Total monthly cost of ownership
Cost to Own a Home in Melissa, Texas
A $430,000 home here costs
$3,851per 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 $165,000 a year.
A standard mortgage calculator would have told you $2,382. The real number is $1,469 higher every month, 62% more than the payment most buyers budget for.
Compare Collin 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.
Melissa against Collin County and Texas
| Measure | Melissa | Collin County |
|---|---|---|
| Median home value | $430,300 | $447,600 |
| Median property tax | $7,013 | $7,432 |
| Effective tax rate | 1.630% | 1.660% |
| Median gross rent | $2,341 | $1,792 |
| Population | 17,497 | 1,116,601 |
The weather behind that power bill
Melissa sits in Collin County, which averages a high of 95.5°F in its hottest month and a low of 33.9°F in its coldest, with 38.3" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 2,531 cooling and 2,497 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Collin County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Collin County
Talk to someone who works this market
These are Melissa 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 Melissa every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Melissa I already own here and may sell
Common questions
How much does it cost to own a home in Melissa?
A $430,000 home in Melissa, Texas costs approximately $3,851 per month with 20% down at 7.4%. That is $2,382 principal and interest, $584 property tax, $285 homeowners insurance, $242 utilities and $358 set aside for maintenance.
What is the property tax rate in Melissa?
Melissa has an effective property tax rate of 1.630%, based on a median home value of $430,300 and median real estate taxes of $7,013. That is lower than the Collin County average of 1.660%.
What is the average home price in Melissa?
The median owner-occupied home value in Melissa, Texas is $430,300, against $447,600 across Collin County.
Is it cheaper to rent or buy in Melissa?
Median gross rent in Melissa is $2,341 a month, against $3,851 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 Melissa?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Melissa, Texas at today's rate takes a household income of roughly $165,000 a year. That covers the full $3,851 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Melissa, 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.