Total monthly cost of ownership
Cost to Own a Home in Bonifay, Florida
A $116,000 home here costs
$1,017per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $596. The real number is $420 higher every month — 70% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Bonifay against Holmes County and Florida
| Measure | Bonifay | Holmes County |
|---|---|---|
| Median home value | $116,000 | $101,400 |
| Median property tax | $591 | $527 |
| Effective tax rate | 0.509% | 0.520% |
| Median gross rent | $881 | $823 |
| Population | 2,782 | 19,626 |
The weather behind that power bill
Bonifay sits in Holmes County, which averages a high of 92.3°F in its hottest month and a low of 34.8°F in its coldest, with 62.26" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 2,225 cooling and 2,038 heating degree days, which is what sets the $136 electricity line above.
See the full climate breakdown for Holmes County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Holmes County
No other places of this size are published in Holmes County.
Common questions
How much does it cost to own a home in Bonifay?
A $116,000 home in Bonifay, Florida costs approximately $1,017 per month with 20% down at 6.66%. That is $596 principal and interest, $49 property tax, $70 homeowners insurance, $204 utilities and $97 set aside for maintenance.
What is the property tax rate in Bonifay?
Bonifay has an effective property tax rate of 0.509%, based on a median home value of $116,000 and median real estate taxes of $591. That is lower than the Holmes County average of 0.520%.
What is the average home price in Bonifay?
The median owner-occupied home value in Bonifay, Florida is $116,000, against $101,400 across Holmes County.
Is it cheaper to rent or buy in Bonifay?
Median gross rent in Bonifay is $881 a month, against $1,017 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Bonifay — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Florida.
- 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.