Total monthly cost of ownership
Cost to Own a Home in Richardson, Texas
A $406,000 home here costs
$3,635per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $156,000 a year.
A standard mortgage calculator would have told you $2,249. The real number is $1,386 higher every month, 62% more than the payment most buyers budget for.
Compare Dallas 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.
Richardson against Dallas County and Texas
| Measure | Richardson | Dallas County |
|---|---|---|
| Median home value | $405,600 | $277,900 |
| Median property tax | $6,438 | $4,668 |
| Effective tax rate | 1.587% | 1.680% |
| Median gross rent | $1,825 | $1,469 |
| Population | 118,269 | 2,603,816 |
Richardson extends across 2 counties. Figures here use Dallas County, where most of its housing sits.
The weather behind that power bill
Richardson sits in Dallas County, which averages a high of 97.1°F in its hottest month and a low of 37.9°F in its coldest, with 38.32" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 3,125 cooling and 1,992 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Dallas County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Dallas County
Talk to someone who works this market
These are Richardson 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 Richardson every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Richardson I already own here and may sell
Common questions
How much does it cost to own a home in Richardson?
A $406,000 home in Richardson, Texas costs approximately $3,635 per month with 20% down at 7.4%. That is $2,249 principal and interest, $537 property tax, $269 homeowners insurance, $242 utilities and $338 set aside for maintenance.
What is the property tax rate in Richardson?
Richardson has an effective property tax rate of 1.587%, based on a median home value of $405,600 and median real estate taxes of $6,438. That is lower than the Dallas County average of 1.680%.
What is the average home price in Richardson?
The median owner-occupied home value in Richardson, Texas is $405,600, against $277,900 across Dallas County.
Is it cheaper to rent or buy in Richardson?
Median gross rent in Richardson is $1,825 a month, against $3,635 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 Richardson?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Richardson, Texas at today's rate takes a household income of roughly $156,000 a year. That covers the full $3,635 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Richardson, 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.