Total monthly cost of ownership
Cost to Own a Home in London, Kentucky
A $156,000 home here costs
$1,363per 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 $58,500 a year.
A standard mortgage calculator would have told you $851. The real number is $512 higher every month, 60% more than the payment most buyers budget for.
Compare Laurel 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.
London against Laurel County and Kentucky
| Measure | London | Laurel County |
|---|---|---|
| Median home value | $155,500 | $143,400 |
| Median property tax | $1,050 | $845 |
| Effective tax rate | 0.675% | 0.589% |
| Median gross rent | $783 | $789 |
| Population | 7,576 | 62,731 |
The weather behind that power bill
London sits in Laurel County, which averages a high of 86.3°F in its hottest month and a low of 26.7°F in its coldest, with 51.26" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,218 cooling and 4,158 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Laurel County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Laurel County
Full Laurel County cost breakdown · Every county in Kentucky
Talk to someone who works this market
These are London 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 London every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in London I already own here and may sell
Common questions
How much does it cost to own a home in London?
A $156,000 home in London, Kentucky costs approximately $1,363 per month with 20% down at 7.24%. That is $851 principal and interest, $88 property tax, $82 homeowners insurance, $212 utilities and $130 set aside for maintenance.
What is the property tax rate in London?
London has an effective property tax rate of 0.675%, based on a median home value of $155,500 and median real estate taxes of $1,050. That is higher than the Laurel County average of 0.589%.
What is the average home price in London?
The median owner-occupied home value in London, Kentucky is $155,500, against $143,400 across Laurel County.
Is it cheaper to rent or buy in London?
Median gross rent in London is $783 a month, against $1,363 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 London?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in London, Kentucky at today's rate takes a household income of roughly $58,500 a year. That covers the full $1,363 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for London, 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.