Total monthly cost of ownership
Cost to Own a Home in Morristown, Tennessee
A $156,000 home here costs
$1,346per 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 $57,500 a year.
A standard mortgage calculator would have told you $851. The real number is $495 higher every month, 58% more than the payment most buyers budget for.
Compare Hamblen 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.
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 $155 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
Talk to someone who works this market
These are Morristown 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 Morristown every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Morristown I already own here and may sell
Common questions
How much does it cost to own a home in Morristown?
A $156,000 home in Morristown, Tennessee costs approximately $1,346 per month with 20% down at 7.24%. That is $851 principal and interest, $77 property tax, $66 homeowners insurance, $223 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 $1,346 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 Morristown?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Morristown, Tennessee at today's rate takes a household income of roughly $57,500 a year. That covers the full $1,346 monthly cost, not just the mortgage payment.
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.