Total monthly cost of ownership
Cost to Own a Home in Luverne, Alabama
A $125,000 home here costs
$1,159per 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 $49,500 a year.
A standard mortgage calculator would have told you $681. The real number is $477 higher every month, 70% more than the payment most buyers budget for.
Compare Crenshaw County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Luverne from a five-year rolling sample, and with about 2,713 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Crenshaw County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Luverne against Crenshaw County and Alabama
| Measure | Luverne | Crenshaw County |
|---|---|---|
| Median home value | $124,700 | $108,400 |
| Median property tax | $397 | $347 |
| Effective tax rate | 0.318% | 0.320% |
| Median gross rent | $669 | $664 |
| Population | 2,713 | 13,144 |
The weather behind that power bill
Luverne sits in Crenshaw County, which averages a high of 88.9°F in its hottest month and a low of 38.8°F in its coldest, with 54.38" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 2,072 cooling and 2,014 heating degree days, which is what sets the $187 electricity line above.
See the full climate breakdown for Crenshaw County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Crenshaw County
No other places of this size are published in Crenshaw County.
Full Crenshaw County cost breakdown · Every county in Alabama
Talk to someone who works this market
These are Luverne 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 Luverne every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Luverne I already own here and may sell
Common questions
How much does it cost to own a home in Luverne?
A $125,000 home in Luverne, Alabama costs approximately $1,159 per month with 20% down at 7.24%. That is $681 principal and interest, $33 property tax, $85 homeowners insurance, $255 utilities and $104 set aside for maintenance.
What is the property tax rate in Luverne?
Luverne has an effective property tax rate of 0.318%, based on a median home value of $124,700 and median real estate taxes of $397. That is in line with the Crenshaw County average of 0.320%.
What is the average home price in Luverne?
The median owner-occupied home value in Luverne, Alabama is $124,700, against $108,400 across Crenshaw County.
Is it cheaper to rent or buy in Luverne?
Median gross rent in Luverne is $669 a month, against $1,159 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 Luverne?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Luverne, Alabama at today's rate takes a household income of roughly $49,500 a year. That covers the full $1,159 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Luverne, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Alabama.
- 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.