The typical owner-occupied home in Morgan County is worth about $118,200, 43% below the Kentucky median of $205,600 and 64% below the national median of $332,700. Owners pay a median $780 a year in property taxes, about 0.66% of their home's value, lower than the Kentucky rate of 0.75%. The median household earns $47,913 a year, so the median home costs 2.5 times the median income (3.2 times for Kentucky). 79% of occupied homes here are lived in by their owners, and 43% of those owners still have a mortgage.
Morgan County at a glance
| Morgan County | Kentucky | U.S. | |
|---|---|---|---|
| Median home value | $118,200 | $205,600 | $332,700 |
| Median property tax paid per year | $780 | $1,544 | $3,119 |
| Property tax as a share of value | 0.66% | 0.75% | 0.94% |
| Median household income | $47,913 | $63,726 | $80,734 |
| Homes lived in by their owners | 79% | 68% | 65% |
| Owner homes with a mortgage | 43% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,273 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 20.0% | 18.8% | 21.0% |
| Median rent | $663 | $967 | $1,413 |
| Rent as a share of renters' income | 25.8% | 28.1% | 30.6% |
| Median year homes were built | 1991 | 1982 | 1980 |
| Vacant homes | 14.1% | 10.3% | 10.1% |
| Population | 14,053 | 4,534,824 | 334,922,499 |
What a typical home costs per month in Morgan County
At this week's average 30-year rate of 7.11%, buying the median Morgan County home of $118,200 with 20% down costs about $750 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $947, 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 $32,159 for the 20%-down payment. That payment is 19% of the median Morgan County household income of $47,913; at that income and 20% down, the 28% guideline points to a home of about $176,000.
The median rent here is $663 a month, so owning the median home costs about $87 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $23,640 |
|---|---|
| Loan amount | $94,560 |
| Principal and interest | $636 |
| Property taxes (0.66% a year) | $65 |
| Homeowners insurance (our estimate, 0.5% a year) | $49 |
| PMI | $0 |
| Total per month | $750 |
Change the numbers in the calculator
| Down payment | $4,137 |
|---|---|
| Loan amount | $116,059 |
| Principal and interest | $781 |
| Property taxes (0.66% a year) | $65 |
| Homeowners insurance (our estimate, 0.5% a year) | $49 |
| FHA mortgage insurance | $52 |
| Total per month | $947 |
Change the numbers in the calculator
Questions about home buying in Morgan County
What is the median home value in Morgan County?
About $118,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Morgan County?
Homeowners pay a median $780 a year, which is about 0.66% 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 Morgan County?
For the median home with 20% down at 7.11%, the payment is about $750 a month. Keeping that under 28% of gross income takes about $32,159 a year.
More about Morgan County
- Mortgage Refinance in Morgan County
- Debt Relief in Morgan County
- Home Equity Loans in Morgan County
- 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