Total monthly cost of ownership
Cost to Own a Home in Selma, Alabama
A $103,000 home here costs
$1,017per 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 $43,500 a year.
A standard mortgage calculator would have told you $562. The real number is $455 higher every month, 81% more than the payment most buyers budget for.
Compare Dallas County with anywhere in America · full county breakdown
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 $187 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
Talk to someone who works this market
These are Selma 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 Selma every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Selma?
A $103,000 home in Selma, Alabama costs approximately $1,017 per month with 20% down at 7.24%. That is $562 principal and interest, $44 property tax, $70 homeowners insurance, $255 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 $1,017 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 Selma?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Selma, Alabama at today's rate takes a household income of roughly $43,500 a year. That covers the full $1,017 monthly cost, not just the mortgage payment.
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.