Total monthly cost of ownership
Cost to Own a Home in Lexington-Fayette urban county, Kentucky
A $272,000 home here costs
$2,173per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,398. The real number is $774 higher every month — 55% 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.
Lexington-Fayette urban county against Fayette County and Kentucky
| Measure | Lexington-Fayette urban county | Fayette County |
|---|---|---|
| Median home value | $272,100 | $272,100 |
| Median property tax | $2,425 | $2,425 |
| Effective tax rate | 0.891% | 0.891% |
| Median gross rent | $1,101 | $1,101 |
| Population | 321,122 | 321,122 |
The weather behind that power bill
Lexington-Fayette urban county sits in Fayette County, which averages a high of 86.9°F in its hottest month and a low of 25.4°F in its coldest, with 49.84" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,289 cooling and 4,432 heating degree days, which is what sets the $135 electricity line above.
See the full climate breakdown for Fayette County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Fayette County
No other places of this size are published in Fayette County.
Full Fayette County cost breakdown · Every county in Kentucky
Common questions
How much does it cost to own a home in Lexington-Fayette urban county?
A $272,000 home in Lexington-Fayette urban county, Kentucky costs approximately $2,173 per month with 20% down at 6.66%. That is $1,398 principal and interest, $202 property tax, $143 homeowners insurance, $203 utilities and $227 set aside for maintenance.
What is the property tax rate in Lexington-Fayette urban county?
Lexington-Fayette urban county has an effective property tax rate of 0.891%, based on a median home value of $272,100 and median real estate taxes of $2,425. That is in line with the Fayette County average of 0.891%.
What is the average home price in Lexington-Fayette urban county?
The median owner-occupied home value in Lexington-Fayette urban county, Kentucky is $272,100, against $272,100 across Fayette County.
Is it cheaper to rent or buy in Lexington-Fayette urban county?
Median gross rent in Lexington-Fayette urban county is $1,101 a month, against $2,173 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 Lexington-Fayette urban county — 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.