The typical owner-occupied home in Summertown is worth about $213,500, 26% below the Tennessee median of $286,700 and 36% below the national median of $332,700. Owners pay a median $822 a year in property taxes, about 0.39% of their home's value, lower than the Tennessee rate of 0.50%. The median household earns $89,688 a year, so the median home costs 2.4 times the median income (4.1 times for Tennessee). 73% of occupied homes here are lived in by their owners, and 51% of those owners still have a mortgage.
Summertown at a glance
| Summertown | Tennessee | U.S. | |
|---|---|---|---|
| Median home value | $213,500 | $286,700 | $332,700 |
| Median property tax paid per year | $822 | $1,442 | $3,119 |
| Property tax as a share of value | 0.39% | 0.50% | 0.94% |
| Median household income | $89,688 | $69,595 | $80,734 |
| Homes lived in by their owners | 73% | 67% | 65% |
| Owner homes with a mortgage | 51% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $973 | $1,566 | $1,963 |
| Those costs as a share of the owners' income | 13.1% | 19.6% | 21.0% |
| Median rent | $895 | $1,189 | $1,413 |
| Rent as a share of renters' income | 10.2% | 29.5% | 30.6% |
| Median year homes were built | 1986 | 1987 | 1980 |
| Vacant homes | 10.7% | 10.2% | 10.1% |
| Population | 733 | 7,066,383 | 334,922,499 |
What a typical home costs per month in Summertown
At this week's average 30-year rate of 7.11%, buying the median Summertown home of $213,500 with 20% down costs about $1,307 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,663, 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 $56,028 for the 20%-down payment. That payment is 17% of the median Summertown household income of $89,688; at that income and 20% down, the 28% guideline points to a home of about $342,000.
The median rent here is $895 a month, so owning the median home costs about $412 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $42,700 |
|---|---|
| Loan amount | $170,800 |
| Principal and interest | $1,149 |
| Property taxes (0.39% a year) | $69 |
| Homeowners insurance (our estimate, 0.5% a year) | $89 |
| PMI | $0 |
| Total per month | $1,307 |
Change the numbers in the calculator
| Down payment | $7,472 |
|---|---|
| Loan amount | $209,633 |
| Principal and interest | $1,410 |
| Property taxes (0.39% a year) | $69 |
| Homeowners insurance (our estimate, 0.5% a year) | $89 |
| FHA mortgage insurance | $94 |
| Total per month | $1,663 |
Change the numbers in the calculator
Questions about home buying in Summertown
What is the median home value in Summertown?
About $213,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Summertown?
Homeowners pay a median $822 a year, which is about 0.39% 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 Summertown?
For the median home with 20% down at 7.11%, the payment is about $1,307 a month. Keeping that under 28% of gross income takes about $56,028 a year.
More about Summertown
- Mortgage Refinance in Summertown
- Debt Relief in Summertown
- Home Equity Loans in Summertown
- 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