Total monthly cost of ownership
Cost to Own a Home in Ocean City, Maryland
A $374,000 home here costs
$3,021per 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 $129,500 a year.
A standard mortgage calculator would have told you $2,039. The real number is $982 higher every month, 48% more than the payment most buyers budget for.
Compare Worcester 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.
Ocean City against Worcester County and Maryland
| Measure | Ocean City | Worcester County |
|---|---|---|
| Median home value | $373,700 | $348,100 |
| Median property tax | $3,716 | $2,629 |
| Effective tax rate | 0.994% | 0.755% |
| Median gross rent | $1,187 | $1,180 |
| Population | 6,887 | 53,279 |
The weather behind that power bill
Ocean City sits in Worcester County, which averages a high of 89.3°F in its hottest month and a low of 30.2°F in its coldest, with 47.38" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,588 cooling and 3,631 heating degree days, which is what sets the $199 electricity line above.
See the full climate breakdown for Worcester County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Worcester County
Full Worcester County cost breakdown · Every county in Maryland
Talk to someone who works this market
These are Ocean City 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 Ocean City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Ocean City I already own here and may sell
Common questions
How much does it cost to own a home in Ocean City?
A $374,000 home in Ocean City, Maryland costs approximately $3,021 per month with 20% down at 7.24%. That is $2,039 principal and interest, $310 property tax, $94 homeowners insurance, $267 utilities and $312 set aside for maintenance.
What is the property tax rate in Ocean City?
Ocean City has an effective property tax rate of 0.994%, based on a median home value of $373,700 and median real estate taxes of $3,716. That is higher than the Worcester County average of 0.755%.
What is the average home price in Ocean City?
The median owner-occupied home value in Ocean City, Maryland is $373,700, against $348,100 across Worcester County.
Is it cheaper to rent or buy in Ocean City?
Median gross rent in Ocean City is $1,187 a month, against $3,021 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 Ocean City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Ocean City, Maryland at today's rate takes a household income of roughly $129,500 a year. That covers the full $3,021 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Ocean City, 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.