Total monthly cost of ownership
Cost to Own a Home in Oakland, Maryland
A $247,000 home here costs
$2,020per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,270. The real number is $750 higher every month — 59% 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.
Oakland against Garrett County and Maryland
| Measure | Oakland | Garrett County |
|---|---|---|
| Median home value | $247,100 | $217,000 |
| Median property tax | $2,627 | $1,792 |
| Effective tax rate | 1.063% | 0.826% |
| Median gross rent | $631 | $710 |
| Population | 2,043 | 28,713 |
The weather behind that power bill
Oakland 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 Oakland?
A $247,000 home in Oakland, Maryland costs approximately $2,020 per month with 20% down at 6.66%. That is $1,270 principal and interest, $219 property tax, $62 homeowners insurance, $264 utilities and $206 set aside for maintenance.
What is the property tax rate in Oakland?
Oakland has an effective property tax rate of 1.063%, based on a median home value of $247,100 and median real estate taxes of $2,627. That is higher than the Garrett County average of 0.826%.
What is the average home price in Oakland?
The median owner-occupied home value in Oakland, Maryland is $247,100, against $217,000 across Garrett County.
Is it cheaper to rent or buy in Oakland?
Median gross rent in Oakland is $631 a month, against $2,020 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 Oakland — 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.