Total monthly cost of ownership
Cost to Own a Home in Lake Mary, Florida
A $462,000 home here costs
$3,719per 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 $159,500 a year.
A standard mortgage calculator would have told you $2,539. The real number is $1,180 higher every month, 46% more than the payment most buyers budget for.
Compare Seminole 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.
Lake Mary against Seminole County and Florida
| Measure | Lake Mary | Seminole County |
|---|---|---|
| Median home value | $462,200 | $357,300 |
| Median property tax | $3,387 | $2,493 |
| Effective tax rate | 0.733% | 0.698% |
| Median gross rent | $1,999 | $1,686 |
| Population | 16,724 | 474,912 |
The weather behind that power bill
Lake Mary sits in Seminole County, which averages a high of 92.7°F in its hottest month and a low of 49.6°F in its coldest, with 49.63" of precipitation a year and 45% of it in a single three-month stretch. That climate drives 3,554 cooling and 557 heating degree days, which is what sets the $166 electricity line above.
See the full climate breakdown for Seminole County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Seminole County
Full Seminole County cost breakdown · Every county in Florida
Talk to someone who works this market
These are Lake Mary 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 Lake Mary every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lake Mary I already own here and may sell
Common questions
How much does it cost to own a home in Lake Mary?
A $462,000 home in Lake Mary, Florida costs approximately $3,719 per month with 20% down at 7.32%. That is $2,539 principal and interest, $282 property tax, $279 homeowners insurance, $234 utilities and $385 set aside for maintenance.
What is the property tax rate in Lake Mary?
Lake Mary has an effective property tax rate of 0.733%, based on a median home value of $462,200 and median real estate taxes of $3,387. That is higher than the Seminole County average of 0.698%.
What is the average home price in Lake Mary?
The median owner-occupied home value in Lake Mary, Florida is $462,200, against $357,300 across Seminole County.
Is it cheaper to rent or buy in Lake Mary?
Median gross rent in Lake Mary is $1,999 a month, against $3,719 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 Lake Mary?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lake Mary, Florida at today's rate takes a household income of roughly $159,500 a year. That covers the full $3,719 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lake Mary, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Florida.
- 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.