Total monthly cost of ownership
Cost to Own a Home in McDonough, Georgia
A $286,000 home here costs
$2,395per 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 $102,500 a year.
A standard mortgage calculator would have told you $1,559. The real number is $836 higher every month, 54% more than the payment most buyers budget for.
Compare Henry 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.
McDonough against Henry County and Georgia
| Measure | McDonough | Henry County |
|---|---|---|
| Median home value | $285,800 | $277,400 |
| Median property tax | $2,812 | $2,559 |
| Effective tax rate | 0.984% | 0.922% |
| Median gross rent | $1,576 | $1,538 |
| Population | 30,056 | 245,417 |
The weather behind that power bill
McDonough sits in Henry County, which averages a high of 91.8°F in its hottest month and a low of 31.7°F in its coldest, with 51.15" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,844 cooling and 2,908 heating degree days, which is what sets the $171 electricity line above.
See the full climate breakdown for Henry County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Henry County
Talk to someone who works this market
These are McDonough 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 McDonough every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in McDonough I already own here and may sell
Common questions
How much does it cost to own a home in McDonough?
A $286,000 home in McDonough, Georgia costs approximately $2,395 per month with 20% down at 7.24%. That is $1,559 principal and interest, $235 property tax, $124 homeowners insurance, $239 utilities and $238 set aside for maintenance.
What is the property tax rate in McDonough?
McDonough has an effective property tax rate of 0.984%, based on a median home value of $285,800 and median real estate taxes of $2,812. That is higher than the Henry County average of 0.922%.
What is the average home price in McDonough?
The median owner-occupied home value in McDonough, Georgia is $285,800, against $277,400 across Henry County.
Is it cheaper to rent or buy in McDonough?
Median gross rent in McDonough is $1,576 a month, against $2,395 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 McDonough?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in McDonough, Georgia at today's rate takes a household income of roughly $102,500 a year. That covers the full $2,395 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for McDonough, 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.