The typical owner-occupied home in Leoma is worth about $401,700, 40% above the Tennessee median of $286,700 and 21% above the national median of $332,700. Owners pay a median $1,125 a year in property taxes, about 0.28% of their home's value, lower than the Tennessee rate of 0.50%. The median household earns $87,569 a year, so the median home costs 4.6 times the median income (4.1 times for Tennessee). 88% of occupied homes here are lived in by their owners, and 54% of those owners still have a mortgage.
Leoma at a glance
| Leoma | Tennessee | U.S. | |
|---|---|---|---|
| Median home value | $401,700 | $286,700 | $332,700 |
| Median property tax paid per year | $1,125 | $1,442 | $3,119 |
| Property tax as a share of value | 0.28% | 0.50% | 0.94% |
| Median household income | $87,569 | $69,595 | $80,734 |
| Homes lived in by their owners | 88% | 67% | 65% |
| Owner homes with a mortgage | 54% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,201 | $1,566 | $1,963 |
| Those costs as a share of the owners' income | 19.3% | 19.6% | 21.0% |
| Median rent | – | $1,189 | $1,413 |
| Median year homes were built | 1972 | 1987 | 1980 |
| Vacant homes | 26.4% | 10.2% | 10.1% |
| Population | 374 | 7,066,383 | 334,922,499 |
What a typical home costs per month in Leoma
At this week's average 30-year rate of 7.11%, buying the median Leoma home of $401,700 with 20% down costs about $2,423 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,092, 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 $103,839 for the 20%-down payment. That payment is 33% of the median Leoma household income of $87,569; at that income and 20% down, the 28% guideline points to a home of about $339,000.
| Down payment | $80,340 |
|---|---|
| Loan amount | $321,360 |
| Principal and interest | $2,162 |
| Property taxes (0.28% a year) | $94 |
| Homeowners insurance (our estimate, 0.5% a year) | $167 |
| PMI | $0 |
| Total per month | $2,423 |
Change the numbers in the calculator
| Down payment | $14,060 |
|---|---|
| Loan amount | $394,424 |
| Principal and interest | $2,653 |
| Property taxes (0.28% a year) | $94 |
| Homeowners insurance (our estimate, 0.5% a year) | $167 |
| FHA mortgage insurance | $178 |
| Total per month | $3,092 |
Change the numbers in the calculator
Questions about home buying in Leoma
What is the median home value in Leoma?
About $401,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Leoma?
Homeowners pay a median $1,125 a year, which is about 0.28% 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 Leoma?
For the median home with 20% down at 7.11%, the payment is about $2,423 a month. Keeping that under 28% of gross income takes about $103,839 a year.
More about Leoma
- Mortgage Refinance in Leoma
- Debt Relief in Leoma
- Home Equity Loans in Leoma
- 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