Total monthly cost of ownership
Cost to Own a Home in Russell Springs, Kentucky
A $170,000 home here costs
$1,445per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $62,000 a year.
A standard mortgage calculator would have told you $927. The real number is $518 higher every month, 56% more than the payment most buyers budget for.
Compare Russell County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Russell Springs from a five-year rolling sample, and with about 2,755 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 Russell 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.
Russell Springs against Russell County and Kentucky
| Measure | Russell Springs | Russell County |
|---|---|---|
| Median home value | $170,300 | $148,200 |
| Median property tax | $895 | $872 |
| Effective tax rate | 0.526% | 0.588% |
| Median gross rent | $747 | $660 |
| Population | 2,755 | 18,117 |
The weather behind that power bill
Russell Springs sits in Russell County, which averages a high of 85.6°F in its hottest month and a low of 24.5°F in its coldest, with 57.02" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,083 cooling and 4,541 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Russell County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Russell County
Full Russell County cost breakdown · Every county in Kentucky
Talk to someone who works this market
These are Russell Springs 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 Russell Springs every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Russell Springs I already own here and may sell
Common questions
How much does it cost to own a home in Russell Springs?
A $170,000 home in Russell Springs, Kentucky costs approximately $1,445 per month with 20% down at 7.24%. That is $927 principal and interest, $75 property tax, $89 homeowners insurance, $212 utilities and $142 set aside for maintenance.
What is the property tax rate in Russell Springs?
Russell Springs has an effective property tax rate of 0.526%, based on a median home value of $170,300 and median real estate taxes of $895. That is lower than the Russell County average of 0.588%.
What is the average home price in Russell Springs?
The median owner-occupied home value in Russell Springs, Kentucky is $170,300, against $148,200 across Russell County.
Is it cheaper to rent or buy in Russell Springs?
Median gross rent in Russell Springs is $747 a month, against $1,445 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 Russell Springs?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Russell Springs, Kentucky at today's rate takes a household income of roughly $62,000 a year. That covers the full $1,445 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Russell Springs, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Kentucky.
- 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.