Total monthly cost of ownership
Cost to Own a Home in Banner Hill, Tennessee
A $121,000 home here costs
$1,080per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $46,500 a year.
A standard mortgage calculator would have told you $660. The real number is $420 higher every month, 64% more than the payment most buyers budget for.
Compare Unicoi County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Banner Hill from a five-year rolling sample, and with about 1,519 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Unicoi County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Banner Hill against Unicoi County and Tennessee
| Measure | Banner Hill | Unicoi County |
|---|---|---|
| Median home value | $120,700 | $168,200 |
| Median property tax | $544 | $960 |
| Effective tax rate | 0.451% | 0.571% |
| Median gross rent | — | $665 |
| Population | 1,519 | 17,779 |
The weather behind that power bill
Banner Hill sits in Unicoi County, which averages a high of 85.4°F in its hottest month and a low of 24.5°F in its coldest, with 47" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 908 cooling and 4,390 heating degree days, which is what sets the $155 electricity line above.
See the full climate breakdown for Unicoi County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Unicoi County
Full Unicoi County cost breakdown · Every county in Tennessee
Talk to someone who works this market
These are Banner Hill averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Banner Hill every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Banner Hill I already own here and may sell
Common questions
How much does it cost to own a home in Banner Hill?
A $121,000 home in Banner Hill, Tennessee costs approximately $1,080 per month with 20% down at 7.24%. That is $660 principal and interest, $45 property tax, $51 homeowners insurance, $223 utilities and $101 set aside for maintenance.
What is the property tax rate in Banner Hill?
Banner Hill has an effective property tax rate of 0.451%, based on a median home value of $120,700 and median real estate taxes of $544. That is lower than the Unicoi County average of 0.571%.
What is the average home price in Banner Hill?
The median owner-occupied home value in Banner Hill, Tennessee is $120,700, against $168,200 across Unicoi County.
Is it cheaper to rent or buy in Banner Hill?
Rent data is not published for Banner Hill at this level of detail.
What salary do you need to buy a home in Banner Hill?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Banner Hill, Tennessee at today's rate takes a household income of roughly $46,500 a year. That covers the full $1,080 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Banner Hill, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Tennessee.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.