Total monthly cost of ownership
Cost to Own a Home in Odessa, Texas
A $208,000 home here costs
$1,924per 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 $82,500 a year.
A standard mortgage calculator would have told you $1,134. The real number is $790 higher every month, 70% more than the payment most buyers budget for.
Compare Midland 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.
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 $174 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
Talk to someone who works this market
These are Odessa 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 Odessa every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Odessa I already own here and may sell
Common questions
How much does it cost to own a home in Odessa?
A $208,000 home in Odessa, Texas costs approximately $1,924 per month with 20% down at 7.24%. That is $1,134 principal and interest, $237 property tax, $138 homeowners insurance, $242 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 $1,924 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 Odessa?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Odessa, Texas at today's rate takes a household income of roughly $82,500 a year. That covers the full $1,924 monthly cost, not just the mortgage payment.
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.