Total monthly cost of ownership
Cost to Own a Home in Oakland, Tennessee
A $297,000 home here costs
$2,191per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,527. The real number is $664 higher every month — 43% 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.
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 $130 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
Common questions
How much does it cost to own a home in Oakland?
A $297,000 home in Oakland, Tennessee costs approximately $2,191 per month with 20% down at 6.66%. That is $1,527 principal and interest, $93 property tax, $125 homeowners insurance, $198 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 $2,191 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 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.