Total monthly cost of ownership
Cost to Own a Home in Clay, Alabama
A $198,000 home here costs
$1,726per 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 $74,000 a year.
A standard mortgage calculator would have told you $1,079. The real number is $647 higher every month, 60% more than the payment most buyers budget for.
Compare Jefferson 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.
Clay against Jefferson County and Alabama
| Measure | Clay | Jefferson County |
|---|---|---|
| Median home value | $198,400 | $224,900 |
| Median property tax | $1,108 | $1,340 |
| Effective tax rate | 0.558% | 0.596% |
| Median gross rent | $1,373 | $1,132 |
| Population | 10,288 | 669,744 |
Clay extends across 2 counties. Figures here use Jefferson County, where most of its housing sits.
The weather behind that power bill
Clay sits in Jefferson County, which averages a high of 91.0°F in its hottest month and a low of 34.9°F in its coldest, with 56.62" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 2,177 cooling and 2,534 heating degree days, which is what sets the $187 electricity line above.
See the full climate breakdown for Jefferson County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Jefferson County
Full Jefferson County cost breakdown · Every county in Alabama
Talk to someone who works this market
These are Clay 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 Clay 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 Clay?
A $198,000 home in Clay, Alabama costs approximately $1,726 per month with 20% down at 7.24%. That is $1,079 principal and interest, $92 property tax, $135 homeowners insurance, $255 utilities and $165 set aside for maintenance.
What is the property tax rate in Clay?
Clay has an effective property tax rate of 0.558%, based on a median home value of $198,400 and median real estate taxes of $1,108. That is lower than the Jefferson County average of 0.596%.
What is the average home price in Clay?
The median owner-occupied home value in Clay, Alabama is $198,400, against $224,900 across Jefferson County.
Is it cheaper to rent or buy in Clay?
Median gross rent in Clay is $1,373 a month, against $1,726 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 Clay?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Clay, Alabama at today's rate takes a household income of roughly $74,000 a year. That covers the full $1,726 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Clay, 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.