Total monthly cost of ownership
Cost to Own a Home in Murphy, Texas
A $509,000 home here costs
$4,570per 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 $196,000 a year.
A standard mortgage calculator would have told you $2,819. The real number is $1,750 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.
Murphy against Collin County and Texas
| Measure | Murphy | Collin County |
|---|---|---|
| Median home value | $508,500 | $447,600 |
| Median property tax | $8,958 | $7,432 |
| Effective tax rate | 1.762% | 1.660% |
| Median gross rent | $2,640 | $1,792 |
| Population | 21,001 | 1,116,601 |
The weather behind that power bill
Murphy 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 Murphy 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 Murphy every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Murphy I already own here and may sell
Common questions
How much does it cost to own a home in Murphy?
A $509,000 home in Murphy, Texas costs approximately $4,570 per month with 20% down at 7.4%. That is $2,819 principal and interest, $747 property tax, $337 homeowners insurance, $242 utilities and $424 set aside for maintenance.
What is the property tax rate in Murphy?
Murphy has an effective property tax rate of 1.762%, based on a median home value of $508,500 and median real estate taxes of $8,958. That is higher than the Collin County average of 1.660%.
What is the average home price in Murphy?
The median owner-occupied home value in Murphy, Texas is $508,500, against $447,600 across Collin County.
Is it cheaper to rent or buy in Murphy?
Median gross rent in Murphy is $2,640 a month, against $4,570 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 Murphy?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Murphy, Texas at today's rate takes a household income of roughly $196,000 a year. That covers the full $4,570 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Murphy, 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.