Total monthly cost of ownership
Cost to Own a Home in Frostburg, Maryland
A $173,000 home here costs
$1,558per 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 $67,000 a year.
A standard mortgage calculator would have told you $943. The real number is $614 higher every month, 65% 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.
Frostburg against Allegany County and Maryland
| Measure | Frostburg | Allegany County |
|---|---|---|
| Median home value | $172,600 | $149,200 |
| Median property tax | $1,917 | $1,609 |
| Effective tax rate | 1.111% | 1.078% |
| Median gross rent | $865 | $786 |
| Population | 7,025 | 67,762 |
The weather behind that power bill
Frostburg 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 Frostburg 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 Frostburg every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Frostburg I already own here and may sell
Common questions
How much does it cost to own a home in Frostburg?
A $173,000 home in Frostburg, Maryland costs approximately $1,558 per month with 20% down at 7.24%. That is $943 principal and interest, $160 property tax, $43 homeowners insurance, $267 utilities and $144 set aside for maintenance.
What is the property tax rate in Frostburg?
Frostburg has an effective property tax rate of 1.111%, based on a median home value of $172,600 and median real estate taxes of $1,917. That is higher than the Allegany County average of 1.078%.
What is the average home price in Frostburg?
The median owner-occupied home value in Frostburg, Maryland is $172,600, against $149,200 across Allegany County.
Is it cheaper to rent or buy in Frostburg?
Median gross rent in Frostburg is $865 a month, against $1,558 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 Frostburg?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Frostburg, Maryland at today's rate takes a household income of roughly $67,000 a year. That covers the full $1,558 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Frostburg, 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.