Total monthly cost of ownership
Cost to Own a Home in Morristown, Tennessee
A $156,000 home here costs
$1,273per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $802. The real number is $471 higher every month — 59% 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.
Morristown against Hamblen County and Tennessee
| Measure | Morristown | Hamblen County |
|---|---|---|
| Median home value | $155,700 | $188,800 |
| Median property tax | $921 | $863 |
| Effective tax rate | 0.592% | 0.457% |
| Median gross rent | $855 | $838 |
| Population | 30,983 | 64,930 |
Morristown extends across 2 counties. Figures here use Hamblen County, where most of its housing sits.
The weather behind that power bill
Morristown sits in Hamblen County, which averages a high of 86.4°F in its hottest month and a low of 27.1°F in its coldest, with 48.14" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,251 cooling and 4,017 heating degree days, which is what sets the $130 electricity line above.
See the full climate breakdown for Hamblen County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hamblen County
Full Hamblen County cost breakdown · Every county in Tennessee
Common questions
How much does it cost to own a home in Morristown?
A $156,000 home in Morristown, Tennessee costs approximately $1,273 per month with 20% down at 6.66%. That is $802 principal and interest, $77 property tax, $66 homeowners insurance, $198 utilities and $130 set aside for maintenance.
What is the property tax rate in Morristown?
Morristown has an effective property tax rate of 0.592%, based on a median home value of $155,700 and median real estate taxes of $921. That is higher than the Hamblen County average of 0.457%.
What is the average home price in Morristown?
The median owner-occupied home value in Morristown, Tennessee is $155,700, against $188,800 across Hamblen County.
Is it cheaper to rent or buy in Morristown?
Median gross rent in Morristown is $855 a month, against $1,273 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 Morristown — 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.