Total monthly cost of ownership
Cost to Own a Home in Elba, Alabama
A $105,000 home here costs
$1,020per 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 $43,500 a year.
A standard mortgage calculator would have told you $572. The real number is $448 higher every month, 78% more than the payment most buyers budget for.
Compare Coffee County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Elba from a five-year rolling sample, and with about 3,459 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 Coffee 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.
Elba against Coffee County and Alabama
| Measure | Elba | Coffee County |
|---|---|---|
| Median home value | $105,000 | $180,300 |
| Median property tax | $409 | $615 |
| Effective tax rate | 0.390% | 0.341% |
| Median gross rent | $671 | $970 |
| Population | 3,459 | 54,231 |
The weather behind that power bill
Elba sits in Coffee County, which averages a high of 91.5°F in its hottest month and a low of 37.6°F in its coldest, with 57.9" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 2,395 cooling and 1,831 heating degree days, which is what sets the $187 electricity line above.
See the full climate breakdown for Coffee County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Coffee County
Talk to someone who works this market
These are Elba 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 Elba 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 Elba?
A $105,000 home in Elba, Alabama costs approximately $1,020 per month with 20% down at 7.24%. That is $572 principal and interest, $34 property tax, $72 homeowners insurance, $255 utilities and $88 set aside for maintenance.
What is the property tax rate in Elba?
Elba has an effective property tax rate of 0.390%, based on a median home value of $105,000 and median real estate taxes of $409. That is higher than the Coffee County average of 0.341%.
What is the average home price in Elba?
The median owner-occupied home value in Elba, Alabama is $105,000, against $180,300 across Coffee County.
Is it cheaper to rent or buy in Elba?
Median gross rent in Elba is $671 a month, against $1,020 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 Elba?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elba, Alabama at today's rate takes a household income of roughly $43,500 a year. That covers the full $1,020 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Elba, 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.