Total monthly cost of ownership
Cost to Own a Home in Galveston, Texas
A $294,000 home here costs
$2,588per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $111,000 a year.
A standard mortgage calculator would have told you $1,616. The real number is $972 higher every month, 60% more than the payment most buyers budget for.
Compare Galveston 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.
Galveston against Galveston County and Texas
| Measure | Galveston | Galveston County |
|---|---|---|
| Median home value | $294,300 | $284,900 |
| Median property tax | $3,485 | $4,238 |
| Effective tax rate | 1.184% | 1.488% |
| Median gross rent | $1,278 | $1,360 |
| Population | 53,348 | 354,721 |
The weather behind that power bill
Galveston sits in Galveston County, which averages a high of 92.0°F in its hottest month and a low of 48.9°F in its coldest, with 47.22" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 3,571 cooling and 889 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Galveston County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Galveston County
Full Galveston County cost breakdown · Every county in Texas
Talk to someone who works this market
These are Galveston 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 Galveston every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Galveston I already own here and may sell
Common questions
How much does it cost to own a home in Galveston?
A $294,000 home in Galveston, Texas costs approximately $2,588 per month with 20% down at 7.32%. That is $1,616 principal and interest, $290 property tax, $195 homeowners insurance, $242 utilities and $245 set aside for maintenance.
What is the property tax rate in Galveston?
Galveston has an effective property tax rate of 1.184%, based on a median home value of $294,300 and median real estate taxes of $3,485. That is lower than the Galveston County average of 1.488%.
What is the average home price in Galveston?
The median owner-occupied home value in Galveston, Texas is $294,300, against $284,900 across Galveston County.
Is it cheaper to rent or buy in Galveston?
Median gross rent in Galveston is $1,278 a month, against $2,588 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 Galveston?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Galveston, Texas at today's rate takes a household income of roughly $111,000 a year. That covers the full $2,588 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Galveston, 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.