Total monthly cost of ownership
Cost to Own a Home in Fairhope, Alabama
A $407,000 home here costs
$3,225per 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 $138,000 a year.
A standard mortgage calculator would have told you $2,219. The real number is $1,006 higher every month, 45% more than the payment most buyers budget for.
Compare Baldwin 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.
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 $187 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
Talk to someone who works this market
These are Fairhope 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 Fairhope every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Fairhope I already own here and may sell
Common questions
How much does it cost to own a home in Fairhope?
A $407,000 home in Fairhope, Alabama costs approximately $3,225 per month with 20% down at 7.24%. That is $2,219 principal and interest, $135 property tax, $278 homeowners insurance, $255 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 $3,225 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 Fairhope?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Fairhope, Alabama at today's rate takes a household income of roughly $138,000 a year. That covers the full $3,225 monthly cost, not just the mortgage payment.
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.