Total monthly cost of ownership
Cost to Own a Home in Annapolis, Maryland
A $510,000 home here costs
$4,045per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $173,500 a year.
A standard mortgage calculator would have told you $2,803. The real number is $1,242 higher every month, 44% more than the payment most buyers budget for.
Compare Anne Arundel 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.
Annapolis against Anne Arundel County and Maryland
| Measure | Annapolis | Anne Arundel County |
|---|---|---|
| Median home value | $510,200 | $450,300 |
| Median property tax | $5,075 | $3,836 |
| Effective tax rate | 0.995% | 0.852% |
| Median gross rent | $1,855 | $1,990 |
| Population | 40,744 | 590,936 |
The weather behind that power bill
Annapolis sits in Anne Arundel County, which averages a high of 86.0°F in its hottest month and a low of 29.8°F in its coldest, with 43.99" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,436 cooling and 4,062 heating degree days, which is what sets the $199 electricity line above.
See the full climate breakdown for Anne Arundel County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Anne Arundel County
Full Anne Arundel County cost breakdown · Every county in Maryland
Talk to someone who works this market
These are Annapolis 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 Annapolis every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Annapolis I already own here and may sell
Common questions
How much does it cost to own a home in Annapolis?
A $510,000 home in Annapolis, Maryland costs approximately $4,045 per month with 20% down at 7.32%. That is $2,803 principal and interest, $423 property tax, $128 homeowners insurance, $267 utilities and $425 set aside for maintenance.
What is the property tax rate in Annapolis?
Annapolis has an effective property tax rate of 0.995%, based on a median home value of $510,200 and median real estate taxes of $5,075. That is higher than the Anne Arundel County average of 0.852%.
What is the average home price in Annapolis?
The median owner-occupied home value in Annapolis, Maryland is $510,200, against $450,300 across Anne Arundel County.
Is it cheaper to rent or buy in Annapolis?
Median gross rent in Annapolis is $1,855 a month, against $4,045 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 Annapolis?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Annapolis, Maryland at today's rate takes a household income of roughly $173,500 a year. That covers the full $4,045 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Annapolis, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Maryland.
- 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.