Total monthly cost of ownership
Cost to Own a Home in Murray, Kentucky
A $193,000 home here costs
$1,649per 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 $70,500 a year.
A standard mortgage calculator would have told you $1,052. The real number is $597 higher every month, 57% more than the payment most buyers budget for.
Compare Calloway 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.
Murray against Calloway County and Kentucky
| Measure | Murray | Calloway County |
|---|---|---|
| Median home value | $193,300 | $181,200 |
| Median property tax | $1,468 | $1,215 |
| Effective tax rate | 0.759% | 0.671% |
| Median gross rent | $835 | $828 |
| Population | 17,888 | 37,882 |
The weather behind that power bill
Murray sits in Calloway County, which averages a high of 89.3°F in its hottest month and a low of 27.4°F in its coldest, with 58.09" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,638 cooling and 3,861 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Calloway County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Calloway County
No other places of this size are published in Calloway County.
Full Calloway County cost breakdown · Every county in Kentucky
Talk to someone who works this market
These are Murray 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 Murray every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Murray I already own here and may sell
Common questions
How much does it cost to own a home in Murray?
A $193,000 home in Murray, Kentucky costs approximately $1,649 per month with 20% down at 7.24%. That is $1,052 principal and interest, $122 property tax, $101 homeowners insurance, $212 utilities and $161 set aside for maintenance.
What is the property tax rate in Murray?
Murray has an effective property tax rate of 0.759%, based on a median home value of $193,300 and median real estate taxes of $1,468. That is higher than the Calloway County average of 0.671%.
What is the average home price in Murray?
The median owner-occupied home value in Murray, Kentucky is $193,300, against $181,200 across Calloway County.
Is it cheaper to rent or buy in Murray?
Median gross rent in Murray is $835 a month, against $1,649 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 Murray?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Murray, Kentucky at today's rate takes a household income of roughly $70,500 a year. That covers the full $1,649 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Murray, 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.