Total monthly cost of ownership
Cost to Own a Home in Murphy, Texas
A $509,000 home here costs
$4,341per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,617. The real number is $1,724 higher every month — 66% 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.
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 $148 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
Common questions
How much does it cost to own a home in Murphy?
A $509,000 home in Murphy, Texas costs approximately $4,341 per month with 20% down at 6.66%. That is $2,617 principal and interest, $747 property tax, $337 homeowners insurance, $216 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 $4,341 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 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.