Total monthly cost of ownership
Cost to Own a Home in Elsmere, Kentucky
A $157,000 home here costs
$1,397per 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 $60,000 a year.
A standard mortgage calculator would have told you $856. The real number is $541 higher every month, 63% more than the payment most buyers budget for.
Compare Kenton 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.
Elsmere against Kenton County and Kentucky
| Measure | Elsmere | Kenton County |
|---|---|---|
| Median home value | $157,200 | $227,500 |
| Median property tax | $1,383 | $2,284 |
| Effective tax rate | 0.880% | 1.004% |
| Median gross rent | $1,303 | $1,018 |
| Population | 9,151 | 169,817 |
The weather behind that power bill
Elsmere sits in Kenton County, which averages a high of 86.0°F in its hottest month and a low of 23.1°F in its coldest, with 45.26" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,160 cooling and 4,892 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Kenton County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Kenton County
Full Kenton County cost breakdown · Every county in Kentucky
Talk to someone who works this market
These are Elsmere 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 Elsmere every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Elsmere I already own here and may sell
Common questions
How much does it cost to own a home in Elsmere?
A $157,000 home in Elsmere, Kentucky costs approximately $1,397 per month with 20% down at 7.24%. That is $856 principal and interest, $115 property tax, $83 homeowners insurance, $212 utilities and $131 set aside for maintenance.
What is the property tax rate in Elsmere?
Elsmere has an effective property tax rate of 0.880%, based on a median home value of $157,200 and median real estate taxes of $1,383. That is lower than the Kenton County average of 1.004%.
What is the average home price in Elsmere?
The median owner-occupied home value in Elsmere, Kentucky is $157,200, against $227,500 across Kenton County.
Is it cheaper to rent or buy in Elsmere?
Median gross rent in Elsmere is $1,303 a month, against $1,397 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 Elsmere?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elsmere, Kentucky at today's rate takes a household income of roughly $60,000 a year. That covers the full $1,397 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Elsmere, 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.