Total monthly cost of ownership
Cost to Own a Home in Oakland, Tennessee
A $297,000 home here costs
$2,308per 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 $99,000 a year.
A standard mortgage calculator would have told you $1,619. The real number is $689 higher every month, 43% more than the payment most buyers budget for.
Compare Fayette 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.
Oakland against Fayette County and Tennessee
| Measure | Oakland | Fayette County |
|---|---|---|
| Median home value | $297,300 | $316,000 |
| Median property tax | $1,121 | $1,092 |
| Effective tax rate | 0.377% | 0.346% |
| Median gross rent | $1,815 | $883 |
| Population | 9,544 | 42,653 |
The weather behind that power bill
Oakland sits in Fayette County, which averages a high of 90.4°F in its hottest month and a low of 29.9°F in its coldest, with 54.87" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,871 cooling and 3,227 heating degree days, which is what sets the $155 electricity line above.
See the full climate breakdown for Fayette County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Fayette County
Full Fayette County cost breakdown · Every county in Tennessee
Talk to someone who works this market
These are Oakland 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 Oakland every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Oakland I already own here and may sell
Common questions
How much does it cost to own a home in Oakland?
A $297,000 home in Oakland, Tennessee costs approximately $2,308 per month with 20% down at 7.24%. That is $1,619 principal and interest, $93 property tax, $125 homeowners insurance, $223 utilities and $248 set aside for maintenance.
What is the property tax rate in Oakland?
Oakland has an effective property tax rate of 0.377%, based on a median home value of $297,300 and median real estate taxes of $1,121. That is higher than the Fayette County average of 0.346%.
What is the average home price in Oakland?
The median owner-occupied home value in Oakland, Tennessee is $297,300, against $316,000 across Fayette County.
Is it cheaper to rent or buy in Oakland?
Median gross rent in Oakland is $1,815 a month, against $2,308 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 Oakland?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Oakland, Tennessee at today's rate takes a household income of roughly $99,000 a year. That covers the full $2,308 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Oakland, 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.