Total monthly cost of ownership
Cost to Own a Home in New London, Texas
A $169,000 home here costs
$1,540per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $66,000 a year.
A standard mortgage calculator would have told you $921. The real number is $619 higher every month, 67% more than the payment most buyers budget for.
Compare Rusk County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for New London from a five-year rolling sample, and with about 1,198 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Rusk County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
New London against Rusk County and Texas
| Measure | New London | Rusk County |
|---|---|---|
| Median home value | $169,400 | $166,900 |
| Median property tax | $1,493 | $1,670 |
| Effective tax rate | 0.881% | 1.001% |
| Median gross rent | $581 | $997 |
| Population | 1,198 | 52,613 |
The weather behind that power bill
New London sits in Rusk County, which averages a high of 95.0°F in its hottest month and a low of 35.6°F in its coldest, with 50.41" of precipitation a year and 27% of it in a single three-month stretch. That climate drives 2,477 cooling and 2,214 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Rusk County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Rusk County
Talk to someone who works this market
These are New London 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 New London every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in New London I already own here and may sell
Common questions
How much does it cost to own a home in New London?
A $169,000 home in New London, Texas costs approximately $1,540 per month with 20% down at 7.24%. That is $921 principal and interest, $124 property tax, $112 homeowners insurance, $242 utilities and $141 set aside for maintenance.
What is the property tax rate in New London?
New London has an effective property tax rate of 0.881%, based on a median home value of $169,400 and median real estate taxes of $1,493. That is lower than the Rusk County average of 1.001%.
What is the average home price in New London?
The median owner-occupied home value in New London, Texas is $169,400, against $166,900 across Rusk County.
Is it cheaper to rent or buy in New London?
Median gross rent in New London is $581 a month, against $1,540 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 New London?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in New London, Texas at today's rate takes a household income of roughly $66,000 a year. That covers the full $1,540 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for New London, 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.