Total monthly cost of ownership
Cost to Own a Home in Fate, Texas
A $361,000 home here costs
$3,289per 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 $141,000 a year.
A standard mortgage calculator would have told you $1,968. The real number is $1,321 higher every month, 67% more than the payment most buyers budget for.
Compare Rockwall 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.
Fate against Rockwall County and Texas
| Measure | Fate | Rockwall County |
|---|---|---|
| Median home value | $361,100 | $386,000 |
| Median property tax | $6,464 | $6,341 |
| Effective tax rate | 1.790% | 1.643% |
| Median gross rent | $2,528 | $1,899 |
| Population | 20,757 | 116,931 |
The weather behind that power bill
Fate sits in Rockwall County, which averages a high of 96.3°F in its hottest month and a low of 35.7°F in its coldest, with 38.42" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 2,738 cooling and 2,211 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Rockwall County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Rockwall County
Talk to someone who works this market
These are Fate 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 Fate every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Fate?
A $361,000 home in Fate, Texas costs approximately $3,289 per month with 20% down at 7.24%. That is $1,968 principal and interest, $538 property tax, $239 homeowners insurance, $242 utilities and $301 set aside for maintenance.
What is the property tax rate in Fate?
Fate has an effective property tax rate of 1.790%, based on a median home value of $361,100 and median real estate taxes of $6,464. That is higher than the Rockwall County average of 1.643%.
What is the average home price in Fate?
The median owner-occupied home value in Fate, Texas is $361,100, against $386,000 across Rockwall County.
Is it cheaper to rent or buy in Fate?
Median gross rent in Fate is $2,528 a month, against $3,289 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 Fate?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Fate, Texas at today's rate takes a household income of roughly $141,000 a year. That covers the full $3,289 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Fate, 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.