The typical owner-occupied home in Water Valley is worth about $77,100, 62% below the Kentucky median of $205,600 and 77% below the national median of $332,700. Owners pay a median $523 a year in property taxes, about 0.68% of their home's value, lower than the Kentucky rate of 0.75%. The median household earns $42,143 a year, so the median home costs 1.8 times the median income (3.2 times for Kentucky). 100% of occupied homes here are lived in by their owners, and 37% of those owners still have a mortgage.
Water Valley at a glance
| Water Valley | Kentucky | U.S. | |
|---|---|---|---|
| Median home value | $77,100 | $205,600 | $332,700 |
| Median property tax paid per year | $523 | $1,544 | $3,119 |
| Property tax as a share of value | 0.68% | 0.75% | 0.94% |
| Median household income | $42,143 | $63,726 | $80,734 |
| Homes lived in by their owners | 100% | 68% | 65% |
| Owner homes with a mortgage | 37% | 56% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,433 | $1,963 |
| Median rent | – | $967 | $1,413 |
| Median year homes were built | 1973 | 1982 | 1980 |
| Vacant homes | 0.0% | 10.3% | 10.1% |
| Population | 137 | 4,534,824 | 334,922,499 |
What a typical home costs per month in Water Valley
At this week's average 30-year rate of 7.11%, buying the median Water Valley home of $77,100 with 20% down costs about $491 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $619, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $21,032 for the 20%-down payment. That payment is 14% of the median Water Valley household income of $42,143; at that income and 20% down, the 28% guideline points to a home of about $154,000.
| Down payment | $15,420 |
|---|---|
| Loan amount | $61,680 |
| Principal and interest | $415 |
| Property taxes (0.68% a year) | $44 |
| Homeowners insurance (our estimate, 0.5% a year) | $32 |
| PMI | $0 |
| Total per month | $491 |
Change the numbers in the calculator
| Down payment | $2,698 |
|---|---|
| Loan amount | $75,704 |
| Principal and interest | $509 |
| Property taxes (0.68% a year) | $44 |
| Homeowners insurance (our estimate, 0.5% a year) | $32 |
| FHA mortgage insurance | $34 |
| Total per month | $619 |
Change the numbers in the calculator
Questions about home buying in Water Valley
What is the median home value in Water Valley?
About $77,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Water Valley?
Homeowners pay a median $523 a year, which is about 0.68% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Water Valley?
For the median home with 20% down at 7.11%, the payment is about $491 a month. Keeping that under 28% of gross income takes about $21,032 a year.
More about Water Valley
- Mortgage Refinance in Water Valley
- Debt Relief in Water Valley
- Home Equity Loans in Water Valley
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data