Total monthly cost of ownership
Cost to Own a Home in Midway, Kentucky
A $248,000 home here costs
$1,968per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,275. The real number is $693 higher every month — 54% more than the payment most buyers budget for.
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 $135 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
Common questions
How much does it cost to own a home in Midway?
A $248,000 home in Midway, Kentucky costs approximately $1,968 per month with 20% down at 6.66%. That is $1,275 principal and interest, $153 property tax, $130 homeowners insurance, $203 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 $1,968 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.