Total monthly cost of ownership
Cost to Own a Home in Mayfield, Kentucky
A $114,000 home here costs
$1,065per 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 $45,500 a year.
A standard mortgage calculator would have told you $622. The real number is $444 higher every month, 71% more than the payment most buyers budget for.
Compare Graves 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.
Mayfield against Graves County and Kentucky
| Measure | Mayfield | Graves County |
|---|---|---|
| Median home value | $114,400 | $139,000 |
| Median property tax | $918 | $929 |
| Effective tax rate | 0.802% | 0.668% |
| Median gross rent | $598 | $713 |
| Population | 9,905 | 36,612 |
The weather behind that power bill
Mayfield sits in Graves County, which averages a high of 89.9°F in its hottest month and a low of 27.3°F in its coldest, with 50.32" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,683 cooling and 3,925 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Graves County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Graves County
No other places of this size are published in Graves County.
Full Graves County cost breakdown · Every county in Kentucky
Talk to someone who works this market
These are Mayfield 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 Mayfield every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Mayfield I already own here and may sell
Common questions
How much does it cost to own a home in Mayfield?
A $114,000 home in Mayfield, Kentucky costs approximately $1,065 per month with 20% down at 7.24%. That is $622 principal and interest, $76 property tax, $60 homeowners insurance, $212 utilities and $95 set aside for maintenance.
What is the property tax rate in Mayfield?
Mayfield has an effective property tax rate of 0.802%, based on a median home value of $114,400 and median real estate taxes of $918. That is higher than the Graves County average of 0.668%.
What is the average home price in Mayfield?
The median owner-occupied home value in Mayfield, Kentucky is $114,400, against $139,000 across Graves County.
Is it cheaper to rent or buy in Mayfield?
Median gross rent in Mayfield is $598 a month, against $1,065 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 Mayfield?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Mayfield, Kentucky at today's rate takes a household income of roughly $45,500 a year. That covers the full $1,065 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Mayfield, 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.