Total monthly cost of ownership
Cost to Own a Home in Clay City, Kentucky
A $109,000 home here costs
$997per 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 $42,500 a year.
A standard mortgage calculator would have told you $594. The real number is $403 higher every month, 68% more than the payment most buyers budget for.
Compare Powell County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Clay City from a five-year rolling sample, and with about 1,352 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Powell County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Clay City against Powell County and Kentucky
| Measure | Clay City | Powell County |
|---|---|---|
| Median home value | $108,600 | $142,400 |
| Median property tax | $507 | $829 |
| Effective tax rate | 0.467% | 0.582% |
| Median gross rent | $609 | $743 |
| Population | 1,352 | 13,057 |
The weather behind that power bill
Clay City sits in Powell County, which averages a high of 84.4°F in its hottest month and a low of 23.4°F in its coldest, with 53.22" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 981 cooling and 4,735 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Powell County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Powell County
Full Powell County cost breakdown · Every county in Kentucky
Talk to someone who works this market
These are Clay City 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 City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Clay City I already own here and may sell
Common questions
How much does it cost to own a home in Clay City?
A $109,000 home in Clay City, Kentucky costs approximately $997 per month with 20% down at 7.24%. That is $594 principal and interest, $42 property tax, $57 homeowners insurance, $212 utilities and $91 set aside for maintenance.
What is the property tax rate in Clay City?
Clay City has an effective property tax rate of 0.467%, based on a median home value of $108,600 and median real estate taxes of $507. That is lower than the Powell County average of 0.582%.
What is the average home price in Clay City?
The median owner-occupied home value in Clay City, Kentucky is $108,600, against $142,400 across Powell County.
Is it cheaper to rent or buy in Clay City?
Median gross rent in Clay City is $609 a month, against $997 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 City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Clay City, Kentucky at today's rate takes a household income of roughly $42,500 a year. That covers the full $997 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Clay City, 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.