Total monthly cost of ownership
Cost to Own a Home in Canadian, Texas
A $156,000 home here costs
$1,551per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $66,500 a year.
A standard mortgage calculator would have told you $851. The real number is $700 higher every month, 82% more than the payment most buyers budget for.
Compare Hemphill County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Canadian from a five-year rolling sample, and with about 2,314 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Hemphill County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Canadian against Hemphill County and Texas
| Measure | Canadian | Hemphill County |
|---|---|---|
| Median home value | $156,300 | $214,900 |
| Median property tax | $2,701 | $2,502 |
| Effective tax rate | 1.728% | 1.164% |
| Median gross rent | $886 | $946 |
| Population | 2,314 | 3,311 |
The weather behind that power bill
Canadian sits in Hemphill County, which averages a high of 92.4°F in its hottest month and a low of 22.0°F in its coldest, with 24.15" of precipitation a year and 37% of it in a single three-month stretch. That climate drives 1,528 cooling and 4,328 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Hemphill County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hemphill County
No other places of this size are published in Hemphill County.
Talk to someone who works this market
These are Canadian 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 Canadian every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Canadian I already own here and may sell
Common questions
How much does it cost to own a home in Canadian?
A $156,000 home in Canadian, Texas costs approximately $1,551 per month with 20% down at 7.24%. That is $851 principal and interest, $225 property tax, $103 homeowners insurance, $242 utilities and $130 set aside for maintenance.
What is the property tax rate in Canadian?
Canadian has an effective property tax rate of 1.728%, based on a median home value of $156,300 and median real estate taxes of $2,701. That is higher than the Hemphill County average of 1.164%.
What is the average home price in Canadian?
The median owner-occupied home value in Canadian, Texas is $156,300, against $214,900 across Hemphill County.
Is it cheaper to rent or buy in Canadian?
Median gross rent in Canadian is $886 a month, against $1,551 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 Canadian?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Canadian, Texas at today's rate takes a household income of roughly $66,500 a year. That covers the full $1,551 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Canadian, 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.