Total monthly cost of ownership
Cost to Own a Home in Lovejoy, Georgia
A $229,000 home here costs
$1,967per 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 $84,500 a year.
A standard mortgage calculator would have told you $1,249. The real number is $719 higher every month, 58% more than the payment most buyers budget for.
Compare Clayton 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.
Lovejoy against Clayton County and Georgia
| Measure | Lovejoy | Clayton County |
|---|---|---|
| Median home value | $228,500 | $194,500 |
| Median property tax | $2,270 | $1,737 |
| Effective tax rate | 0.993% | 0.893% |
| Median gross rent | $1,546 | $1,307 |
| Population | 10,967 | 298,771 |
The weather behind that power bill
Lovejoy sits in Clayton County, which averages a high of 90.1°F in its hottest month and a low of 35.6°F in its coldest, with 50.43" of precipitation a year and 27% of it in a single three-month stretch. That climate drives 2,051 cooling and 2,531 heating degree days, which is what sets the $171 electricity line above.
See the full climate breakdown for Clayton County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Clayton County
Full Clayton County cost breakdown · Every county in Georgia
Talk to someone who works this market
These are Lovejoy 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 Lovejoy every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lovejoy I already own here and may sell
Common questions
How much does it cost to own a home in Lovejoy?
A $229,000 home in Lovejoy, Georgia costs approximately $1,967 per month with 20% down at 7.24%. That is $1,249 principal and interest, $189 property tax, $99 homeowners insurance, $239 utilities and $191 set aside for maintenance.
What is the property tax rate in Lovejoy?
Lovejoy has an effective property tax rate of 0.993%, based on a median home value of $228,500 and median real estate taxes of $2,270. That is higher than the Clayton County average of 0.893%.
What is the average home price in Lovejoy?
The median owner-occupied home value in Lovejoy, Georgia is $228,500, against $194,500 across Clayton County.
Is it cheaper to rent or buy in Lovejoy?
Median gross rent in Lovejoy is $1,546 a month, against $1,967 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 Lovejoy?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lovejoy, Georgia at today's rate takes a household income of roughly $84,500 a year. That covers the full $1,967 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lovejoy, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Georgia.
- 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.