Total monthly cost of ownership
Cost to Own a Home in Wichita Falls, Texas
A $143,000 home here costs
$1,449per 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 $62,000 a year.
A standard mortgage calculator would have told you $780. The real number is $670 higher every month, 86% more than the payment most buyers budget for.
Compare Wichita 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.
Wichita Falls against Wichita County and Texas
| Measure | Wichita Falls | Wichita County |
|---|---|---|
| Median home value | $142,600 | $141,600 |
| Median property tax | $2,554 | $2,501 |
| Effective tax rate | 1.791% | 1.766% |
| Median gross rent | $978 | $972 |
| Population | 102,558 | 129,842 |
Wichita Falls extends across 2 counties. Figures here use Wichita County, where most of its housing sits.
The weather behind that power bill
Wichita Falls sits in Wichita County, which averages a high of 97.2°F in its hottest month and a low of 30.0°F in its coldest, with 27.89" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 2,445 cooling and 2,897 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Wichita County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wichita County
Talk to someone who works this market
These are Wichita Falls 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 Wichita Falls 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 Wichita Falls?
A $143,000 home in Wichita Falls, Texas costs approximately $1,449 per month with 20% down at 7.24%. That is $780 principal and interest, $213 property tax, $95 homeowners insurance, $242 utilities and $119 set aside for maintenance.
What is the property tax rate in Wichita Falls?
Wichita Falls has an effective property tax rate of 1.791%, based on a median home value of $142,600 and median real estate taxes of $2,554. That is higher than the Wichita County average of 1.766%.
What is the average home price in Wichita Falls?
The median owner-occupied home value in Wichita Falls, Texas is $142,600, against $141,600 across Wichita County.
Is it cheaper to rent or buy in Wichita Falls?
Median gross rent in Wichita Falls is $978 a month, against $1,449 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 Wichita Falls?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Wichita Falls, Texas at today's rate takes a household income of roughly $62,000 a year. That covers the full $1,449 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Wichita Falls, 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.