Total monthly cost of ownership
Cost to Own a Home in Montgomery, Georgia
A $394,000 home here costs
$3,173per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $136,000 a year.
A standard mortgage calculator would have told you $2,165. The real number is $1,008 higher every month, 47% more than the payment most buyers budget for.
Compare Chatham County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Montgomery from a five-year rolling sample, and with about 4,704 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 Chatham 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.
Montgomery against Chatham County and Georgia
| Measure | Montgomery | Chatham County |
|---|---|---|
| Median home value | $393,700 | $273,300 |
| Median property tax | $3,235 | $2,463 |
| Effective tax rate | 0.822% | 0.901% |
| Median gross rent | $1,249 | $1,382 |
| Population | 4,704 | 298,143 |
The weather behind that power bill
Montgomery sits in Chatham County, which averages a high of 92.3°F in its hottest month and a low of 40.0°F in its coldest, with 48.12" of precipitation a year and 37% of it in a single three-month stretch. That climate drives 2,596 cooling and 1,675 heating degree days, which is what sets the $171 electricity line above.
See the full climate breakdown for Chatham County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Chatham County
Full Chatham County cost breakdown · Every county in Georgia
Talk to someone who works this market
These are Montgomery 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 Montgomery every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Montgomery I already own here and may sell
Common questions
How much does it cost to own a home in Montgomery?
A $394,000 home in Montgomery, Georgia costs approximately $3,173 per month with 20% down at 7.32%. That is $2,165 principal and interest, $270 property tax, $171 homeowners insurance, $239 utilities and $328 set aside for maintenance.
What is the property tax rate in Montgomery?
Montgomery has an effective property tax rate of 0.822%, based on a median home value of $393,700 and median real estate taxes of $3,235. That is lower than the Chatham County average of 0.901%.
What is the average home price in Montgomery?
The median owner-occupied home value in Montgomery, Georgia is $393,700, against $273,300 across Chatham County.
Is it cheaper to rent or buy in Montgomery?
Median gross rent in Montgomery is $1,249 a month, against $3,173 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 Montgomery?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Montgomery, Georgia at today's rate takes a household income of roughly $136,000 a year. That covers the full $3,173 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Montgomery, 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.