Total monthly cost of ownership
Cost to Own a Home in Martin, Tennessee
A $178,000 home here costs
$1,502per 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 $64,500 a year.
A standard mortgage calculator would have told you $970. The real number is $532 higher every month, 55% more than the payment most buyers budget for.
Compare Weakley 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.
Martin against Weakley County and Tennessee
| Measure | Martin | Weakley County |
|---|---|---|
| Median home value | $177,700 | $136,300 |
| Median property tax | $1,025 | $737 |
| Effective tax rate | 0.577% | 0.541% |
| Median gross rent | $808 | $760 |
| Population | 10,864 | 32,959 |
The weather behind that power bill
Martin sits in Weakley County, which averages a high of 88.2°F in its hottest month and a low of 27.1°F in its coldest, with 53.56" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,581 cooling and 3,899 heating degree days, which is what sets the $155 electricity line above.
See the full climate breakdown for Weakley County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Weakley County
Full Weakley County cost breakdown · Every county in Tennessee
Talk to someone who works this market
These are Martin 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 Martin every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Martin I already own here and may sell
Common questions
How much does it cost to own a home in Martin?
A $178,000 home in Martin, Tennessee costs approximately $1,502 per month with 20% down at 7.24%. That is $970 principal and interest, $86 property tax, $75 homeowners insurance, $223 utilities and $148 set aside for maintenance.
What is the property tax rate in Martin?
Martin has an effective property tax rate of 0.577%, based on a median home value of $177,700 and median real estate taxes of $1,025. That is higher than the Weakley County average of 0.541%.
What is the average home price in Martin?
The median owner-occupied home value in Martin, Tennessee is $177,700, against $136,300 across Weakley County.
Is it cheaper to rent or buy in Martin?
Median gross rent in Martin is $808 a month, against $1,502 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 Martin?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Martin, Tennessee at today's rate takes a household income of roughly $64,500 a year. That covers the full $1,502 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Martin, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Tennessee.
- 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.