Total monthly cost of ownership
Cost to Own a Home in Monterey, Tennessee
A $131,000 home here costs
$1,194per 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 $51,000 a year.
A standard mortgage calculator would have told you $714. The real number is $479 higher every month, 67% more than the payment most buyers budget for.
Compare Putnam County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Monterey from a five-year rolling sample, and with about 2,751 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 Putnam 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.
Monterey against Putnam County and Tennessee
| Measure | Monterey | Putnam County |
|---|---|---|
| Median home value | $130,600 | $246,800 |
| Median property tax | $1,104 | $1,299 |
| Effective tax rate | 0.845% | 0.526% |
| Median gross rent | $688 | $881 |
| Population | 2,751 | 81,366 |
The weather behind that power bill
Monterey sits in Putnam County, which averages a high of 87.3°F in its hottest month and a low of 27.0°F in its coldest, with 60.02" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,270 cooling and 4,014 heating degree days, which is what sets the $155 electricity line above.
See the full climate breakdown for Putnam County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Putnam County
Full Putnam County cost breakdown · Every county in Tennessee
Talk to someone who works this market
These are Monterey 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 Monterey every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Monterey I already own here and may sell
Common questions
How much does it cost to own a home in Monterey?
A $131,000 home in Monterey, Tennessee costs approximately $1,194 per month with 20% down at 7.24%. That is $714 principal and interest, $92 property tax, $55 homeowners insurance, $223 utilities and $109 set aside for maintenance.
What is the property tax rate in Monterey?
Monterey has an effective property tax rate of 0.845%, based on a median home value of $130,600 and median real estate taxes of $1,104. That is higher than the Putnam County average of 0.526%.
What is the average home price in Monterey?
The median owner-occupied home value in Monterey, Tennessee is $130,600, against $246,800 across Putnam County.
Is it cheaper to rent or buy in Monterey?
Median gross rent in Monterey is $688 a month, against $1,194 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 Monterey?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Monterey, Tennessee at today's rate takes a household income of roughly $51,000 a year. That covers the full $1,194 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Monterey, 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.