Total monthly cost of ownership
Cost to Own a Home in Palmyra, Missouri
A $165,000 home here costs
$1,383per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $848. The real number is $535 higher every month — 63% 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.
Palmyra against Marion County and Missouri
| Measure | Palmyra | Marion County |
|---|---|---|
| Median home value | $165,000 | $158,100 |
| Median property tax | $1,446 | $1,373 |
| Effective tax rate | 0.876% | 0.868% |
| Median gross rent | $852 | $813 |
| Population | 3,620 | 28,493 |
The weather behind that power bill
Palmyra sits in Marion County, which averages a high of 86.0°F in its hottest month and a low of 18.6°F in its coldest, with 36.43" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 1,153 cooling and 5,486 heating degree days, which is what sets the $123 electricity line above.
See the full climate breakdown for Marion County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Marion County
Full Marion County cost breakdown · Every county in Missouri
Common questions
How much does it cost to own a home in Palmyra?
A $165,000 home in Palmyra, Missouri costs approximately $1,383 per month with 20% down at 6.66%. That is $848 principal and interest, $120 property tax, $86 homeowners insurance, $191 utilities and $138 set aside for maintenance.
What is the property tax rate in Palmyra?
Palmyra has an effective property tax rate of 0.876%, based on a median home value of $165,000 and median real estate taxes of $1,446. That is in line with the Marion County average of 0.868%.
What is the average home price in Palmyra?
The median owner-occupied home value in Palmyra, Missouri is $165,000, against $158,100 across Marion County.
Is it cheaper to rent or buy in Palmyra?
Median gross rent in Palmyra is $852 a month, against $1,383 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 Palmyra — 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.