Total monthly cost of ownership
Cost to Own a Home in Oak Ridge, Tennessee
A $234,000 home here costs
$1,849per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,203. The real number is $646 higher every month — 54% 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.
Oak Ridge against Anderson County and Tennessee
| Measure | Oak Ridge | Anderson County |
|---|---|---|
| Median home value | $233,500 | $215,800 |
| Median property tax | $1,849 | $1,333 |
| Effective tax rate | 0.792% | 0.618% |
| Median gross rent | $1,076 | $960 |
| Population | 32,088 | 78,175 |
Oak Ridge extends across 2 counties. Figures here use Anderson County, where most of its housing sits.
The weather behind that power bill
Oak Ridge sits in Anderson County, which averages a high of 89.1°F in its hottest month and a low of 30.0°F in its coldest, with 55.53" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,629 cooling and 3,483 heating degree days, which is what sets the $130 electricity line above.
See the full climate breakdown for Anderson County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Anderson County
Full Anderson County cost breakdown · Every county in Tennessee
Common questions
How much does it cost to own a home in Oak Ridge?
A $234,000 home in Oak Ridge, Tennessee costs approximately $1,849 per month with 20% down at 6.66%. That is $1,203 principal and interest, $154 property tax, $98 homeowners insurance, $198 utilities and $195 set aside for maintenance.
What is the property tax rate in Oak Ridge?
Oak Ridge has an effective property tax rate of 0.792%, based on a median home value of $233,500 and median real estate taxes of $1,849. That is higher than the Anderson County average of 0.618%.
What is the average home price in Oak Ridge?
The median owner-occupied home value in Oak Ridge, Tennessee is $233,500, against $215,800 across Anderson County.
Is it cheaper to rent or buy in Oak Ridge?
Median gross rent in Oak Ridge is $1,076 a month, against $1,849 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 Oak Ridge — 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.