Total monthly cost of ownership
Cost to Own a Home in Chelsea, Alabama
A $339,000 home here costs
$2,724per 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 $116,500 a year.
A standard mortgage calculator would have told you $1,848. The real number is $876 higher every month, 47% more than the payment most buyers budget for.
Compare Shelby 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.
Chelsea against Shelby County and Alabama
| Measure | Chelsea | Shelby County |
|---|---|---|
| Median home value | $339,400 | $298,700 |
| Median property tax | $1,286 | $1,343 |
| Effective tax rate | 0.379% | 0.450% |
| Median gross rent | $1,456 | $1,348 |
| Population | 15,731 | 226,955 |
The weather behind that power bill
Chelsea sits in Shelby County, which averages a high of 91.1°F in its hottest month and a low of 35.6°F in its coldest, with 56.19" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 2,181 cooling and 2,378 heating degree days, which is what sets the $187 electricity line above.
See the full climate breakdown for Shelby County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Shelby County
Talk to someone who works this market
These are Chelsea 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 Chelsea every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Chelsea I already own here and may sell
Common questions
How much does it cost to own a home in Chelsea?
A $339,000 home in Chelsea, Alabama costs approximately $2,724 per month with 20% down at 7.24%. That is $1,848 principal and interest, $107 property tax, $231 homeowners insurance, $255 utilities and $283 set aside for maintenance.
What is the property tax rate in Chelsea?
Chelsea has an effective property tax rate of 0.379%, based on a median home value of $339,400 and median real estate taxes of $1,286. That is lower than the Shelby County average of 0.450%.
What is the average home price in Chelsea?
The median owner-occupied home value in Chelsea, Alabama is $339,400, against $298,700 across Shelby County.
Is it cheaper to rent or buy in Chelsea?
Median gross rent in Chelsea is $1,456 a month, against $2,724 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 Chelsea?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Chelsea, Alabama at today's rate takes a household income of roughly $116,500 a year. That covers the full $2,724 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Chelsea, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Alabama.
- 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.