Total monthly cost of ownership
Cost to Own a Home in Salyersville, Kentucky
A $97,000 home here costs
$959per 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 $41,000 a year.
A standard mortgage calculator would have told you $529. The real number is $430 higher every month, 81% more than the payment most buyers budget for.
Compare Magoffin County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Salyersville from a five-year rolling sample, and with about 1,891 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 Magoffin 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.
Salyersville against Magoffin County and Kentucky
| Measure | Salyersville | Magoffin County |
|---|---|---|
| Median home value | $96,500 | $88,300 |
| Median property tax | $1,022 | $643 |
| Effective tax rate | 1.059% | 0.728% |
| Median gross rent | $616 | $633 |
| Population | 1,891 | 11,495 |
The weather behind that power bill
Salyersville sits in Magoffin County, which averages a high of 85.0°F in its hottest month and a low of 27.4°F in its coldest, with 51.89" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,236 cooling and 4,068 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Magoffin County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Magoffin County
No other places of this size are published in Magoffin County.
Full Magoffin County cost breakdown · Every county in Kentucky
Talk to someone who works this market
These are Salyersville 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 Salyersville every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Salyersville I already own here and may sell
Common questions
How much does it cost to own a home in Salyersville?
A $97,000 home in Salyersville, Kentucky costs approximately $959 per month with 20% down at 7.24%. That is $529 principal and interest, $86 property tax, $51 homeowners insurance, $212 utilities and $81 set aside for maintenance.
What is the property tax rate in Salyersville?
Salyersville has an effective property tax rate of 1.059%, based on a median home value of $96,500 and median real estate taxes of $1,022. That is higher than the Magoffin County average of 0.728%.
What is the average home price in Salyersville?
The median owner-occupied home value in Salyersville, Kentucky is $96,500, against $88,300 across Magoffin County.
Is it cheaper to rent or buy in Salyersville?
Median gross rent in Salyersville is $616 a month, against $959 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 Salyersville?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Salyersville, Kentucky at today's rate takes a household income of roughly $41,000 a year. That covers the full $959 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Salyersville, 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.