Total monthly cost of ownership
Cost to Own a Home in Selmer, Tennessee
A $112,000 home here costs
$1,027per 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 $44,000 a year.
A standard mortgage calculator would have told you $611. The real number is $416 higher every month, 68% more than the payment most buyers budget for.
Compare McNairy County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Selmer from a five-year rolling sample, and with about 4,456 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 McNairy 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.
Selmer against McNairy County and Tennessee
| Measure | Selmer | McNairy County |
|---|---|---|
| Median home value | $111,600 | $151,100 |
| Median property tax | $632 | $589 |
| Effective tax rate | 0.566% | 0.390% |
| Median gross rent | $671 | $706 |
| Population | 4,456 | 25,933 |
The weather behind that power bill
Selmer sits in McNairy County, which averages a high of 90.3°F in its hottest month and a low of 29.5°F in its coldest, with 59.06" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,782 cooling and 3,444 heating degree days, which is what sets the $155 electricity line above.
See the full climate breakdown for McNairy County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in McNairy County
No other places of this size are published in McNairy County.
Full McNairy County cost breakdown · Every county in Tennessee
Talk to someone who works this market
These are Selmer 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 Selmer every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Selmer I already own here and may sell
Common questions
How much does it cost to own a home in Selmer?
A $112,000 home in Selmer, Tennessee costs approximately $1,027 per month with 20% down at 7.24%. That is $611 principal and interest, $53 property tax, $47 homeowners insurance, $223 utilities and $93 set aside for maintenance.
What is the property tax rate in Selmer?
Selmer has an effective property tax rate of 0.566%, based on a median home value of $111,600 and median real estate taxes of $632. That is higher than the McNairy County average of 0.390%.
What is the average home price in Selmer?
The median owner-occupied home value in Selmer, Tennessee is $111,600, against $151,100 across McNairy County.
Is it cheaper to rent or buy in Selmer?
Median gross rent in Selmer is $671 a month, against $1,027 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 Selmer?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Selmer, Tennessee at today's rate takes a household income of roughly $44,000 a year. That covers the full $1,027 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Selmer, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Tennessee.
- 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.