Total monthly cost of ownership
Cost to Own a Home in Collinwood, Tennessee
A $89,000 home here costs
$831per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $458. The real number is $374 higher every month — 82% 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.
Collinwood against Wayne County and Tennessee
| Measure | Collinwood | Wayne County |
|---|---|---|
| Median home value | $89,100 | $126,600 |
| Median property tax | $768 | $683 |
| Effective tax rate | 0.862% | 0.539% |
| Median gross rent | $473 | $619 |
| Population | 1,044 | 16,251 |
The weather behind that power bill
Collinwood sits in Wayne County, which averages a high of 88.4°F in its hottest month and a low of 26.7°F in its coldest, with 61.79" of precipitation a year and 27% of it in a single three-month stretch. That climate drives 1,341 cooling and 3,876 heating degree days, which is what sets the $130 electricity line above.
See the full climate breakdown for Wayne County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wayne County
Full Wayne County cost breakdown · Every county in Tennessee
Common questions
How much does it cost to own a home in Collinwood?
A $89,000 home in Collinwood, Tennessee costs approximately $831 per month with 20% down at 6.66%. That is $458 principal and interest, $64 property tax, $37 homeowners insurance, $198 utilities and $74 set aside for maintenance.
What is the property tax rate in Collinwood?
Collinwood has an effective property tax rate of 0.862%, based on a median home value of $89,100 and median real estate taxes of $768. That is higher than the Wayne County average of 0.539%.
What is the average home price in Collinwood?
The median owner-occupied home value in Collinwood, Tennessee is $89,100, against $126,600 across Wayne County.
Is it cheaper to rent or buy in Collinwood?
Median gross rent in Collinwood is $473 a month, against $831 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 Collinwood — 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.