Total monthly cost of ownership
Cost to Own a Home in Falling Water, Tennessee
A $398,000 home here costs
$3,042per 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 $130,500 a year.
A standard mortgage calculator would have told you $2,170. The real number is $872 higher every month, 40% more than the payment most buyers budget for.
Compare Hamilton County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Falling Water from a five-year rolling sample, and with about 2,090 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 Hamilton 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.
Falling Water against Hamilton County and Tennessee
| Measure | Falling Water | Hamilton County |
|---|---|---|
| Median home value | $398,400 | $282,100 |
| Median property tax | $1,800 | $1,888 |
| Effective tax rate | 0.452% | 0.669% |
| Median gross rent | $711 | $1,163 |
| Population | 2,090 | 370,913 |
The weather behind that power bill
Falling Water 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 $155 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
Talk to someone who works this market
These are Falling Water 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 Falling Water every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Falling Water I already own here and may sell
Common questions
How much does it cost to own a home in Falling Water?
A $398,000 home in Falling Water, Tennessee costs approximately $3,042 per month with 20% down at 7.24%. That is $2,170 principal and interest, $150 property tax, $167 homeowners insurance, $223 utilities and $332 set aside for maintenance.
What is the property tax rate in Falling Water?
Falling Water has an effective property tax rate of 0.452%, based on a median home value of $398,400 and median real estate taxes of $1,800. That is lower than the Hamilton County average of 0.669%.
What is the average home price in Falling Water?
The median owner-occupied home value in Falling Water, Tennessee is $398,400, against $282,100 across Hamilton County.
Is it cheaper to rent or buy in Falling Water?
Median gross rent in Falling Water is $711 a month, against $3,042 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 Falling Water?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Falling Water, Tennessee at today's rate takes a household income of roughly $130,500 a year. That covers the full $3,042 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Falling Water, 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.