Total monthly cost of ownership
Cost to Own a Home in Silver Lake, Florida
A $299,000 home here costs
$2,493per 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 $107,000 a year.
A standard mortgage calculator would have told you $1,630. The real number is $863 higher every month, 53% more than the payment most buyers budget for.
Compare Lake County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Silver Lake from a five-year rolling sample, and with about 2,610 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 Lake 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.
Silver Lake against Lake County and Florida
| Measure | Silver Lake | Lake County |
|---|---|---|
| Median home value | $299,000 | $287,900 |
| Median property tax | $2,396 | $2,284 |
| Effective tax rate | 0.801% | 0.793% |
| Median gross rent | $1,306 | $1,468 |
| Population | 2,610 | 398,696 |
The weather behind that power bill
Silver Lake sits in Lake County, which averages a high of 91.7°F in its hottest month and a low of 48.9°F in its coldest, with 43.78" of precipitation a year and 45% of it in a single three-month stretch. That climate drives 3,481 cooling and 630 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for Lake County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lake County
Talk to someone who works this market
These are Silver Lake 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 Silver Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Silver Lake I already own here and may sell
Common questions
How much does it cost to own a home in Silver Lake?
A $299,000 home in Silver Lake, Florida costs approximately $2,493 per month with 20% down at 7.24%. That is $1,630 principal and interest, $200 property tax, $181 homeowners insurance, $233 utilities and $249 set aside for maintenance.
What is the property tax rate in Silver Lake?
Silver Lake has an effective property tax rate of 0.801%, based on a median home value of $299,000 and median real estate taxes of $2,396. That is in line with the Lake County average of 0.793%.
What is the average home price in Silver Lake?
The median owner-occupied home value in Silver Lake, Florida is $299,000, against $287,900 across Lake County.
Is it cheaper to rent or buy in Silver Lake?
Median gross rent in Silver Lake is $1,306 a month, against $2,493 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 Silver Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Silver Lake, Florida at today's rate takes a household income of roughly $107,000 a year. That covers the full $2,493 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Silver Lake, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Florida.
- 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.