Total monthly cost of ownership
Cost to Own a Home in Rainbow Lakes Estates, Florida
A $145,000 home here costs
$1,346per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $57,500 a year.
A standard mortgage calculator would have told you $803. The real number is $543 higher every month, 68% more than the payment most buyers budget for.
Compare Marion County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Rainbow Lakes Estates from a five-year rolling sample, and with about 3,376 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 Marion 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.
Rainbow Lakes Estates against Marion County and Florida
| Measure | Rainbow Lakes Estates | Marion County |
|---|---|---|
| Median home value | $144,500 | $220,800 |
| Median property tax | $1,206 | $1,659 |
| Effective tax rate | 0.835% | 0.751% |
| Median gross rent | $766 | $1,174 |
| Population | 3,376 | 387,697 |
Rainbow Lakes Estates extends across 2 counties. Figures here use Marion County, where most of its housing sits.
The weather behind that power bill
Rainbow Lakes Estates sits in Marion County, which averages a high of 92.0°F in its hottest month and a low of 45.6°F in its coldest, with 51.64" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 3,104 cooling and 791 heating degree days, which is what sets the $166 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
Talk to someone who works this market
These are Rainbow Lakes Estates 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 Rainbow Lakes Estates every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Rainbow Lakes Estates I already own here and may sell
Common questions
How much does it cost to own a home in Rainbow Lakes Estates?
A $145,000 home in Rainbow Lakes Estates, Florida costs approximately $1,346 per month with 20% down at 7.4%. That is $803 principal and interest, $101 property tax, $88 homeowners insurance, $234 utilities and $121 set aside for maintenance.
What is the property tax rate in Rainbow Lakes Estates?
Rainbow Lakes Estates has an effective property tax rate of 0.835%, based on a median home value of $144,500 and median real estate taxes of $1,206. That is higher than the Marion County average of 0.751%.
What is the average home price in Rainbow Lakes Estates?
The median owner-occupied home value in Rainbow Lakes Estates, Florida is $144,500, against $220,800 across Marion County.
Is it cheaper to rent or buy in Rainbow Lakes Estates?
Median gross rent in Rainbow Lakes Estates is $766 a month, against $1,346 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 Rainbow Lakes Estates?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Rainbow Lakes Estates, Florida at today's rate takes a household income of roughly $57,500 a year. That covers the full $1,346 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Rainbow Lakes Estates, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Florida.
- 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.