Total monthly cost of ownership
Cost to Own a Home in College Park, Maryland
A $429,000 home here costs
$3,480per 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 $149,000 a year.
A standard mortgage calculator would have told you $2,339. The real number is $1,141 higher every month, 49% more than the payment most buyers budget for.
Compare Prince George's 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.
College Park against Prince George's County and Maryland
| Measure | College Park | Prince George's County |
|---|---|---|
| Median home value | $429,000 | $404,300 |
| Median property tax | $4,918 | $4,662 |
| Effective tax rate | 1.146% | 1.153% |
| Median gross rent | $1,846 | $1,761 |
| Population | 34,397 | 955,584 |
The weather behind that power bill
College Park sits in Prince George's County, which averages a high of 88.0°F in its hottest month and a low of 24.7°F in its coldest, with 45.01" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,284 cooling and 4,546 heating degree days, which is what sets the $199 electricity line above.
See the full climate breakdown for Prince George's County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Prince George's County
Full Prince George's County cost breakdown · Every county in Maryland
Talk to someone who works this market
These are College Park 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 College Park every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in College Park I already own here and may sell
Common questions
How much does it cost to own a home in College Park?
A $429,000 home in College Park, Maryland costs approximately $3,480 per month with 20% down at 7.24%. That is $2,339 principal and interest, $410 property tax, $107 homeowners insurance, $267 utilities and $358 set aside for maintenance.
What is the property tax rate in College Park?
College Park has an effective property tax rate of 1.146%, based on a median home value of $429,000 and median real estate taxes of $4,918. That is in line with the Prince George's County average of 1.153%.
What is the average home price in College Park?
The median owner-occupied home value in College Park, Maryland is $429,000, against $404,300 across Prince George's County.
Is it cheaper to rent or buy in College Park?
Median gross rent in College Park is $1,846 a month, against $3,480 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 College Park?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in College Park, Maryland at today's rate takes a household income of roughly $149,000 a year. That covers the full $3,480 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for College Park, 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.