Total monthly cost of ownership
Cost to Own a Home in Berea, Kentucky
A $178,000 home here costs
$1,539per 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 $66,000 a year.
A standard mortgage calculator would have told you $970. The real number is $569 higher every month, 59% more than the payment most buyers budget for.
Compare Madison County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Berea against Madison County and Kentucky
| Measure | Berea | Madison County |
|---|---|---|
| Median home value | $178,000 | $220,700 |
| Median property tax | $1,370 | $1,631 |
| Effective tax rate | 0.770% | 0.739% |
| Median gross rent | $806 | $851 |
| Population | 15,557 | 94,064 |
The weather behind that power bill
Berea sits in Madison County, which averages a high of 86.9°F in its hottest month and a low of 25.4°F in its coldest, with 49.84" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,289 cooling and 4,432 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Madison County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Madison County
Full Madison County cost breakdown · Every county in Kentucky
Talk to someone who works this market
These are Berea 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 Berea every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Berea?
A $178,000 home in Berea, Kentucky costs approximately $1,539 per month with 20% down at 7.24%. That is $970 principal and interest, $114 property tax, $94 homeowners insurance, $212 utilities and $148 set aside for maintenance.
What is the property tax rate in Berea?
Berea has an effective property tax rate of 0.770%, based on a median home value of $178,000 and median real estate taxes of $1,370. That is higher than the Madison County average of 0.739%.
What is the average home price in Berea?
The median owner-occupied home value in Berea, Kentucky is $178,000, against $220,700 across Madison County.
Is it cheaper to rent or buy in Berea?
Median gross rent in Berea is $806 a month, against $1,539 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Berea?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Berea, Kentucky at today's rate takes a household income of roughly $66,000 a year. That covers the full $1,539 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Berea, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Kentucky.
- 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.