Total monthly cost of ownership
Cost to Own a Home in Odessa, Texas
A $208,000 home here costs
$1,833per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,069. The real number is $764 higher every month — 71% 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.
Odessa against Midland County and Texas
| Measure | Odessa | Midland County |
|---|---|---|
| Median home value | $208,000 | $293,000 |
| Median property tax | $2,843 | $3,697 |
| Effective tax rate | 1.367% | 1.262% |
| Median gross rent | $1,322 | $1,383 |
| Population | 114,080 | 171,496 |
Odessa extends across 2 counties. Figures here use Midland County, where most of its housing sits.
The weather behind that power bill
Odessa sits in Midland County, which averages a high of 95.8°F in its hottest month and a low of 32.7°F in its coldest, with 13.51" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 2,672 cooling and 2,367 heating degree days, which is what sets the $148 electricity line above.
See the full climate breakdown for Midland County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Midland County
Common questions
How much does it cost to own a home in Odessa?
A $208,000 home in Odessa, Texas costs approximately $1,833 per month with 20% down at 6.66%. That is $1,069 principal and interest, $237 property tax, $138 homeowners insurance, $216 utilities and $173 set aside for maintenance.
What is the property tax rate in Odessa?
Odessa has an effective property tax rate of 1.367%, based on a median home value of $208,000 and median real estate taxes of $2,843. That is higher than the Midland County average of 1.262%.
What is the average home price in Odessa?
The median owner-occupied home value in Odessa, Texas is $208,000, against $293,000 across Midland County.
Is it cheaper to rent or buy in Odessa?
Median gross rent in Odessa is $1,322 a month, against $1,833 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 Odessa — 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.