The typical owner-occupied home in Phelps is worth about $102,700, 50% below the Kentucky median of $205,600 and 69% below the national median of $332,700. Owners pay a median $472 a year in property taxes, about 0.46% of their home's value, lower than the Kentucky rate of 0.75%. 57% of occupied homes here are lived in by their owners, and 8% of those owners still have a mortgage.
Phelps at a glance
| Phelps | Kentucky | U.S. | |
|---|---|---|---|
| Median home value | $102,700 | $205,600 | $332,700 |
| Median property tax paid per year | $472 | $1,544 | $3,119 |
| Property tax as a share of value | 0.46% | 0.75% | 0.94% |
| Median household income | – | $63,726 | $80,734 |
| Homes lived in by their owners | 57% | 68% | 65% |
| Owner homes with a mortgage | 8% | 56% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,433 | $1,963 |
| Median rent | – | $967 | $1,413 |
| Median year homes were built | 1989 | 1982 | 1980 |
| Vacant homes | 15.8% | 10.3% | 10.1% |
| Population | 301 | 4,534,824 | 334,922,499 |
What a typical home costs per month in Phelps
At this week's average 30-year rate of 7.11%, buying the median Phelps home of $102,700 with 20% down costs about $635 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $806, 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 $27,208 for the 20%-down payment.
| Down payment | $20,540 |
|---|---|
| Loan amount | $82,160 |
| Principal and interest | $553 |
| Property taxes (0.46% a year) | $39 |
| Homeowners insurance (our estimate, 0.5% a year) | $43 |
| PMI | $0 |
| Total per month | $635 |
Change the numbers in the calculator
| Down payment | $3,594 |
|---|---|
| Loan amount | $100,840 |
| Principal and interest | $678 |
| Property taxes (0.46% a year) | $39 |
| Homeowners insurance (our estimate, 0.5% a year) | $43 |
| FHA mortgage insurance | $45 |
| Total per month | $806 |
Change the numbers in the calculator
Questions about home buying in Phelps
What is the median home value in Phelps?
About $102,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Phelps?
Homeowners pay a median $472 a year, which is about 0.46% 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 Phelps?
For the median home with 20% down at 7.11%, the payment is about $635 a month. Keeping that under 28% of gross income takes about $27,208 a year.
More about Phelps
- Mortgage Refinance in Phelps
- Debt Relief in Phelps
- Home Equity Loans in Phelps
- 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