Total monthly cost of ownership
Cost to Own a Home in Midland, Texas
A $299,000 home here costs
$2,524per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,537. The real number is $987 higher every month — 64% 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.
Midland against Midland County and Texas
| Measure | Midland | Midland County |
|---|---|---|
| Median home value | $298,600 | $293,000 |
| Median property tax | $3,886 | $3,697 |
| Effective tax rate | 1.301% | 1.262% |
| Median gross rent | $1,407 | $1,383 |
| Population | 133,998 | 171,496 |
Midland extends across 2 counties. Figures here use Midland County, where most of its housing sits.
The weather behind that power bill
Midland sits in Midland County, which averages a high of 95.8°F in its hottest month and a low of 32.7°F in its coldest, with 13.51" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 2,672 cooling and 2,367 heating degree days, which is what sets the $148 electricity line above.
See the full climate breakdown for Midland County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Midland County
Common questions
How much does it cost to own a home in Midland?
A $299,000 home in Midland, Texas costs approximately $2,524 per month with 20% down at 6.66%. That is $1,537 principal and interest, $324 property tax, $198 homeowners insurance, $216 utilities and $249 set aside for maintenance.
What is the property tax rate in Midland?
Midland has an effective property tax rate of 1.301%, based on a median home value of $298,600 and median real estate taxes of $3,886. That is higher than the Midland County average of 1.262%.
What is the average home price in Midland?
The median owner-occupied home value in Midland, Texas is $298,600, against $293,000 across Midland County.
Is it cheaper to rent or buy in Midland?
Median gross rent in Midland is $1,407 a month, against $2,524 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 Midland — 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.