The typical owner-occupied home in Mount Summit is worth about $214,100, about the same as the Indiana median of $218,200 and 36% below the national median of $332,700. Owners pay a median $725 a year in property taxes, about 0.34% of their home's value, lower than the Indiana rate of 0.74%. 89% of occupied homes here are lived in by their owners, and 78% of those owners still have a mortgage.
Mount Summit at a glance
| Mount Summit | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $214,100 | $218,200 | $332,700 |
| Median property tax paid per year | $725 | $1,614 | $3,119 |
| Property tax as a share of value | 0.34% | 0.74% | 0.94% |
| Median household income | – | $71,957 | $80,734 |
| Homes lived in by their owners | 89% | 71% | 65% |
| Owner homes with a mortgage | 78% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $959 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 43.5% | 18.1% | 21.0% |
| Median rent | $875 | $1,062 | $1,413 |
| Rent as a share of renters' income | 25.6% | 29.1% | 30.6% |
| Median year homes were built | 2002 | 1976 | 1980 |
| Vacant homes | 0.8% | 8.8% | 10.1% |
| Population | 713 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Mount Summit
At this week's average 30-year rate of 7.11%, buying the median Mount Summit home of $214,100 with 20% down costs about $1,302 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,659, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $55,803 for the 20%-down payment.
The median rent here is $875 a month, so owning the median home costs about $427 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $42,820 |
|---|---|
| Loan amount | $171,280 |
| Principal and interest | $1,152 |
| Property taxes (0.34% a year) | $61 |
| Homeowners insurance (our estimate, 0.5% a year) | $89 |
| PMI | $0 |
| Total per month | $1,302 |
Change the numbers in the calculator
| Down payment | $7,494 |
|---|---|
| Loan amount | $210,222 |
| Principal and interest | $1,414 |
| Property taxes (0.34% a year) | $61 |
| Homeowners insurance (our estimate, 0.5% a year) | $89 |
| FHA mortgage insurance | $95 |
| Total per month | $1,659 |
Change the numbers in the calculator
Questions about home buying in Mount Summit
What is the median home value in Mount Summit?
About $214,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Mount Summit?
Homeowners pay a median $725 a year, which is about 0.34% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Mount Summit?
For the median home with 20% down at 7.11%, the payment is about $1,302 a month. Keeping that under 28% of gross income takes about $55,803 a year.
More about Mount Summit
- Mortgage Refinance in Mount Summit
- Debt Relief in Mount Summit
- Home Equity Loans in Mount Summit
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data