Total monthly cost of ownership
Cost to Own a Home in Highland Park, Texas
A $1,887,000 home here costs
$13,571per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $9,701. The real number is $3,870 higher every month — 40% 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.
Highland Park against Dallas County and Texas
| Measure | Highland Park | Dallas County |
|---|---|---|
| Median home value | $1,887,300 | $277,900 |
| Median property tax | $10,001 | $4,668 |
| Effective tax rate | 0.530% | 1.680% |
| Median gross rent | $2,216 | $1,469 |
| Population | 8,774 | 2,603,816 |
The weather behind that power bill
Highland Park sits in Dallas 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 $148 electricity line above.
See the full climate breakdown for Dallas County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Dallas County
Common questions
How much does it cost to own a home in Highland Park?
A $1,887,000 home in Highland Park, Texas costs approximately $13,571 per month with 20% down at 6.66%. That is $9,701 principal and interest, $833 property tax, $1,249 homeowners insurance, $216 utilities and $1,573 set aside for maintenance.
What is the property tax rate in Highland Park?
Highland Park has an effective property tax rate of 0.530%, based on a median home value of $1,887,300 and median real estate taxes of $10,001. That is lower than the Dallas County average of 1.680%.
What is the average home price in Highland Park?
The median owner-occupied home value in Highland Park, Texas is $1,887,300, against $277,900 across Dallas County.
Is it cheaper to rent or buy in Highland Park?
Median gross rent in Highland Park is $2,216 a month, against $13,571 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 Highland Park — 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.