Total monthly cost of ownership
Cost to Own a Home in Silver Spring, Maryland
A $619,000 home here costs
$4,549per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $3,182. The real number is $1,367 higher every month — 43% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Silver Spring against Montgomery County and Maryland
| Measure | Silver Spring | Montgomery County |
|---|---|---|
| Median home value | $619,400 | $615,200 |
| Median property tax | $5,191 | $5,341 |
| Effective tax rate | 0.838% | 0.868% |
| Median gross rent | $1,899 | $2,030 |
| Population | 82,129 | 1,057,586 |
The weather behind that power bill
Silver Spring sits in Montgomery County, which averages a high of 87.1°F in its hottest month and a low of 26.9°F in its coldest, with 41.32" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,279 cooling and 4,455 heating degree days, which is what sets the $196 electricity line above.
See the full climate breakdown for Montgomery County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Montgomery County
Full Montgomery County cost breakdown · Every county in Maryland
Common questions
How much does it cost to own a home in Silver Spring?
A $619,000 home in Silver Spring, Maryland costs approximately $4,549 per month with 20% down at 6.66%. That is $3,182 principal and interest, $432 property tax, $155 homeowners insurance, $264 utilities and $516 set aside for maintenance.
What is the property tax rate in Silver Spring?
Silver Spring has an effective property tax rate of 0.838%, based on a median home value of $619,400 and median real estate taxes of $5,191. That is lower than the Montgomery County average of 0.868%.
What is the average home price in Silver Spring?
The median owner-occupied home value in Silver Spring, Maryland is $619,400, against $615,200 across Montgomery County.
Is it cheaper to rent or buy in Silver Spring?
Median gross rent in Silver Spring is $1,899 a month, against $4,549 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Silver Spring — 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.