Total monthly cost of ownership
Cost to Own a Home in Chester, Maryland
A $441,000 home here costs
$3,459per 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 $148,000 a year.
A standard mortgage calculator would have told you $2,404. The real number is $1,055 higher every month, 44% more than the payment most buyers budget for.
Compare Queen Anne's County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Chester from a five-year rolling sample, and with about 4,539 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 Queen Anne's 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.
Chester against Queen Anne's County and Maryland
| Measure | Chester | Queen Anne's County |
|---|---|---|
| Median home value | $441,200 | $441,800 |
| Median property tax | $3,722 | $3,503 |
| Effective tax rate | 0.844% | 0.793% |
| Median gross rent | $1,849 | $1,611 |
| Population | 4,539 | 50,951 |
The weather behind that power bill
Chester sits in Queen Anne's 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 Queen Anne's County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Queen Anne's County
Full Queen Anne's County cost breakdown · Every county in Maryland
Talk to someone who works this market
These are Chester 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 Chester every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Chester I already own here and may sell
Common questions
How much does it cost to own a home in Chester?
A $441,000 home in Chester, Maryland costs approximately $3,459 per month with 20% down at 7.24%. That is $2,404 principal and interest, $310 property tax, $110 homeowners insurance, $267 utilities and $368 set aside for maintenance.
What is the property tax rate in Chester?
Chester has an effective property tax rate of 0.844%, based on a median home value of $441,200 and median real estate taxes of $3,722. That is higher than the Queen Anne's County average of 0.793%.
What is the average home price in Chester?
The median owner-occupied home value in Chester, Maryland is $441,200, against $441,800 across Queen Anne's County.
Is it cheaper to rent or buy in Chester?
Median gross rent in Chester is $1,849 a month, against $3,459 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 Chester?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Chester, Maryland at today's rate takes a household income of roughly $148,000 a year. That covers the full $3,459 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Chester, 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.