Total monthly cost of ownership
Cost to Own a Home in Lakeway, Texas
A $695,000 home here costs
$5,931per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $254,000 a year.
A standard mortgage calculator would have told you $3,850. The real number is $2,081 higher every month, 54% more than the payment most buyers budget for.
Compare Travis 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.
Lakeway against Travis County and Texas
| Measure | Lakeway | Travis County |
|---|---|---|
| Median home value | $695,400 | $487,600 |
| Median property tax | $9,603 | $7,487 |
| Effective tax rate | 1.381% | 1.535% |
| Median gross rent | $3,123 | $1,669 |
| Population | 19,130 | 1,307,625 |
The weather behind that power bill
Lakeway sits in Travis County, which averages a high of 97.0°F in its hottest month and a low of 37.7°F in its coldest, with 35.57" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 2,996 cooling and 1,718 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Travis County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Travis County
Talk to someone who works this market
These are Lakeway 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 Lakeway every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lakeway I already own here and may sell
Common questions
How much does it cost to own a home in Lakeway?
A $695,000 home in Lakeway, Texas costs approximately $5,931 per month with 20% down at 7.4%. That is $3,850 principal and interest, $800 property tax, $460 homeowners insurance, $242 utilities and $579 set aside for maintenance.
What is the property tax rate in Lakeway?
Lakeway has an effective property tax rate of 1.381%, based on a median home value of $695,400 and median real estate taxes of $9,603. That is lower than the Travis County average of 1.535%.
What is the average home price in Lakeway?
The median owner-occupied home value in Lakeway, Texas is $695,400, against $487,600 across Travis County.
Is it cheaper to rent or buy in Lakeway?
Median gross rent in Lakeway is $3,123 a month, against $5,931 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 Lakeway?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lakeway, Texas at today's rate takes a household income of roughly $254,000 a year. That covers the full $5,931 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lakeway, 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.