Total monthly cost of ownership
Cost to Own a Home in Garrett, Texas
A $128,000 home here costs
$1,250per 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 $53,500 a year.
A standard mortgage calculator would have told you $698. The real number is $553 higher every month, 79% more than the payment most buyers budget for.
Compare Ellis County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Garrett from a five-year rolling sample, and with about 1,067 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Ellis County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Garrett against Ellis County and Texas
| Measure | Garrett | Ellis County |
|---|---|---|
| Median home value | $127,500 | $306,400 |
| Median property tax | $1,420 | $4,472 |
| Effective tax rate | 1.114% | 1.460% |
| Median gross rent | $958 | $1,449 |
| Population | 1,067 | 203,927 |
The weather behind that power bill
Garrett sits in Ellis County, which averages a high of 95.3°F in its hottest month and a low of 33.9°F in its coldest, with 40.8" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 2,543 cooling and 2,431 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Ellis County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Ellis County
Talk to someone who works this market
These are Garrett 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 Garrett every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Garrett I already own here and may sell
Common questions
How much does it cost to own a home in Garrett?
A $128,000 home in Garrett, Texas costs approximately $1,250 per month with 20% down at 7.24%. That is $698 principal and interest, $119 property tax, $85 homeowners insurance, $242 utilities and $107 set aside for maintenance.
What is the property tax rate in Garrett?
Garrett has an effective property tax rate of 1.114%, based on a median home value of $127,500 and median real estate taxes of $1,420. That is lower than the Ellis County average of 1.460%.
What is the average home price in Garrett?
The median owner-occupied home value in Garrett, Texas is $127,500, against $306,400 across Ellis County.
Is it cheaper to rent or buy in Garrett?
Median gross rent in Garrett is $958 a month, against $1,250 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 Garrett?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Garrett, Texas at today's rate takes a household income of roughly $53,500 a year. That covers the full $1,250 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Garrett, 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.