Total monthly cost of ownership
Cost to Own a Home in Ocean City, Maryland
A $374,000 home here costs
$2,901per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,923. The real number is $979 higher every month — 51% 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.
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 $196 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
Common questions
How much does it cost to own a home in Ocean City?
A $374,000 home in Ocean City, Maryland costs approximately $2,901 per month with 20% down at 6.66%. That is $1,923 principal and interest, $310 property tax, $94 homeowners insurance, $264 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 $2,901 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 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.