Total monthly cost of ownership
Cost to Own a Home in Runaway Bay, Texas
A $275,000 home here costs
$2,459per 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 $105,500 a year.
A standard mortgage calculator would have told you $1,499. The real number is $960 higher every month, 64% more than the payment most buyers budget for.
Compare Wise County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Runaway Bay from a five-year rolling sample, and with about 1,522 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 Wise 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.
Runaway Bay against Wise County and Texas
| Measure | Runaway Bay | Wise County |
|---|---|---|
| Median home value | $274,700 | $277,200 |
| Median property tax | $3,670 | $3,293 |
| Effective tax rate | 1.336% | 1.188% |
| Median gross rent | $1,172 | $1,239 |
| Population | 1,522 | 72,359 |
The weather behind that power bill
Runaway Bay sits in Wise County, which averages a high of 95.4°F in its hottest month and a low of 33.2°F in its coldest, with 38.89" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 2,551 cooling and 2,534 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Wise County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wise County
Talk to someone who works this market
These are Runaway Bay 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 Runaway Bay every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Runaway Bay?
A $275,000 home in Runaway Bay, Texas costs approximately $2,459 per month with 20% down at 7.24%. That is $1,499 principal and interest, $306 property tax, $182 homeowners insurance, $242 utilities and $229 set aside for maintenance.
What is the property tax rate in Runaway Bay?
Runaway Bay has an effective property tax rate of 1.336%, based on a median home value of $274,700 and median real estate taxes of $3,670. That is higher than the Wise County average of 1.188%.
What is the average home price in Runaway Bay?
The median owner-occupied home value in Runaway Bay, Texas is $274,700, against $277,200 across Wise County.
Is it cheaper to rent or buy in Runaway Bay?
Median gross rent in Runaway Bay is $1,172 a month, against $2,459 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 Runaway Bay?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Runaway Bay, Texas at today's rate takes a household income of roughly $105,500 a year. That covers the full $2,459 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Runaway Bay, 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.