Total monthly cost of ownership
Cost to Own a Home in Princess Anne, Maryland
A $152,000 home here costs
$1,463per 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 $62,500 a year.
A standard mortgage calculator would have told you $829. The real number is $634 higher every month, 77% more than the payment most buyers budget for.
Compare Somerset County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Princess Anne from a five-year rolling sample, and with about 3,461 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 Somerset 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.
Princess Anne against Somerset County and Maryland
| Measure | Princess Anne | Somerset County |
|---|---|---|
| Median home value | $152,400 | $164,300 |
| Median property tax | $2,441 | $1,603 |
| Effective tax rate | 1.602% | 0.976% |
| Median gross rent | $1,183 | $938 |
| Population | 3,461 | 24,685 |
The weather behind that power bill
Princess Anne sits in Somerset County, which averages a high of 86.1°F in its hottest month and a low of 29.5°F in its coldest, with 43.25" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,358 cooling and 3,957 heating degree days, which is what sets the $199 electricity line above.
See the full climate breakdown for Somerset County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Somerset County
Full Somerset County cost breakdown · Every county in Maryland
Talk to someone who works this market
These are Princess Anne 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 Princess Anne every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Princess Anne I already own here and may sell
Common questions
How much does it cost to own a home in Princess Anne?
A $152,000 home in Princess Anne, Maryland costs approximately $1,463 per month with 20% down at 7.24%. That is $829 principal and interest, $203 property tax, $38 homeowners insurance, $267 utilities and $127 set aside for maintenance.
What is the property tax rate in Princess Anne?
Princess Anne has an effective property tax rate of 1.602%, based on a median home value of $152,400 and median real estate taxes of $2,441. That is higher than the Somerset County average of 0.976%.
What is the average home price in Princess Anne?
The median owner-occupied home value in Princess Anne, Maryland is $152,400, against $164,300 across Somerset County.
Is it cheaper to rent or buy in Princess Anne?
Median gross rent in Princess Anne is $1,183 a month, against $1,463 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 Princess Anne?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Princess Anne, Maryland at today's rate takes a household income of roughly $62,500 a year. That covers the full $1,463 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Princess Anne, 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.