Total monthly cost of ownership
Cost to Own a Home in Highland Lakes, Alabama
A $563,000 home here costs
$4,150per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,894. The real number is $1,256 higher every month — 43% 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.
Highland Lakes against Shelby County and Alabama
| Measure | Highland Lakes | Shelby County |
|---|---|---|
| Median home value | $562,600 | $298,700 |
| Median property tax | $2,203 | $1,343 |
| Effective tax rate | 0.392% | 0.450% |
| Median gross rent | — | $1,348 |
| Population | 5,673 | 226,955 |
The weather behind that power bill
Highland Lakes sits in Shelby County, which averages a high of 91.1°F in its hottest month and a low of 35.6°F in its coldest, with 56.19" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 2,181 cooling and 2,378 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Shelby County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Shelby County
Common questions
How much does it cost to own a home in Highland Lakes?
A $563,000 home in Highland Lakes, Alabama costs approximately $4,150 per month with 20% down at 6.66%. That is $2,894 principal and interest, $184 property tax, $384 homeowners insurance, $219 utilities and $469 set aside for maintenance.
What is the property tax rate in Highland Lakes?
Highland Lakes has an effective property tax rate of 0.392%, based on a median home value of $562,600 and median real estate taxes of $2,203. That is lower than the Shelby County average of 0.450%.
What is the average home price in Highland Lakes?
The median owner-occupied home value in Highland Lakes, Alabama is $562,600, against $298,700 across Shelby County.
Is it cheaper to rent or buy in Highland Lakes?
Rent data is not published for Highland Lakes at this level of detail.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Highland Lakes — 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.