Total monthly cost of ownership
Cost to Own a Home in Forest Hill, Texas
A $171,000 home here costs
$1,651per 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 $71,000 a year.
A standard mortgage calculator would have told you $932. The real number is $719 higher every month, 77% more than the payment most buyers budget for.
Compare Tarrant 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.
Forest Hill against Tarrant County and Texas
| Measure | Forest Hill | Tarrant County |
|---|---|---|
| Median home value | $171,300 | $294,100 |
| Median property tax | $2,654 | $5,211 |
| Effective tax rate | 1.549% | 1.772% |
| Median gross rent | $1,506 | $1,447 |
| Population | 13,923 | 2,135,743 |
The weather behind that power bill
Forest Hill sits in Tarrant County, which averages a high of 97.1°F in its hottest month and a low of 37.9°F in its coldest, with 38.32" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 3,125 cooling and 1,992 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Tarrant County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Tarrant County
Talk to someone who works this market
These are Forest Hill 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 Forest Hill every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Forest Hill I already own here and may sell
Common questions
How much does it cost to own a home in Forest Hill?
A $171,000 home in Forest Hill, Texas costs approximately $1,651 per month with 20% down at 7.24%. That is $932 principal and interest, $221 property tax, $113 homeowners insurance, $242 utilities and $143 set aside for maintenance.
What is the property tax rate in Forest Hill?
Forest Hill has an effective property tax rate of 1.549%, based on a median home value of $171,300 and median real estate taxes of $2,654. That is lower than the Tarrant County average of 1.772%.
What is the average home price in Forest Hill?
The median owner-occupied home value in Forest Hill, Texas is $171,300, against $294,100 across Tarrant County.
Is it cheaper to rent or buy in Forest Hill?
Median gross rent in Forest Hill is $1,506 a month, against $1,651 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 Forest Hill?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Forest Hill, Texas at today's rate takes a household income of roughly $71,000 a year. That covers the full $1,651 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Forest Hill, 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.