The typical owner-occupied home in Elkton is worth about $202,600, 29% below the Tennessee median of $286,700 and 39% below the national median of $332,700. Owners pay a median $810 a year in property taxes, about 0.40% of their home's value, lower than the Tennessee rate of 0.50%. The median household earns $66,944 a year, so the median home costs 3.0 times the median income (4.1 times for Tennessee). 72% of occupied homes here are lived in by their owners, and 56% of those owners still have a mortgage.
Elkton at a glance
| Elkton | Tennessee | U.S. | |
|---|---|---|---|
| Median home value | $202,600 | $286,700 | $332,700 |
| Median property tax paid per year | $810 | $1,442 | $3,119 |
| Property tax as a share of value | 0.40% | 0.50% | 0.94% |
| Median household income | $66,944 | $69,595 | $80,734 |
| Homes lived in by their owners | 72% | 67% | 65% |
| Owner homes with a mortgage | 56% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,520 | $1,566 | $1,963 |
| Those costs as a share of the owners' income | 21.3% | 19.6% | 21.0% |
| Median rent | $950 | $1,189 | $1,413 |
| Rent as a share of renters' income | 36.4% | 29.5% | 30.6% |
| Median year homes were built | 1972 | 1987 | 1980 |
| Vacant homes | 17.5% | 10.2% | 10.1% |
| Population | 469 | 7,066,383 | 334,922,499 |
What a typical home costs per month in Elkton
At this week's average 30-year rate of 7.11%, buying the median Elkton home of $202,600 with 20% down costs about $1,242 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,580, 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 $53,240 for the 20%-down payment. That payment is 22% of the median Elkton household income of $66,944; at that income and 20% down, the 28% guideline points to a home of about $255,000.
The median rent here is $950 a month, so owning the median home costs about $292 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $40,520 |
|---|---|
| Loan amount | $162,080 |
| Principal and interest | $1,090 |
| Property taxes (0.40% a year) | $68 |
| Homeowners insurance (our estimate, 0.5% a year) | $84 |
| PMI | $0 |
| Total per month | $1,242 |
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| Down payment | $7,091 |
|---|---|
| Loan amount | $198,930 |
| Principal and interest | $1,338 |
| Property taxes (0.40% a year) | $68 |
| Homeowners insurance (our estimate, 0.5% a year) | $84 |
| FHA mortgage insurance | $90 |
| Total per month | $1,580 |
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Questions about home buying in Elkton
What is the median home value in Elkton?
About $202,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elkton?
Homeowners pay a median $810 a year, which is about 0.40% 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 Elkton?
For the median home with 20% down at 7.11%, the payment is about $1,242 a month. Keeping that under 28% of gross income takes about $53,240 a year.
More about Elkton
- Mortgage Refinance in Elkton
- Debt Relief in Elkton
- Home Equity Loans in Elkton
- 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