The typical owner-occupied home in Carthage is worth about $257,300, 10% below the Tennessee median of $286,700 and 23% below the national median of $332,700. Owners pay a median $1,342 a year in property taxes, about 0.52% of their home's value, close to the Tennessee rate of 0.50%. The median household earns $67,006 a year, so the median home costs 3.8 times the median income (4.1 times for Tennessee). 63% of occupied homes here are lived in by their owners, and 72% of those owners still have a mortgage.
Carthage at a glance
| Carthage | Tennessee | U.S. | |
|---|---|---|---|
| Median home value | $257,300 | $286,700 | $332,700 |
| Median property tax paid per year | $1,342 | $1,442 | $3,119 |
| Property tax as a share of value | 0.52% | 0.50% | 0.94% |
| Median household income | $67,006 | $69,595 | $80,734 |
| Homes lived in by their owners | 63% | 67% | 65% |
| Owner homes with a mortgage | 72% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,413 | $1,566 | $1,963 |
| Those costs as a share of the owners' income | 20.2% | 19.6% | 21.0% |
| Median rent | $934 | $1,189 | $1,413 |
| Rent as a share of renters' income | 22.9% | 29.5% | 30.6% |
| Median year homes were built | 1965 | 1987 | 1980 |
| Vacant homes | 9.7% | 10.2% | 10.1% |
| Population | 2,327 | 7,066,383 | 334,922,499 |
What a typical home costs per month in Carthage
At this week's average 30-year rate of 7.11%, buying the median Carthage home of $257,300 with 20% down costs about $1,603 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,032, 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 $68,718 for the 20%-down payment. That payment is 29% of the median Carthage household income of $67,006; at that income and 20% down, the 28% guideline points to a home of about $251,000.
The median rent here is $934 a month, so owning the median home costs about $669 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $51,460 |
|---|---|
| Loan amount | $205,840 |
| Principal and interest | $1,385 |
| Property taxes (0.52% a year) | $112 |
| Homeowners insurance (our estimate, 0.5% a year) | $107 |
| PMI | $0 |
| Total per month | $1,603 |
Change the numbers in the calculator
| Down payment | $9,006 |
|---|---|
| Loan amount | $252,640 |
| Principal and interest | $1,700 |
| Property taxes (0.52% a year) | $112 |
| Homeowners insurance (our estimate, 0.5% a year) | $107 |
| FHA mortgage insurance | $114 |
| Total per month | $2,032 |
Change the numbers in the calculator
Questions about home buying in Carthage
What is the median home value in Carthage?
About $257,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Carthage?
Homeowners pay a median $1,342 a year, which is about 0.52% 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 Carthage?
For the median home with 20% down at 7.11%, the payment is about $1,603 a month. Keeping that under 28% of gross income takes about $68,718 a year.
More about Carthage
- Mortgage Refinance in Carthage
- Debt Relief in Carthage
- Home Equity Loans in Carthage
- 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