Total monthly cost of ownership
Cost to Own a Home in Rocky Mount, Virginia
A $181,000 home here costs
$1,424per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $931. The real number is $494 higher every month — 53% 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.
Rocky Mount against Franklin County and Virginia
| Measure | Rocky Mount | Franklin County |
|---|---|---|
| Median home value | $181,400 | $222,800 |
| Median property tax | $865 | $1,188 |
| Effective tax rate | 0.477% | 0.533% |
| Median gross rent | $861 | $797 |
| Population | 4,926 | 54,958 |
The weather behind that power bill
Rocky Mount sits in Franklin County, which averages a high of 86.6°F in its hottest month and a low of 26.4°F in its coldest, with 49.18" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,066 cooling and 4,291 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Franklin County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Franklin County
Full Franklin County cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Rocky Mount?
A $181,000 home in Rocky Mount, Virginia costs approximately $1,424 per month with 20% down at 6.66%. That is $931 principal and interest, $72 property tax, $44 homeowners insurance, $226 utilities and $151 set aside for maintenance.
What is the property tax rate in Rocky Mount?
Rocky Mount has an effective property tax rate of 0.477%, based on a median home value of $181,400 and median real estate taxes of $865. That is lower than the Franklin County average of 0.533%.
What is the average home price in Rocky Mount?
The median owner-occupied home value in Rocky Mount, Virginia is $181,400, against $222,800 across Franklin County.
Is it cheaper to rent or buy in Rocky Mount?
Median gross rent in Rocky Mount is $861 a month, against $1,424 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 Rocky Mount — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Virginia.
- 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.