Total monthly cost of ownership
Cost to Own a Home in Corbin, Kentucky
A $163,000 home here costs
$1,432per 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 $61,500 a year.
A standard mortgage calculator would have told you $889. The real number is $543 higher every month, 61% more than the payment most buyers budget for.
Compare Laurel 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.
Corbin against Laurel County and Kentucky
| Measure | Corbin | Laurel County |
|---|---|---|
| Median home value | $162,600 | $143,400 |
| Median property tax | $1,306 | $845 |
| Effective tax rate | 0.803% | 0.589% |
| Median gross rent | $686 | $789 |
| Population | 8,430 | 62,731 |
Corbin extends across 3 counties. Figures here use Laurel County, where most of its housing sits.
The weather behind that power bill
Corbin sits in Laurel County, which averages a high of 86.3°F in its hottest month and a low of 26.7°F in its coldest, with 51.26" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,218 cooling and 4,158 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Laurel County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Laurel County
Full Laurel County cost breakdown · Every county in Kentucky
Talk to someone who works this market
These are Corbin 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 Corbin every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Corbin I already own here and may sell
Common questions
How much does it cost to own a home in Corbin?
A $163,000 home in Corbin, Kentucky costs approximately $1,432 per month with 20% down at 7.24%. That is $889 principal and interest, $109 property tax, $86 homeowners insurance, $212 utilities and $136 set aside for maintenance.
What is the property tax rate in Corbin?
Corbin has an effective property tax rate of 0.803%, based on a median home value of $162,600 and median real estate taxes of $1,306. That is higher than the Laurel County average of 0.589%.
What is the average home price in Corbin?
The median owner-occupied home value in Corbin, Kentucky is $162,600, against $143,400 across Laurel County.
Is it cheaper to rent or buy in Corbin?
Median gross rent in Corbin is $686 a month, against $1,432 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 Corbin?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Corbin, Kentucky at today's rate takes a household income of roughly $61,500 a year. That covers the full $1,432 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Corbin, 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.