Total monthly cost of ownership
Cost to Own a Home in Mountain Lake Park, Maryland
A $199,000 home here costs
$1,677per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,023. The real number is $654 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.
Mountain Lake Park against Garrett County and Maryland
| Measure | Mountain Lake Park | Garrett County |
|---|---|---|
| Median home value | $199,200 | $217,000 |
| Median property tax | $2,102 | $1,792 |
| Effective tax rate | 1.055% | 0.826% |
| Median gross rent | $720 | $710 |
| Population | 2,033 | 28,713 |
The weather behind that power bill
Mountain Lake Park sits in Garrett County, which averages a high of 76.7°F in its hottest month and a low of 17.7°F in its coldest, with 57.01" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 276 cooling and 6,562 heating degree days, which is what sets the $196 electricity line above.
See the full climate breakdown for Garrett County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Garrett County
Full Garrett County cost breakdown · Every county in Maryland
Common questions
How much does it cost to own a home in Mountain Lake Park?
A $199,000 home in Mountain Lake Park, Maryland costs approximately $1,677 per month with 20% down at 6.66%. That is $1,023 principal and interest, $175 property tax, $50 homeowners insurance, $264 utilities and $166 set aside for maintenance.
What is the property tax rate in Mountain Lake Park?
Mountain Lake Park has an effective property tax rate of 1.055%, based on a median home value of $199,200 and median real estate taxes of $2,102. That is higher than the Garrett County average of 0.826%.
What is the average home price in Mountain Lake Park?
The median owner-occupied home value in Mountain Lake Park, Maryland is $199,200, against $217,000 across Garrett County.
Is it cheaper to rent or buy in Mountain Lake Park?
Median gross rent in Mountain Lake Park is $720 a month, against $1,677 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 Mountain Lake Park — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Maryland.
- 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.