Total monthly cost of ownership
Cost to Own a Home in Lake City, Florida
A $179,000 home here costs
$1,577per 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 $67,500 a year.
A standard mortgage calculator would have told you $976. The real number is $601 higher every month, 62% more than the payment most buyers budget for.
Compare Columbia County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lake City against Columbia County and Florida
| Measure | Lake City | Columbia County |
|---|---|---|
| Median home value | $178,600 | $186,400 |
| Median property tax | $1,321 | $1,385 |
| Effective tax rate | 0.740% | 0.743% |
| Median gross rent | $940 | $915 |
| Population | 12,404 | 70,755 |
The weather behind that power bill
Lake City sits in Columbia County, which averages a high of 89.7°F in its hottest month and a low of 40.9°F in its coldest, with 53.98" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 2,319 cooling and 1,489 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for Columbia County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Columbia County
Full Columbia County cost breakdown · Every county in Florida
Talk to someone who works this market
These are Lake City 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 Lake City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lake City I already own here and may sell
Common questions
How much does it cost to own a home in Lake City?
A $179,000 home in Lake City, Florida costs approximately $1,577 per month with 20% down at 7.24%. That is $976 principal and interest, $110 property tax, $108 homeowners insurance, $233 utilities and $149 set aside for maintenance.
What is the property tax rate in Lake City?
Lake City has an effective property tax rate of 0.740%, based on a median home value of $178,600 and median real estate taxes of $1,321. That is in line with the Columbia County average of 0.743%.
What is the average home price in Lake City?
The median owner-occupied home value in Lake City, Florida is $178,600, against $186,400 across Columbia County.
Is it cheaper to rent or buy in Lake City?
Median gross rent in Lake City is $940 a month, against $1,577 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 Lake City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lake City, Florida at today's rate takes a household income of roughly $67,500 a year. That covers the full $1,577 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lake City, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Florida.
- 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.