Total monthly cost of ownership
Cost to Own a Home in McAllen, Texas
A $174,000 home here costs
$1,724per 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 $74,000 a year.
A standard mortgage calculator would have told you $964. The real number is $760 higher every month, 79% more than the payment most buyers budget for.
Compare Hidalgo 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.
McAllen against Hidalgo County and Texas
| Measure | McAllen | Hidalgo County |
|---|---|---|
| Median home value | $173,800 | $124,000 |
| Median property tax | $3,096 | $2,187 |
| Effective tax rate | 1.781% | 1.764% |
| Median gross rent | $1,017 | $925 |
| Population | 143,789 | 880,921 |
The weather behind that power bill
McAllen sits in Hidalgo County, which averages a high of 98.2°F in its hottest month and a low of 48.7°F in its coldest, with 23.63" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 4,269 cooling and 644 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Hidalgo County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hidalgo County
Talk to someone who works this market
These are McAllen 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 McAllen every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in McAllen I already own here and may sell
Common questions
How much does it cost to own a home in McAllen?
A $174,000 home in McAllen, Texas costs approximately $1,724 per month with 20% down at 7.4%. That is $964 principal and interest, $258 property tax, $115 homeowners insurance, $242 utilities and $145 set aside for maintenance.
What is the property tax rate in McAllen?
McAllen has an effective property tax rate of 1.781%, based on a median home value of $173,800 and median real estate taxes of $3,096. That is higher than the Hidalgo County average of 1.764%.
What is the average home price in McAllen?
The median owner-occupied home value in McAllen, Texas is $173,800, against $124,000 across Hidalgo County.
Is it cheaper to rent or buy in McAllen?
Median gross rent in McAllen is $1,017 a month, against $1,724 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 McAllen?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in McAllen, Texas at today's rate takes a household income of roughly $74,000 a year. That covers the full $1,724 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for McAllen, 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.