Estimated Monthly Payment — Median Texas Home
$2,394
Based on $310,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$310,000
Property Tax
1.8%
Avg. HOA
$200/mo
Median Rent
$1,450/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Texas housing market
Texas's housing market is well below the national average, with a median home price around $310,000. Houston is the largest metro, with San Antonio a close second. Texas has no state income tax, but compensates with one of the highest property tax rates in the country — homestead exemptions help, but rates still run high. Texas's effective property tax rate of 1.8% is one of the highest in the country.
The median Texas home costs $310,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $1,600, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $2,394. First-time buyers in Texas can explore programs through Texas HFA.
Photo by Justin Wallace on Unsplash
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FAQ
Texas mortgage FAQs
What's the property tax rate in Texas?
Texas's effective property tax rate averages about 1.8% — one of the highest in the country. On a $310,000 home, that's roughly $465/month or $5,580/year.
How much do I need to earn to afford a typical Texas home?
Using the 28/36 rule, a buyer would need roughly $90,000–$115,000 in gross annual income to comfortably afford Texas's $310,000 median home with 20% down at current rates.
What first-time buyer programs are available in Texas?
TDHCA offers the My First Texas Home program with up to 5% down payment assistance and Mortgage Credit Certificates worth up to $2,000 in annual federal tax savings. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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