Total monthly cost of ownership
Cost to Own a Home in Slaton, Texas
A $86,000 home here costs
$947per 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 $40,500 a year.
A standard mortgage calculator would have told you $469. The real number is $478 higher every month, 102% more than the payment most buyers budget for.
Compare Lubbock 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.
Slaton against Lubbock County and Texas
| Measure | Slaton | Lubbock County |
|---|---|---|
| Median home value | $86,400 | $199,600 |
| Median property tax | $1,287 | $3,119 |
| Effective tax rate | 1.490% | 1.563% |
| Median gross rent | $1,042 | $1,134 |
| Population | 5,811 | 314,633 |
The weather behind that power bill
Slaton sits in Lubbock County, which averages a high of 93.4°F in its hottest month and a low of 27.2°F in its coldest, with 18.33" of precipitation a year and 39% of it in a single three-month stretch. That climate drives 1,950 cooling and 3,243 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Lubbock County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lubbock County
Talk to someone who works this market
These are Slaton 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 Slaton every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Slaton I already own here and may sell
Common questions
How much does it cost to own a home in Slaton?
A $86,000 home in Slaton, Texas costs approximately $947 per month with 20% down at 7.24%. That is $469 principal and interest, $107 property tax, $57 homeowners insurance, $242 utilities and $72 set aside for maintenance.
What is the property tax rate in Slaton?
Slaton has an effective property tax rate of 1.490%, based on a median home value of $86,400 and median real estate taxes of $1,287. That is lower than the Lubbock County average of 1.563%.
What is the average home price in Slaton?
The median owner-occupied home value in Slaton, Texas is $86,400, against $199,600 across Lubbock County.
Is it cheaper to rent or buy in Slaton?
Median gross rent in Slaton is $1,042 a month, against $947 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Slaton?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Slaton, Texas at today's rate takes a household income of roughly $40,500 a year. That covers the full $947 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Slaton, 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.