Total monthly cost of ownership
Cost to Own a Home in Rainbow Park, Florida
A $165,000 home here costs
$1,492per 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 $64,000 a year.
A standard mortgage calculator would have told you $914. The real number is $578 higher every month, 63% 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 Park from a five-year rolling sample, and with about 2,070 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 Park against Marion County and Florida
| Measure | Rainbow Park | Marion County |
|---|---|---|
| Median home value | $165,400 | $220,800 |
| Median property tax | $1,286 | $1,659 |
| Effective tax rate | 0.778% | 0.751% |
| Median gross rent | — | $1,174 |
| Population | 2,070 | 387,697 |
The weather behind that power bill
Rainbow Park 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 Park 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 Park every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Rainbow Park I already own here and may sell
Common questions
How much does it cost to own a home in Rainbow Park?
A $165,000 home in Rainbow Park, Florida costs approximately $1,492 per month with 20% down at 7.4%. That is $914 principal and interest, $107 property tax, $100 homeowners insurance, $234 utilities and $138 set aside for maintenance.
What is the property tax rate in Rainbow Park?
Rainbow Park has an effective property tax rate of 0.778%, based on a median home value of $165,400 and median real estate taxes of $1,286. That is higher than the Marion County average of 0.751%.
What is the average home price in Rainbow Park?
The median owner-occupied home value in Rainbow Park, Florida is $165,400, against $220,800 across Marion County.
Is it cheaper to rent or buy in Rainbow Park?
Rent data is not published for Rainbow Park at this level of detail.
What salary do you need to buy a home in Rainbow Park?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Rainbow Park, Florida at today's rate takes a household income of roughly $64,000 a year. That covers the full $1,492 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Rainbow Park, 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.