Total monthly cost of ownership
Cost to Own a Home in Chattanooga, Tennessee
A $259,000 home here costs
$2,170per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $93,000 a year.
A standard mortgage calculator would have told you $1,435. The real number is $735 higher every month, 51% more than the payment most buyers budget for.
Compare Hamilton 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.
Chattanooga against Hamilton County and Tennessee
| Measure | Chattanooga | Hamilton County |
|---|---|---|
| Median home value | $259,200 | $282,100 |
| Median property tax | $2,208 | $1,888 |
| Effective tax rate | 0.852% | 0.669% |
| Median gross rent | $1,155 | $1,163 |
| Population | 182,832 | 370,913 |
The weather behind that power bill
Chattanooga sits in Hamilton County, which averages a high of 90.5°F in its hottest month and a low of 32.4°F in its coldest, with 55" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,921 cooling and 3,029 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Hamilton County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hamilton County
Full Hamilton County cost breakdown · Every county in Tennessee
Talk to someone who works this market
These are Chattanooga 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 Chattanooga every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Chattanooga I already own here and may sell
Common questions
How much does it cost to own a home in Chattanooga?
A $259,000 home in Chattanooga, Tennessee costs approximately $2,170 per month with 20% down at 7.4%. That is $1,435 principal and interest, $184 property tax, $109 homeowners insurance, $226 utilities and $216 set aside for maintenance.
What is the property tax rate in Chattanooga?
Chattanooga has an effective property tax rate of 0.852%, based on a median home value of $259,200 and median real estate taxes of $2,208. That is higher than the Hamilton County average of 0.669%.
What is the average home price in Chattanooga?
The median owner-occupied home value in Chattanooga, Tennessee is $259,200, against $282,100 across Hamilton County.
Is it cheaper to rent or buy in Chattanooga?
Median gross rent in Chattanooga is $1,155 a month, against $2,170 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 Chattanooga?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Chattanooga, Tennessee at today's rate takes a household income of roughly $93,000 a year. That covers the full $2,170 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Chattanooga, 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.