Total monthly cost of ownership
Cost to Own a Home in Good Hope, Alabama
A $172,000 home here costs
$1,494per 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 $64,000 a year.
A standard mortgage calculator would have told you $938. The real number is $556 higher every month, 59% more than the payment most buyers budget for.
Compare Cullman County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Good Hope from a five-year rolling sample, and with about 2,542 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 Cullman 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.
Good Hope against Cullman County and Alabama
| Measure | Good Hope | Cullman County |
|---|---|---|
| Median home value | $172,200 | $180,500 |
| Median property tax | $488 | $457 |
| Effective tax rate | 0.283% | 0.253% |
| Median gross rent | $1,105 | $883 |
| Population | 2,542 | 89,463 |
The weather behind that power bill
Good Hope sits in Cullman County, which averages a high of 87.9°F in its hottest month and a low of 30.9°F in its coldest, with 58.66" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,471 cooling and 3,305 heating degree days, which is what sets the $187 electricity line above.
See the full climate breakdown for Cullman County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cullman County
Full Cullman County cost breakdown · Every county in Alabama
Talk to someone who works this market
These are Good Hope 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 Good Hope every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Good Hope I already own here and may sell
Common questions
How much does it cost to own a home in Good Hope?
A $172,000 home in Good Hope, Alabama costs approximately $1,494 per month with 20% down at 7.24%. That is $938 principal and interest, $41 property tax, $117 homeowners insurance, $255 utilities and $143 set aside for maintenance.
What is the property tax rate in Good Hope?
Good Hope has an effective property tax rate of 0.283%, based on a median home value of $172,200 and median real estate taxes of $488. That is higher than the Cullman County average of 0.253%.
What is the average home price in Good Hope?
The median owner-occupied home value in Good Hope, Alabama is $172,200, against $180,500 across Cullman County.
Is it cheaper to rent or buy in Good Hope?
Median gross rent in Good Hope is $1,105 a month, against $1,494 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 Good Hope?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Good Hope, Alabama at today's rate takes a household income of roughly $64,000 a year. That covers the full $1,494 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Good Hope, 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.