Total monthly cost of ownership
Cost to Own a Home in Oakland, Maryland
A $247,000 home here costs
$2,100per 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 $90,000 a year.
A standard mortgage calculator would have told you $1,347. The real number is $753 higher every month, 56% more than the payment most buyers budget for.
Compare Garrett County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Oakland from a five-year rolling sample, and with about 2,043 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 Garrett 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.
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 $199 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
Talk to someone who works this market
These are Oakland 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 Oakland every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Oakland I already own here and may sell
Common questions
How much does it cost to own a home in Oakland?
A $247,000 home in Oakland, Maryland costs approximately $2,100 per month with 20% down at 7.24%. That is $1,347 principal and interest, $219 property tax, $62 homeowners insurance, $267 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 $2,100 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 Oakland?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Oakland, Maryland at today's rate takes a household income of roughly $90,000 a year. That covers the full $2,100 monthly cost, not just the mortgage payment.
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.