Total monthly cost of ownership
Cost to Own a Home in Red Oak, Texas
A $318,000 home here costs
$2,927per 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 $125,500 a year.
A standard mortgage calculator would have told you $1,734. The real number is $1,193 higher every month, 69% more than the payment most buyers budget for.
Compare Ellis 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.
Red Oak against Ellis County and Texas
| Measure | Red Oak | Ellis County |
|---|---|---|
| Median home value | $318,200 | $306,400 |
| Median property tax | $5,710 | $4,472 |
| Effective tax rate | 1.794% | 1.460% |
| Median gross rent | $1,527 | $1,449 |
| Population | 15,909 | 203,927 |
The weather behind that power bill
Red Oak sits in Ellis County, which averages a high of 95.3°F in its hottest month and a low of 33.9°F in its coldest, with 40.8" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 2,543 cooling and 2,431 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Ellis County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Ellis County
Talk to someone who works this market
These are Red Oak 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 Red Oak every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Red Oak I already own here and may sell
Common questions
How much does it cost to own a home in Red Oak?
A $318,000 home in Red Oak, Texas costs approximately $2,927 per month with 20% down at 7.24%. That is $1,734 principal and interest, $475 property tax, $210 homeowners insurance, $242 utilities and $265 set aside for maintenance.
What is the property tax rate in Red Oak?
Red Oak has an effective property tax rate of 1.794%, based on a median home value of $318,200 and median real estate taxes of $5,710. That is higher than the Ellis County average of 1.460%.
What is the average home price in Red Oak?
The median owner-occupied home value in Red Oak, Texas is $318,200, against $306,400 across Ellis County.
Is it cheaper to rent or buy in Red Oak?
Median gross rent in Red Oak is $1,527 a month, against $2,927 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 Red Oak?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Red Oak, Texas at today's rate takes a household income of roughly $125,500 a year. That covers the full $2,927 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Red Oak, 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.