Total monthly cost of ownership
Cost to Own a Home in Lake Monticello, Virginia
A $288,000 home here costs
$2,171per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,481. The real number is $690 higher every month — 47% 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.
Lake Monticello against Fluvanna County and Virginia
| Measure | Lake Monticello | Fluvanna County |
|---|---|---|
| Median home value | $288,300 | $281,700 |
| Median property tax | $1,838 | $1,835 |
| Effective tax rate | 0.638% | 0.651% |
| Median gross rent | $2,167 | $1,173 |
| Population | 10,820 | 27,764 |
The weather behind that power bill
Lake Monticello sits in Fluvanna County, which averages a high of 86.2°F in its hottest month and a low of 24.6°F in its coldest, with 43.68" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,066 cooling and 4,570 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Fluvanna County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Fluvanna County
No other places of this size are published in Fluvanna County.
Full Fluvanna County cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Lake Monticello?
A $288,000 home in Lake Monticello, Virginia costs approximately $2,171 per month with 20% down at 6.66%. That is $1,481 principal and interest, $153 property tax, $71 homeowners insurance, $226 utilities and $240 set aside for maintenance.
What is the property tax rate in Lake Monticello?
Lake Monticello has an effective property tax rate of 0.638%, based on a median home value of $288,300 and median real estate taxes of $1,838. That is lower than the Fluvanna County average of 0.651%.
What is the average home price in Lake Monticello?
The median owner-occupied home value in Lake Monticello, Virginia is $288,300, against $281,700 across Fluvanna County.
Is it cheaper to rent or buy in Lake Monticello?
Median gross rent in Lake Monticello is $2,167 a month, against $2,171 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 Lake Monticello — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Virginia.
- 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.