Total monthly cost of ownership
Cost to Own a Home in Spencer County, Kentucky
A $298,000 home here costs
$2,309per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,532. The real number is $777 higher every month — 51% 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.
How Spencer County compares
Spencer County ranks 1,936th of 3,133 US counties by effective property tax rate, meaning property taxes here are lower than in 1,197 counties and higher than in 1,935. Within Kentucky it ranks 66th of 120.
The numbers behind this page
| Measure | Spencer County | Source |
|---|---|---|
| Median home value | $297,600 | ACS B25077 |
| Median real estate taxes paid | $2,118 | ACS B25103 |
| Effective property tax rate | 0.712% | Derived |
| Median gross rent | $954 | ACS B25064 |
| Occupied housing units | 7,062 | ACS B25003 |
| Population | 19,875 | ACS B01003 |
| Residential electricity price | 14.98¢/kWh | EIA 5.6.A |
| 30-year fixed mortgage rate | 6.66% | Freddie Mac PMMS |
Other counties in Kentucky
Compare the cost of the same home elsewhere in the state.
Questions about owning here
What is the property tax rate in Spencer County?
The effective property tax rate in Spencer County, Kentucky is 0.712% of home value per year. On the county's median home value of $297,600, that works out to about $2,118 annually, or $177 per month.
How much does it cost to own a home in Spencer County?
A $298,000 home in Spencer County, Kentucky costs approximately $2,309 per month with 20% down at 6.66%. That breaks down as $1,532 principal and interest, $177 property tax, $149 insurance, $203 utilities and $248 set aside for maintenance.
Why is this higher than the payment my lender quoted?
Lender quotes usually show principal and interest only, and sometimes property tax and insurance. They almost never include electricity, water or a maintenance reserve. Here those add about $451 a month, which is why the real cost is 51% above the mortgage payment alone.
Is it cheaper to rent in Spencer County?
Median gross rent in Spencer County, Kentucky is $954 per month, compared with $2,309 to own the median home outright. Renting is cheaper month to month, though rent does not build equity and is not fixed for 30 years.
How much is the electric bill in Spencer County?
Kentucky residential electricity averages 14.98¢ per kWh. At the US average household usage of 899 kWh per month, that is about $135. Actual bills vary considerably with house size, insulation and climate.
Sources & methodology
- Median home value, real estate taxes paid, gross rent, occupied units and population — US Census Bureau, American Community Survey ACS 2023 5-Year, tables B25077, B25103, B25064, B25003, B01003.
- Effective property tax rate — median real estate taxes paid divided by median home value.
- Mortgage rate — Freddie Mac PMMS, updated weekly.
- Residential electricity price — US Energy Information Administration, Electric Power Monthly, Table 5.6.A.
- Homeowners insurance (0.60%/yr), maintenance (1%/yr) and water and sewer ($68/mo) are modelled national estimates, not quoted figures. Every one is editable above.