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Wells County, IN

Rent vs Own in Wells County, Indiana

In Wells County the ownership stack ($1,146/mo) sits only modestly above HUD's $991/mo 2-bedroom rent, a thin premium, not a blowout. Small assumption changes in the calculator can flip the verdict. Owner-occupied homes: 8,731.

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Renting is cheaper in Wells County

HUD's 2-bedroom rent is $991/mo - only a thin step below the $1,146/mo ownership stack. That is a $155/mo difference.

Based on 20% down, 6.5% rate, 30-year mortgage. Adjust below.

What This Data Tells Us About Renting vs Owning in Wells County

Primary driver

Income supports the median purchase price

Median household income is $71,957, and the 2.7x home-price-to-income ratio leaves room for the ownership stack (property tax alone is 1.5% of median income). The monthly gap above is more about mortgage rate and insurance assumptions than about the purchase price being out of reach.

Decision signal 2

Renting compares well inside the state

Using the assumptions above, Wells County ranks 71 of 92 Indiana counties for buy-vs-rent value (rank 1 = the best relative deal for buying). It sits ahead of 21 other Indiana counties on this measure.

Decision signal 3

HUD moved the rent benchmark up

HUD raised its 2-bedroom Fair Market Rent for Wells County from $940/mo in FY2025 to $991/mo in FY2026: it increased by $51/mo (+5.4%). A rising rent benchmark widens the gap in favour of owning over time, because the mortgage share of the ownership cost below is fixed at origination while the rent it is compared against reprices every year.

Decision signal 4

Renting wins, but only by a thin premium

At $197,600 for the median home and $1,065/yr in tax (0.54%), Wells County's ownership stack (~$1,146/mo) only narrowly exceeds the $991/mo HUD 2-bedroom rent - a $155/mo premium. That is the band where a rate drop or a larger down payment most often flips the cash-flow verdict.

Methodology & disclaimer

This calculator is for informational purposes only and is not tax, legal, or financial advice. Property tax figures come from the U.S. Census Bureau ACS 5-Year Estimates and rent figures come from HUD Fair Market Rents; both describe area medians, not individual transactions. Insurance is estimated at 0.35% of home value annually and closing costs, maintenance, HOA, and PMI are not included. Consult a licensed mortgage, tax, or real-estate professional before making a buy-or-rent decision based on these numbers.

Monthly Cost Breakdown

Estimated Monthly Ownership
$1,146
Mortgage (P&I) $999
Property Tax $89
Insurance (est.) $58
Monthly Rent (2-BR FMR)
$991
Studio$750
1-Bedroom$755
2-Bedroom$991
3-Bedroom$1,203
4-Bedroom$1,393

Adjust Your Scenario

Affordability Context

Median Household Income
$71,957
$5,996/mo
Home Price / Income
2.7x
Affordable (≤3x)
Tax-to-Income Ratio
1.5%
National benchmark: 2-4%

Who actually pays it here

In Wells County, once the mortgage ends staying put is close to free: the largest cluster of debt-free households faces a yearly charge under $800, so insurance and upkeep, not the tax office, set what the home costs to keep.

Unusually for Wells County, returns above $200,000 form the single largest block claiming it, a concentration only a minority of US counties show and a marker of high property values.

Layered on a thin rent-vs-own premium, that annual bill is often the swing factor: a paid-off owner still faces a real yearly charge even when the mortgage payment itself would have looked competitive.

Bill bands are Census ACS counts of owner-occupied homes without a mortgage. Income brackets are IRS Statistics of Income county data for tax year 2022, counted over FILERS reporting real-estate taxes on Schedule A, which is a smaller group than homeowners: most filers take the standard deduction.

Nearby Counties

Marion County
Home: $224,000 Tax: $2,028/yr
Lake County
Home: $230,600 Tax: $2,112/yr
Allen County
Home: $214,900 Tax: $1,689/yr
Hamilton County
Home: $405,500 Tax: $3,549/yr
St. Joseph County
Home: $192,800 Tax: $1,665/yr
Porter County
Home: $281,500 Tax: $2,326/yr

Frequently Asked Questions

Is it cheaper to rent or buy in Wells County, Indiana? ▼
HUD's 2-bedroom rent is only a thin step cheaper than owning in Wells County (about $155/mo) on the standard 20%-down / 6.5% assumptions. A larger down payment or a rate drop often closes it; equity is still the ownership-only bonus.
What is the average rent in Wells County? ▼
HUD prices a 2-bedroom unit at $991/mo here. Sizing up matters: going from a studio to a 4-bedroom adds about $643/mo, so the per-bedroom jump is worth checking against your actual space needs before assuming the 2-BR figure applies to your situation.
How much house can you afford in Wells County? ▼
On the common 3x-income guideline, a $71,957 household here can afford up to $215,871, which comfortably covers this county's $197,600 median home price -- a healthier affordability picture than many of the counties tracked on this site.
What is the median home price in Wells County? ▼
$197,600, per the Census Bureau's ACS 5-Year Estimates. The property tax on that value works out to roughly 0.54% a year, in line with typical rates for the area.
How does Wells County compare to other Indiana counties for renting vs buying? ▼
Out of 92 Indiana counties ranked here on buy-vs-rent value, Wells County lands at spot 71, putting it in the more rent-favorable quarter of the state. The <a href="/states/indiana">Indiana state page</a> lists every peer county's tax bill beside this one.
Is rent going up or down in Wells County? ▼
HUD's 2-bedroom Fair Market Rent figure has risen 5.4% between the FY2025 and FY2026 publications, the two most recent years tracked here.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from the U.S. Census Bureau (American Community Survey). See our methodology for details. Retrieved and formatted by PlainPropertyTax

Source: U.S. Census Bureau, Government Finances State and local property tax revenue by jurisdiction · 2025

Verify with HUD →