Total monthly cost of ownership
Cost to Own a Home in Midway, Kentucky
A $248,000 home here costs
$2,055per 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 $88,000 a year.
A standard mortgage calculator would have told you $1,352. The real number is $703 higher every month, 52% more than the payment most buyers budget for.
Compare Woodford County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Midway from a five-year rolling sample, and with about 1,748 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 Woodford 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.
Midway against Woodford County and Kentucky
| Measure | Midway | Woodford County |
|---|---|---|
| Median home value | $247,700 | $270,400 |
| Median property tax | $1,836 | $2,003 |
| Effective tax rate | 0.741% | 0.741% |
| Median gross rent | $902 | $1,000 |
| Population | 1,748 | 27,017 |
The weather behind that power bill
Midway sits in Woodford County, which averages a high of 84.4°F in its hottest month and a low of 24.9°F in its coldest, with 48.11" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,085 cooling and 4,640 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Woodford County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Woodford County
Full Woodford County cost breakdown · Every county in Kentucky
Talk to someone who works this market
These are Midway 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 Midway every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Midway I already own here and may sell
Common questions
How much does it cost to own a home in Midway?
A $248,000 home in Midway, Kentucky costs approximately $2,055 per month with 20% down at 7.24%. That is $1,352 principal and interest, $153 property tax, $130 homeowners insurance, $212 utilities and $207 set aside for maintenance.
What is the property tax rate in Midway?
Midway has an effective property tax rate of 0.741%, based on a median home value of $247,700 and median real estate taxes of $1,836. That is in line with the Woodford County average of 0.741%.
What is the average home price in Midway?
The median owner-occupied home value in Midway, Kentucky is $247,700, against $270,400 across Woodford County.
Is it cheaper to rent or buy in Midway?
Median gross rent in Midway is $902 a month, against $2,055 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 Midway?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Midway, Kentucky at today's rate takes a household income of roughly $88,000 a year. That covers the full $2,055 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Midway, 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.