Total monthly cost of ownership
Cost to Own a Home in Lancaster, Kentucky
A $135,000 home here costs
$1,189per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $694. The real number is $494 higher every month — 71% 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.
Lancaster against Garrard County and Kentucky
| Measure | Lancaster | Garrard County |
|---|---|---|
| Median home value | $134,700 | $186,800 |
| Median property tax | $1,297 | $1,344 |
| Effective tax rate | 0.963% | 0.719% |
| Median gross rent | $768 | $793 |
| Population | 3,960 | 17,346 |
The weather behind that power bill
Lancaster sits in Garrard County, which averages a high of 85.7°F in its hottest month and a low of 26.8°F in its coldest, with 50.55" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,161 cooling and 4,131 heating degree days, which is what sets the $135 electricity line above.
See the full climate breakdown for Garrard County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Garrard County
No other places of this size are published in Garrard County.
Full Garrard County cost breakdown · Every county in Kentucky
Common questions
How much does it cost to own a home in Lancaster?
A $135,000 home in Lancaster, Kentucky costs approximately $1,189 per month with 20% down at 6.66%. That is $694 principal and interest, $108 property tax, $71 homeowners insurance, $203 utilities and $113 set aside for maintenance.
What is the property tax rate in Lancaster?
Lancaster has an effective property tax rate of 0.963%, based on a median home value of $134,700 and median real estate taxes of $1,297. That is higher than the Garrard County average of 0.719%.
What is the average home price in Lancaster?
The median owner-occupied home value in Lancaster, Kentucky is $134,700, against $186,800 across Garrard County.
Is it cheaper to rent or buy in Lancaster?
Median gross rent in Lancaster is $768 a month, against $1,189 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 Lancaster — 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.