Total monthly cost of ownership
Cost to Own a Home in Amarillo, Texas
A $187,000 home here costs
$1,802per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $77,000 a year.
A standard mortgage calculator would have told you $1,036. The real number is $766 higher every month, 74% more than the payment most buyers budget for.
Compare Randall County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Amarillo against Randall County and Texas
| Measure | Amarillo | Randall County |
|---|---|---|
| Median home value | $186,800 | $227,500 |
| Median property tax | $2,933 | $3,587 |
| Effective tax rate | 1.570% | 1.577% |
| Median gross rent | $1,049 | $1,119 |
| Population | 200,945 | 143,791 |
Amarillo extends across 2 counties. Figures here use Randall County, where most of its housing sits.
The weather behind that power bill
Amarillo sits in Randall County, which averages a high of 92.7°F in its hottest month and a low of 22.6°F in its coldest, with 18.45" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 1,603 cooling and 4,007 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Randall County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Randall County
Talk to someone who works this market
These are Amarillo averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Amarillo every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Amarillo?
A $187,000 home in Amarillo, Texas costs approximately $1,802 per month with 20% down at 7.4%. That is $1,036 principal and interest, $245 property tax, $124 homeowners insurance, $242 utilities and $156 set aside for maintenance.
What is the property tax rate in Amarillo?
Amarillo has an effective property tax rate of 1.570%, based on a median home value of $186,800 and median real estate taxes of $2,933. That is in line with the Randall County average of 1.577%.
What is the average home price in Amarillo?
The median owner-occupied home value in Amarillo, Texas is $186,800, against $227,500 across Randall County.
Is it cheaper to rent or buy in Amarillo?
Median gross rent in Amarillo is $1,049 a month, against $1,802 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Amarillo?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Amarillo, Texas at today's rate takes a household income of roughly $77,000 a year. That covers the full $1,802 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Amarillo, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Texas.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.