The Housing Market in Plainfield Today
Plainfield, Indiana is a growing suburb located just southwest of Indianapolis. Its proximity to the state capital and major highways like I-70 has made it an attractive option for those seeking a mix of affordability and convenience. In recent years, Plainfield’s housing market has experienced steady growth, driven by factors such as the expansion of local employers like Amazon and a growing population of young families and professionals.
Compared to nearby cities like Avon and Brownsburg, Plainfield offers a similar suburban lifestyle at a slightly lower price point. Its median home values and rents tend to be 5-10% lower than its neighbors, making it an appealing choice for budget-conscious buyers and renters. However, as demand for housing in Plainfield continues to rise, prices have been gradually catching up to the surrounding area.
For those considering a move to Plainfield, it’s important to understand the full picture of housing costs beyond just the sticker price. Factors like property taxes, HOA fees, and utilities can add significantly to the monthly bottom line. In the following sections, we’ll break down the various expenses to expect when renting or buying a home in Plainfield.
Renting in Plainfield: Typical Costs and Trends
Renting is a popular choice in Plainfield, especially among young professionals and those who value flexibility. As of 2025, the typical rent for a 1-bedroom apartment in Plainfield ranges from $900 to $1,200 per month, while a 2-bedroom unit averages between $1,100 and $1,500. These prices are on par with or slightly below what you’d find in nearby communities.
Rental costs in Plainfield can vary depending on factors like location, age of the building, and included amenities. Apartments near the bustling Metropolis mall area or with quick access to I-70 tend to fetch higher rents. Newer complexes with features like in-unit laundry, fitness centers, and swimming pools also come at a premium.
For those open to a longer commute in exchange for lower rents, neighborhoods on the outskirts of Plainfield may offer better deals. Areas near the border with Mooresville to the southwest or Monrovia to the northwest often have older rental stock at budget-friendly prices. However, renters should factor in the added cost and time of a longer drive to Indianapolis when considering these options.
Owning a Home in Plainfield: Prices, Taxes, and HOA Fees
As of 2025, the median home price in Plainfield hovers around $250,000, which buys a solidly-built 3-bedroom house in most parts of town. However, there’s significant variation across the market. Starter homes can be found in the $150,000-200,000 range, while larger new construction in desirable neighborhoods can reach $400,000 or more.
On top of the mortgage payment, Plainfield homeowners need to budget for property taxes. The current tax rate in Hendricks County is 0.97%, which translates to $2,425 per year on a $250,000 home. This is slightly lower than the national average but still a substantial chunk of change.
Another expense that often catches buyers off guard is Homeowners Association (HOA) fees. Many newer neighborhoods in Plainfield, particularly those with shared amenities like parks or pools, have an HOA to cover maintenance costs. Monthly HOA dues in Plainfield typically range from $100 to $300, with most falling around $200. Before buying into an HOA community, it’s important to understand what the fees cover and if they’re likely to increase over time.
Apartment vs House in Plainfield: Side-by-Side Costs
| Monthly Expense | Apartment (2BR) | House (3BR) |
|---|---|---|
| Rent/Mortgage Payment | $1,300 | $1,200 (based on $250K home) |
| Property Tax | N/A (included in rent) | $202 |
| Utilities | $150 (electricity, water, trash) | $250 (electricity, water, gas, trash) |
| Insurance | $15 (renters) | $80 (homeowners) |
| HOA Fees | N/A | $200 (typical) |
| Maintenance & Repairs | $0 (landlord’s responsibility) | $150 (estimated) |
| Monthly Total | $1,465 | $2,082 |
Utility & Upkeep Differences
As the cost comparison above shows, houses in Plainfield tend to have higher utility bills than apartments. This is due to a combination of larger square footage, older and less efficient systems, and the need to maintain extras like a yard or driveway. Homeowners should plan for utilities to cost 50-100% more than renters.
Maintenance is another key difference between renting and owning in Plainfield. While the occasional call to a landlord can be inconvenient, it pales in comparison to the time and expense of upkeep on a house. Homeowners need to budget for everything from lawn care and gutter cleaning to major repairs like a new roof or HVAC system. A good rule of thumb is to set aside 1-2% of the home’s value each year for maintenance.
5-Year Rent vs Buy Outlook
Looking at the long-term cost of renting vs. buying in Plainfield, the key factor is how long you plan to stay in the home. With the higher upfront costs of buying, it usually takes a few years to break even compared to renting.
Assuming a 2-bedroom apartment rent of $1,300 and a $250,000 home purchase, it would take about 3 years for the total costs of owning to fall below renting. This factors in estimated rent increases of 3% per year and modest home value appreciation. After 5 years, the homeowner would be ahead by about $10,000. Of course, this calculation can vary significantly based on the specific home, down payment, and mortgage rate.
For those who expect to stay in Plainfield for 5+ years, buying a home can make good financial sense. But for shorter timelines or those who value flexibility, renting is likely the better choice. Tools like the New York Times rent vs. buy calculator can help you plug in your specific numbers.
FAQs About Housing Costs in Plainfield
- How much are HOA fees in Plainfield?
Most HOA fees in Plainfield range from $100 to $300 per month, with $200 being a typical amount. However, some communities have fees as high as $500 for extensive amenities. - What is the property tax rate in Plainfield?
The property tax rate in Hendricks County, where Plainfield is located, is 0.97% as of 2025. On a $250,000 home, that equates to $2,425 per year. - Is renting cheaper than buying long-term in Plainfield?
If you plan to stay in Plainfield for more than 3-5 years, buying a home is likely cheaper than renting long-term. But for shorter stays, the upfront costs of buying make renting the better deal. - Do houses have higher utility costs than apartments?
Yes, houses in Plainfield tend to have 50-100% higher utility bills than apartments. This is due to larger square footage, older systems, and extras like yard maintenance. - What’s the monthly cost difference between apartments and houses in Plainfield?
As of 2025, the typical rent for a 2-bedroom apartment in Plainfield is around $1,300, while the monthly cost of owning a median-priced home is about $2,000 (including mortgage, taxes, insurance, HOA, and maintenance). So expect to pay $600-700 more per month for a house.
Making Smart Housing Choices in Plainfield
As this breakdown shows, the cost of housing in Plainfield goes far beyond the rent or mortgage payment. Buyers need to account for substantial expenses like property taxes, HOA fees, and maintenance that can easily add 50% or more to the monthly bill. Renters have it a bit easier but should still plan for rising rents over time.
Ultimately, the decision to rent or buy in Plainfield is a personal one that depends on your budget, lifestyle, and long-term plans. But by understanding the full picture of housing costs, you can make an informed choice that fits your finances. For more information on the cost of living in Plainfield, check out our guides on how much it costs to live in Plainfield each month and a full 2025 breakdown of the cost of living in Plainfield, IN.
And if you’re planning a move to Plainfield, don’t forget to compare moving company costs and options to find the best deal. With careful planning and smart choices, you can find a place to call home in Plainfield without breaking the bank.