14.5 — With a ratio under 15, buying in Anderson is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $286 more than renting, but you build equity with every payment.
The median home price in Anderson is $125,000, 48% below the Indiana state median of $240,000. With a population of 54,476, Anderson is a smaller market where home prices tend to be more accessible than in many parts of Indiana.
Property taxes in Indiana average 0.84% annually. This moderate property tax rate means a $125,000 home in Anderson would carry roughly $88/month in property taxes. Homeowners insurance in Indiana runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Anderson is $720/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Anderson over the long term.
Anderson offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Indiana's IHCDA Next Home program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Anderson.