Total monthly cost of ownership
Cost to Own a Home in Monticello, Mississippi
A $114,000 home here costs
$1,064per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $586. The real number is $478 higher every month — 82% 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 Lawrence County and Mississippi
| Measure | Monticello | Lawrence County |
|---|---|---|
| Median home value | $114,200 | $104,600 |
| Median property tax | $797 | $732 |
| Effective tax rate | 0.698% | 0.700% |
| Median gross rent | $394 | $835 |
| Population | 1,277 | 11,883 |
The weather behind that power bill
Monticello sits in Lawrence County, which averages a high of 95.8°F in its hottest month and a low of 36.0°F in its coldest, with 60.35" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 2,726 cooling and 1,893 heating degree days, which is what sets the $145 electricity line above.
See the full climate breakdown for Lawrence County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lawrence County
No other places of this size are published in Lawrence County.
Full Lawrence County cost breakdown · Every county in Mississippi
Common questions
How much does it cost to own a home in Monticello?
A $114,000 home in Monticello, Mississippi costs approximately $1,064 per month with 20% down at 6.66%. That is $586 principal and interest, $66 property tax, $103 homeowners insurance, $213 utilities and $95 set aside for maintenance.
What is the property tax rate in Monticello?
Monticello has an effective property tax rate of 0.698%, based on a median home value of $114,200 and median real estate taxes of $797. That is in line with the Lawrence County average of 0.700%.
What is the average home price in Monticello?
The median owner-occupied home value in Monticello, Mississippi is $114,200, against $104,600 across Lawrence County.
Is it cheaper to rent or buy in Monticello?
Median gross rent in Monticello is $394 a month, against $1,064 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 Mississippi.
- 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.