Total monthly cost of ownership
Cost to Own a Home in Cumberland, Maryland
A $121,000 home here costs
$1,202per 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 $51,500 a year.
A standard mortgage calculator would have told you $660. The real number is $543 higher every month, 82% more than the payment most buyers budget for.
Compare Allegany 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.
Cumberland against Allegany County and Maryland
| Measure | Cumberland | Allegany County |
|---|---|---|
| Median home value | $120,800 | $149,200 |
| Median property tax | $1,733 | $1,609 |
| Effective tax rate | 1.435% | 1.078% |
| Median gross rent | $728 | $786 |
| Population | 18,938 | 67,762 |
The weather behind that power bill
Cumberland sits in Allegany County, which averages a high of 87.1°F in its hottest month and a low of 22.5°F in its coldest, with 39.22" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,042 cooling and 5,119 heating degree days, which is what sets the $199 electricity line above.
See the full climate breakdown for Allegany County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Allegany County
Full Allegany County cost breakdown · Every county in Maryland
Talk to someone who works this market
These are Cumberland 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 Cumberland every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Cumberland I already own here and may sell
Common questions
How much does it cost to own a home in Cumberland?
A $121,000 home in Cumberland, Maryland costs approximately $1,202 per month with 20% down at 7.24%. That is $660 principal and interest, $145 property tax, $30 homeowners insurance, $267 utilities and $101 set aside for maintenance.
What is the property tax rate in Cumberland?
Cumberland has an effective property tax rate of 1.435%, based on a median home value of $120,800 and median real estate taxes of $1,733. That is higher than the Allegany County average of 1.078%.
What is the average home price in Cumberland?
The median owner-occupied home value in Cumberland, Maryland is $120,800, against $149,200 across Allegany County.
Is it cheaper to rent or buy in Cumberland?
Median gross rent in Cumberland is $728 a month, against $1,202 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 Cumberland?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cumberland, Maryland at today's rate takes a household income of roughly $51,500 a year. That covers the full $1,202 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cumberland, 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.