Total monthly cost of ownership
Cost to Own a Home in Morehead, Kentucky
A $176,000 home here costs
$1,528per 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 $65,500 a year.
A standard mortgage calculator would have told you $960. The real number is $568 higher every month, 59% more than the payment most buyers budget for.
Compare Rowan County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Morehead against Rowan County and Kentucky
| Measure | Morehead | Rowan County |
|---|---|---|
| Median home value | $176,300 | $155,900 |
| Median property tax | $1,398 | $862 |
| Effective tax rate | 0.793% | 0.553% |
| Median gross rent | $791 | $815 |
| Population | 6,924 | 24,525 |
The weather behind that power bill
Morehead sits in Rowan County, which averages a high of 85.5°F in its hottest month and a low of 24.5°F in its coldest, with 50.79" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,057 cooling and 4,729 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Rowan County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Rowan County
No other places of this size are published in Rowan County.
Talk to someone who works this market
These are Morehead 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 Morehead every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Morehead I already own here and may sell
Common questions
How much does it cost to own a home in Morehead?
A $176,000 home in Morehead, Kentucky costs approximately $1,528 per month with 20% down at 7.24%. That is $960 principal and interest, $116 property tax, $93 homeowners insurance, $212 utilities and $147 set aside for maintenance.
What is the property tax rate in Morehead?
Morehead has an effective property tax rate of 0.793%, based on a median home value of $176,300 and median real estate taxes of $1,398. That is higher than the Rowan County average of 0.553%.
What is the average home price in Morehead?
The median owner-occupied home value in Morehead, Kentucky is $176,300, against $155,900 across Rowan County.
Is it cheaper to rent or buy in Morehead?
Median gross rent in Morehead is $791 a month, against $1,528 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 Morehead?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Morehead, Kentucky at today's rate takes a household income of roughly $65,500 a year. That covers the full $1,528 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Morehead, 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.