Total monthly cost of ownership
Cost to Own a Home in Hico, Texas
A $123,000 home here costs
$1,236per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $632. The real number is $604 higher every month — 95% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Hico against Erath County and Texas
| Measure | Hico | Erath County |
|---|---|---|
| Median home value | $122,600 | $251,900 |
| Median property tax | $2,438 | $2,836 |
| Effective tax rate | 1.989% | 1.126% |
| Median gross rent | $725 | $1,134 |
| Population | 1,806 | 43,244 |
Hico extends across 2 counties. Figures here use Erath County, where most of its housing sits.
The weather behind that power bill
Hico sits in Erath County, which averages a high of 97.6°F in its hottest month and a low of 30.9°F in its coldest, with 34.13" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 2,502 cooling and 2,484 heating degree days, which is what sets the $148 electricity line above.
See the full climate breakdown for Erath County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Erath County
Common questions
How much does it cost to own a home in Hico?
A $123,000 home in Hico, Texas costs approximately $1,236 per month with 20% down at 6.66%. That is $632 principal and interest, $204 property tax, $81 homeowners insurance, $216 utilities and $103 set aside for maintenance.
What is the property tax rate in Hico?
Hico has an effective property tax rate of 1.989%, based on a median home value of $122,600 and median real estate taxes of $2,438. That is higher than the Erath County average of 1.126%.
What is the average home price in Hico?
The median owner-occupied home value in Hico, Texas is $122,600, against $251,900 across Erath County.
Is it cheaper to rent or buy in Hico?
Median gross rent in Hico is $725 a month, against $1,236 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Hico — 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.