Mortgage Calculator & Closing Costs: Owensboro, KY
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Owensboro, Kentucky.
Median Home Price
$185K
Population
60K
Avg Monthly Rent
$880
Property Tax Rate
0.83% *
* Property tax shown is the Kentucky state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Owensboro.
Owensboro vs Kentucky Median
The median home price in Owensboro is $185,000, which is 12% below the Kentucky state median of $210,000.
Mortgage Calculator — Owensboro, KY
Pre-filled with Owensboro median home price and Kentucky tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $185K home using Kentucky's 0.83% tax rate and $2,400/yr insurance.
5% Down
$1,541/mo
Down: $9,250
Loan: $176K
P&I: $1,111
Tax: $128
Insurance: $200
PMI: $103
10% Down
$1,477/mo
Down: $18,500
Loan: $167K
P&I: $1,052
Tax: $128
Insurance: $200
PMI: $97
20% Down (No PMI)
$1,263/mo
Down: $37,000
Loan: $148K
P&I: $935
Tax: $128
Insurance: $200
Income needed (28% rule): $54K/year with 20% down, $63K/year with 10% down.
Rent vs Buy in Owensboro
Rent
$880/mo
vs
Buy (10% down)
$1,477/mo
Price-to-rent ratio: 17.5 — A ratio between 15-20 means the rent vs buy decision in Owensboro depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Owensboro is $185,000, 12% below the Kentucky state median of $210,000. With a population of 60,183, Owensboro is a smaller market where home prices tend to be more accessible than in many parts of Kentucky.
Property taxes in Kentucky average 0.83% annually. This moderate property tax rate means a $185,000 home in Owensboro would carry roughly $128/month in property taxes. Homeowners insurance in Kentucky runs approximately $2,400 per year. This is within the normal range nationally.
Average rent in Owensboro is $880/month. The price-to-rent ratio in Owensboro is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Owensboro offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Kentucky's KHC Regular DAP program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Owensboro.