Total monthly cost of ownership
Cost to Own a Home in Fayette, Alabama
A $122,000 home here costs
$1,067per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $627. The real number is $440 higher every month — 70% 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.
Fayette against Fayette County and Alabama
| Measure | Fayette | Fayette County |
|---|---|---|
| Median home value | $122,100 | $121,200 |
| Median property tax | $435 | $347 |
| Effective tax rate | 0.356% | 0.286% |
| Median gross rent | $589 | $622 |
| Population | 4,221 | 16,173 |
The weather behind that power bill
Fayette sits in Fayette County, which averages a high of 91.8°F in its hottest month and a low of 34.4°F in its coldest, with 56.88" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 2,061 cooling and 2,640 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Fayette County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Fayette County
Full Fayette County cost breakdown · Every county in Alabama
Common questions
How much does it cost to own a home in Fayette?
A $122,000 home in Fayette, Alabama costs approximately $1,067 per month with 20% down at 6.66%. That is $627 principal and interest, $36 property tax, $83 homeowners insurance, $219 utilities and $102 set aside for maintenance.
What is the property tax rate in Fayette?
Fayette has an effective property tax rate of 0.356%, based on a median home value of $122,100 and median real estate taxes of $435. That is higher than the Fayette County average of 0.286%.
What is the average home price in Fayette?
The median owner-occupied home value in Fayette, Alabama is $122,100, against $121,200 across Fayette County.
Is it cheaper to rent or buy in Fayette?
Median gross rent in Fayette is $589 a month, against $1,067 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 Fayette — 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.