Total monthly cost of ownership
Cost to Own a Home in Monticello, Kentucky
A $126,000 home here costs
$1,083per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $648. The real number is $435 higher every month — 67% 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.
Monticello against Wayne County and Kentucky
| Measure | Monticello | Wayne County |
|---|---|---|
| Median home value | $125,800 | $121,700 |
| Median property tax | $730 | $703 |
| Effective tax rate | 0.580% | 0.578% |
| Median gross rent | $679 | $666 |
| Population | 5,741 | 19,592 |
The weather behind that power bill
Monticello sits in Wayne County, which averages a high of 86.3°F in its hottest month and a low of 26.4°F in its coldest, with 52.46" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,198 cooling and 4,319 heating degree days, which is what sets the $135 electricity line above.
See the full climate breakdown for Wayne County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wayne County
No other places of this size are published in Wayne County.
Common questions
How much does it cost to own a home in Monticello?
A $126,000 home in Monticello, Kentucky costs approximately $1,083 per month with 20% down at 6.66%. That is $648 principal and interest, $61 property tax, $66 homeowners insurance, $203 utilities and $105 set aside for maintenance.
What is the property tax rate in Monticello?
Monticello has an effective property tax rate of 0.580%, based on a median home value of $125,800 and median real estate taxes of $730. That is in line with the Wayne County average of 0.578%.
What is the average home price in Monticello?
The median owner-occupied home value in Monticello, Kentucky is $125,800, against $121,700 across Wayne County.
Is it cheaper to rent or buy in Monticello?
Median gross rent in Monticello is $679 a month, against $1,083 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 Monticello — 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.