Total monthly cost of ownership
Cost to Own a Home in New Madrid, Missouri
A $121,000 home here costs
$1,124per 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 $48,000 a year.
A standard mortgage calculator would have told you $660. The real number is $465 higher every month, 70% more than the payment most buyers budget for.
Compare New Madrid County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for New Madrid from a five-year rolling sample, and with about 2,720 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The New Madrid County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
New Madrid against New Madrid County and Missouri
| Measure | New Madrid | New Madrid County |
|---|---|---|
| Median home value | $120,700 | $105,500 |
| Median property tax | $867 | $746 |
| Effective tax rate | 0.718% | 0.707% |
| Median gross rent | $692 | $734 |
| Population | 2,720 | 16,041 |
The weather behind that power bill
New Madrid sits in New Madrid County, which averages a high of 90.3°F in its hottest month and a low of 27.5°F in its coldest, with 49.29" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,755 cooling and 3,949 heating degree days, which is what sets the $160 electricity line above.
See the full climate breakdown for New Madrid County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in New Madrid County
Full New Madrid County cost breakdown · Every county in Missouri
Talk to someone who works this market
These are New Madrid 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 New Madrid every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in New Madrid I already own here and may sell
Common questions
How much does it cost to own a home in New Madrid?
A $121,000 home in New Madrid, Missouri costs approximately $1,124 per month with 20% down at 7.24%. That is $660 principal and interest, $72 property tax, $63 homeowners insurance, $228 utilities and $101 set aside for maintenance.
What is the property tax rate in New Madrid?
New Madrid has an effective property tax rate of 0.718%, based on a median home value of $120,700 and median real estate taxes of $867. That is higher than the New Madrid County average of 0.707%.
What is the average home price in New Madrid?
The median owner-occupied home value in New Madrid, Missouri is $120,700, against $105,500 across New Madrid County.
Is it cheaper to rent or buy in New Madrid?
Median gross rent in New Madrid is $692 a month, against $1,124 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 New Madrid?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in New Madrid, Missouri at today's rate takes a household income of roughly $48,000 a year. That covers the full $1,124 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for New Madrid, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Missouri.
- 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.