Total monthly cost of ownership
Cost to Own a Home in Selma, Alabama
A $103,000 home here costs
$949per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $530. The real number is $419 higher every month — 79% 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.
Selma against Dallas County and Alabama
| Measure | Selma | Dallas County |
|---|---|---|
| Median home value | $102,500 | $97,400 |
| Median property tax | $530 | $413 |
| Effective tax rate | 0.517% | 0.424% |
| Median gross rent | $723 | $749 |
| Population | 17,442 | 37,536 |
The weather behind that power bill
Selma sits in Dallas County, which averages a high of 91.2°F in its hottest month and a low of 34.7°F in its coldest, with 53.45" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 2,086 cooling and 2,367 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Dallas County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Dallas County
Common questions
How much does it cost to own a home in Selma?
A $103,000 home in Selma, Alabama costs approximately $949 per month with 20% down at 6.66%. That is $530 principal and interest, $44 property tax, $70 homeowners insurance, $219 utilities and $86 set aside for maintenance.
What is the property tax rate in Selma?
Selma has an effective property tax rate of 0.517%, based on a median home value of $102,500 and median real estate taxes of $530. That is higher than the Dallas County average of 0.424%.
What is the average home price in Selma?
The median owner-occupied home value in Selma, Alabama is $102,500, against $97,400 across Dallas County.
Is it cheaper to rent or buy in Selma?
Median gross rent in Selma is $723 a month, against $949 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 Selma — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Alabama.
- 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.