The typical owner-occupied home in Elgin is worth about $183,300, 36% below the Tennessee median of $286,700 and 45% below the national median of $332,700. Owners pay a median $303 a year in property taxes, about 0.17% of their home's value, lower than the Tennessee rate of 0.50%. 66% of occupied homes here are lived in by their owners, and 73% of those owners still have a mortgage.
Elgin at a glance
| Elgin | Tennessee | U.S. | |
|---|---|---|---|
| Median home value | $183,300 | $286,700 | $332,700 |
| Median property tax paid per year | $303 | $1,442 | $3,119 |
| Property tax as a share of value | 0.17% | 0.50% | 0.94% |
| Median household income | – | $69,595 | $80,734 |
| Homes lived in by their owners | 66% | 67% | 65% |
| Owner homes with a mortgage | 73% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,077 | $1,566 | $1,963 |
| Median rent | – | $1,189 | $1,413 |
| Median year homes were built | 2021 | 1987 | 1980 |
| Vacant homes | 0.0% | 10.2% | 10.1% |
| Population | 347 | 7,066,383 | 334,922,499 |
What a typical home costs per month in Elgin
At this week's average 30-year rate of 7.11%, buying the median Elgin home of $183,300 with 20% down costs about $1,089 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,394, 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 $46,663 for the 20%-down payment.
| Down payment | $36,660 |
|---|---|
| Loan amount | $146,640 |
| Principal and interest | $986 |
| Property taxes (0.17% a year) | $26 |
| Homeowners insurance (our estimate, 0.5% a year) | $76 |
| PMI | $0 |
| Total per month | $1,089 |
Change the numbers in the calculator
| Down payment | $6,416 |
|---|---|
| Loan amount | $179,980 |
| Principal and interest | $1,211 |
| Property taxes (0.17% a year) | $26 |
| Homeowners insurance (our estimate, 0.5% a year) | $76 |
| FHA mortgage insurance | $81 |
| Total per month | $1,394 |
Change the numbers in the calculator
Questions about home buying in Elgin
What is the median home value in Elgin?
About $183,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elgin?
Homeowners pay a median $303 a year, which is about 0.17% 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 Elgin?
For the median home with 20% down at 7.11%, the payment is about $1,089 a month. Keeping that under 28% of gross income takes about $46,663 a year.
More about Elgin
- Mortgage Refinance in Elgin
- Debt Relief in Elgin
- Home Equity Loans in Elgin
- 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