Total monthly cost of ownership
Cost to Own a Home in Shelbyville, Kentucky
A $239,000 home here costs
$2,037per 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 $87,500 a year.
A standard mortgage calculator would have told you $1,303. The real number is $734 higher every month, 56% more than the payment most buyers budget for.
Compare Shelby 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.
Shelbyville against Shelby County and Kentucky
| Measure | Shelbyville | Shelby County |
|---|---|---|
| Median home value | $238,600 | $277,500 |
| Median property tax | $2,355 | $2,248 |
| Effective tax rate | 0.987% | 0.810% |
| Median gross rent | $979 | $998 |
| Population | 17,436 | 48,599 |
The weather behind that power bill
Shelbyville sits in Shelby County, which averages a high of 87.6°F in its hottest month and a low of 20.3°F in its coldest, with 49.82" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 976 cooling and 5,147 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Shelby County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Shelby County
Full Shelby County cost breakdown · Every county in Kentucky
Talk to someone who works this market
These are Shelbyville 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 Shelbyville every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Shelbyville I already own here and may sell
Common questions
How much does it cost to own a home in Shelbyville?
A $239,000 home in Shelbyville, Kentucky costs approximately $2,037 per month with 20% down at 7.24%. That is $1,303 principal and interest, $197 property tax, $126 homeowners insurance, $212 utilities and $199 set aside for maintenance.
What is the property tax rate in Shelbyville?
Shelbyville has an effective property tax rate of 0.987%, based on a median home value of $238,600 and median real estate taxes of $2,355. That is higher than the Shelby County average of 0.810%.
What is the average home price in Shelbyville?
The median owner-occupied home value in Shelbyville, Kentucky is $238,600, against $277,500 across Shelby County.
Is it cheaper to rent or buy in Shelbyville?
Median gross rent in Shelbyville is $979 a month, against $2,037 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 Shelbyville?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Shelbyville, Kentucky at today's rate takes a household income of roughly $87,500 a year. That covers the full $2,037 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Shelbyville, 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.