Total monthly cost of ownership
Cost to Own a Home in Lake Colorado City, Texas
A $53,000 home here costs
$689per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $272. The real number is $416 higher every month — 153% 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.
Lake Colorado City against Mitchell County and Texas
| Measure | Lake Colorado City | Mitchell County |
|---|---|---|
| Median home value | $53,300 | $85,700 |
| Median property tax | $1,461 | $1,680 |
| Effective tax rate | 2.741% | 1.960% |
| Median gross rent | $435 | $481 |
| Population | 1,001 | 8,989 |
The weather behind that power bill
Lake Colorado City sits in Mitchell County, which averages a high of 96.7°F in its hottest month and a low of 28.2°F in its coldest, with 22" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 2,336 cooling and 2,803 heating degree days, which is what sets the $148 electricity line above.
See the full climate breakdown for Mitchell County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Mitchell County
Common questions
How much does it cost to own a home in Lake Colorado City?
A $53,000 home in Lake Colorado City, Texas costs approximately $689 per month with 20% down at 6.66%. That is $272 principal and interest, $121 property tax, $35 homeowners insurance, $216 utilities and $44 set aside for maintenance.
What is the property tax rate in Lake Colorado City?
Lake Colorado City has an effective property tax rate of 2.741%, based on a median home value of $53,300 and median real estate taxes of $1,461. That is higher than the Mitchell County average of 1.960%.
What is the average home price in Lake Colorado City?
The median owner-occupied home value in Lake Colorado City, Texas is $53,300, against $85,700 across Mitchell County.
Is it cheaper to rent or buy in Lake Colorado City?
Median gross rent in Lake Colorado City is $435 a month, against $689 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 Lake Colorado City — 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.