Total monthly cost of ownership
Cost to Own a Home in Fairmount, Tennessee
A $483,000 home here costs
$3,483per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,483. The real number is $1,000 higher every month — 40% 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.
Fairmount against Hamilton County and Tennessee
| Measure | Fairmount | Hamilton County |
|---|---|---|
| Median home value | $482,700 | $282,100 |
| Median property tax | $2,354 | $1,888 |
| Effective tax rate | 0.488% | 0.669% |
| Median gross rent | $1,443 | $1,163 |
| Population | 1,932 | 370,913 |
The weather behind that power bill
Fairmount sits in Hamilton County, which averages a high of 90.5°F in its hottest month and a low of 32.4°F in its coldest, with 55" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,921 cooling and 3,029 heating degree days, which is what sets the $130 electricity line above.
See the full climate breakdown for Hamilton County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hamilton County
Full Hamilton County cost breakdown · Every county in Tennessee
Common questions
How much does it cost to own a home in Fairmount?
A $483,000 home in Fairmount, Tennessee costs approximately $3,483 per month with 20% down at 6.66%. That is $2,483 principal and interest, $196 property tax, $203 homeowners insurance, $198 utilities and $403 set aside for maintenance.
What is the property tax rate in Fairmount?
Fairmount has an effective property tax rate of 0.488%, based on a median home value of $482,700 and median real estate taxes of $2,354. That is lower than the Hamilton County average of 0.669%.
What is the average home price in Fairmount?
The median owner-occupied home value in Fairmount, Tennessee is $482,700, against $282,100 across Hamilton County.
Is it cheaper to rent or buy in Fairmount?
Median gross rent in Fairmount is $1,443 a month, against $3,483 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 Fairmount — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Tennessee.
- 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.