Total monthly cost of ownership
Cost to Own a Home in Ridgely, Tennessee
A $75,000 home here costs
$733per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $386. The real number is $348 higher every month — 90% 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.
Ridgely against Lake County and Tennessee
| Measure | Ridgely | Lake County |
|---|---|---|
| Median home value | $74,500 | $107,000 |
| Median property tax | $664 | $758 |
| Effective tax rate | 0.891% | 0.708% |
| Median gross rent | $571 | $472 |
| Population | 1,723 | 6,691 |
The weather behind that power bill
Ridgely sits in Lake County, which averages a high of 90.1°F in its hottest month and a low of 29.2°F in its coldest, with 53.25" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,830 cooling and 3,585 heating degree days, which is what sets the $130 electricity line above.
See the full climate breakdown for Lake County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lake County
Common questions
How much does it cost to own a home in Ridgely?
A $75,000 home in Ridgely, Tennessee costs approximately $733 per month with 20% down at 6.66%. That is $386 principal and interest, $56 property tax, $32 homeowners insurance, $198 utilities and $63 set aside for maintenance.
What is the property tax rate in Ridgely?
Ridgely has an effective property tax rate of 0.891%, based on a median home value of $74,500 and median real estate taxes of $664. That is higher than the Lake County average of 0.708%.
What is the average home price in Ridgely?
The median owner-occupied home value in Ridgely, Tennessee is $74,500, against $107,000 across Lake County.
Is it cheaper to rent or buy in Ridgely?
Median gross rent in Ridgely is $571 a month, against $733 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 Ridgely — 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.