Total monthly cost of ownership
Cost to Own a Home in Florence, Alabama
A $174,000 home here costs
$1,440per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $895. The real number is $546 higher every month — 61% 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.
Florence against Lauderdale County and Alabama
| Measure | Florence | Lauderdale County |
|---|---|---|
| Median home value | $174,100 | $185,800 |
| Median property tax | $757 | $697 |
| Effective tax rate | 0.435% | 0.375% |
| Median gross rent | $784 | $799 |
| Population | 41,231 | 95,037 |
The weather behind that power bill
Florence sits in Lauderdale County, which averages a high of 89.2°F in its hottest month and a low of 31.2°F in its coldest, with 57.56" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,651 cooling and 3,190 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Lauderdale County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lauderdale County
Full Lauderdale County cost breakdown · Every county in Alabama
Common questions
How much does it cost to own a home in Florence?
A $174,000 home in Florence, Alabama costs approximately $1,440 per month with 20% down at 6.66%. That is $895 principal and interest, $63 property tax, $119 homeowners insurance, $219 utilities and $145 set aside for maintenance.
What is the property tax rate in Florence?
Florence has an effective property tax rate of 0.435%, based on a median home value of $174,100 and median real estate taxes of $757. That is higher than the Lauderdale County average of 0.375%.
What is the average home price in Florence?
The median owner-occupied home value in Florence, Alabama is $174,100, against $185,800 across Lauderdale County.
Is it cheaper to rent or buy in Florence?
Median gross rent in Florence is $784 a month, against $1,440 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 Florence — 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.