Total monthly cost of ownership
Cost to Own a Home in Fairhope, Alabama
A $407,000 home here costs
$3,063per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,092. The real number is $970 higher every month — 46% 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.
Fairhope against Baldwin County and Alabama
| Measure | Fairhope | Baldwin County |
|---|---|---|
| Median home value | $406,500 | $287,000 |
| Median property tax | $1,614 | $881 |
| Effective tax rate | 0.397% | 0.307% |
| Median gross rent | $1,637 | $1,211 |
| Population | 23,360 | 239,945 |
The weather behind that power bill
Fairhope sits in Baldwin County, which averages a high of 88.7°F in its hottest month and a low of 39.3°F in its coldest, with 65.76" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 2,193 cooling and 1,800 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Baldwin County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Baldwin County
Full Baldwin County cost breakdown · Every county in Alabama
Common questions
How much does it cost to own a home in Fairhope?
A $407,000 home in Fairhope, Alabama costs approximately $3,063 per month with 20% down at 6.66%. That is $2,092 principal and interest, $135 property tax, $278 homeowners insurance, $219 utilities and $339 set aside for maintenance.
What is the property tax rate in Fairhope?
Fairhope has an effective property tax rate of 0.397%, based on a median home value of $406,500 and median real estate taxes of $1,614. That is higher than the Baldwin County average of 0.307%.
What is the average home price in Fairhope?
The median owner-occupied home value in Fairhope, Alabama is $406,500, against $287,000 across Baldwin County.
Is it cheaper to rent or buy in Fairhope?
Median gross rent in Fairhope is $1,637 a month, against $3,063 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 Fairhope — 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.