Total monthly cost of ownership
Cost to Own a Home in Florence, Kentucky
A $196,000 home here costs
$1,627per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,008. The real number is $620 higher every month — 62% 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 Boone County and Kentucky
| Measure | Florence | Boone County |
|---|---|---|
| Median home value | $196,200 | $253,200 |
| Median property tax | $1,810 | $2,273 |
| Effective tax rate | 0.923% | 0.898% |
| Median gross rent | $1,199 | $1,253 |
| Population | 32,334 | 137,676 |
The weather behind that power bill
Florence sits in Boone County, which averages a high of 86.0°F in its hottest month and a low of 23.1°F in its coldest, with 45.26" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,160 cooling and 4,892 heating degree days, which is what sets the $135 electricity line above.
See the full climate breakdown for Boone County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Boone County
Common questions
How much does it cost to own a home in Florence?
A $196,000 home in Florence, Kentucky costs approximately $1,627 per month with 20% down at 6.66%. That is $1,008 principal and interest, $151 property tax, $103 homeowners insurance, $203 utilities and $163 set aside for maintenance.
What is the property tax rate in Florence?
Florence has an effective property tax rate of 0.923%, based on a median home value of $196,200 and median real estate taxes of $1,810. That is higher than the Boone County average of 0.898%.
What is the average home price in Florence?
The median owner-occupied home value in Florence, Kentucky is $196,200, against $253,200 across Boone County.
Is it cheaper to rent or buy in Florence?
Median gross rent in Florence is $1,199 a month, against $1,627 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 Kentucky.
- 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.