Free Wisconsin Home Mortgage Loan Calculator
Wisconsin Mortgage Calculator
By SoFi Editors | Updated September 29, 2025
Buying a house is a big life event. It’s also a major money move, and a Wisconsin mortgage calculator can help you take the right steps forward. Just input a few numbers, and the calculator quickly tells you your monthly payment and the total interest you’ll pay over the life of the loan. You can experiment with combinations of home price, down payment amount, and loan term to see how these factors affect your costs. Ready to get started? Learn how to use a mortgage loan calculator to your advantage here.
Key Points
• A mortgage calculator is one tool to help you understand how much house you can afford.
• Mortgage calculators factor in the home price, down payment amount, interest rate, loan term, and property taxes into a monthly payment and total payment calculation.
• A mortgage calculator is particularly useful for first-time homebuyers.
• A loan term might be 10, 20, or 30 years and will govern overall costs.
• Buyers can explore down payment assistance programs for financial support.
Wisconsin Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you and the home seller have mutually agreed upon. This figure is important for accurately estimating your prospective home loan payments.
• Down payment: The down payment is what you pay for the home upfront. This could be anywhere from 3% to 20%, with a 20% down payment allowing you to forego private mortgage insurance (PMI). To determine the percentage down payment on a home, use a down payment calculator.
• Loan term: The loan term represents the length of time a borrower has to repay the mortgage in its entirety, with common terms set at 15 or 30 years. A shorter term, such as 15 years, will result in higher monthly payments but less total interest paid.
• Interest rate: The interest rate represents the cost of borrowing money, typically expressed as a percentage of the total loan amount. The type of mortgage loan you choose and your credit score are among the factors that determine the rate you’ll be offered.
• Annual property tax: Property tax is levied by local governments on both land and buildings. It’s typically expressed as a percentage of assessed value. You can use the average Wisconsin effective property tax rate of 1.25% or you can search for your ZIP code or city name and “effective property tax rate.”
• Monthly payment: This calculator shows what you would pay to cover the principal and interest each month. It also includes property tax. If you need to pay PMI, that would be added on to your payment. Some lenders include homeowners insurance and homeowners association costs as well.
• Total interest paid: This represents the total amount of interest paid over the life of the loan.
• Total loan cost: This is the all-in amount you will pay for the loan, encompassing both the principal and the interest.
How to Use the Wisconsin Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the property.
Step 2: Select a Down Payment Amount
Choose the down payment you plan to pay upfront. You can type in the dollar amount or use a percentage.
Step 3: Choose a Loan Term
Select the time you’ll need to repay the home loan. Common terms are 15 or 30 years.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This affects your monthly payment and total loan cost.
Step 5: Add Your Property Tax
Enter the percentage representing the rate of the property’s annual property taxes. As noted above, Wisconsin’s average effective property tax rate is 1.25%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments based on loan amount, interest rate, and term. Using it can help you determine affordability before house hunting — it will be particularly helpful if you’re buying your first home, because having a mortgage may be entirely new to you.
Comparing rates and terms aids in choosing the type of mortgage loan you will pursue — for example, whether you will have a fixed or variable interest rate. The calculator shows how a down payment impacts your loan.
If you’re unsure of how much home you can afford, another helpful tool is a home affordability calculator.
Deciding How Much House You Can Afford
A Wisconsin mortgage calculator helps you understand how much house you can afford by showing you your monthly payment amount based on home price, down payment amount, interest rate, loan term, and property taxes. Particularly if you are buying your first home, it’s helpful to compare loan terms and down payment amounts to see how they impact monthly expenses and total interest.
If you’re thinking about getting a home loan guaranteed by the Federal Housing Administration (FHA), try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Recommended: Do You Qualify as a First-Time Homebuyer?
Deciding How Much House You Can Afford in Wisconsin
In Wisconsin the median home sale price was $343,000 in mid-2025, so let’s use that number to examine how much house you might be able to afford if you keep your mortgage costs within 28% of gross monthly income, as most lenders advise. If you made a 20% down payment ($68,600) on a 30-year, 7.00% mortgage, your monthly payment would be $1,825, including property tax at the average Wisconsin rate and home insurance. You’d need an annual income of around $83,000 — more if you have other significant debts such as a car payment, student loan payment, or credit card debt.
Want to work backward from your current annual income to determine your housing budget? Use a home affordability calculator, which takes into account your earnings as well as your debts. And for the ultimate budget guidance, go through the mortgage preapproval process with a lender. You’ll provide detailed financial information, and the lender will let you know if you would likely qualify for a loan and, if so, what rate and terms you would be eligible for.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment consists of principal (the borrowed amount) and interest (your borrowing cost). This calculator also includes property tax. In real-world conditions, your payment might also include PMI (if your down payment is less than 20% of the home price), home insurance costs, and HOA fees. Wrapping taxes and insurance into mortgage payments is the lender’s way of making sure you stay current on these important charges. After all, your home is the collateral for your loan.
Cost of Living in Wisconsin
The local cost of living significantly impacts how much home you can afford. Higher cost areas have pricier homes and increased expenses for utilities, maintenance, and transportation. Fortunately, most buyers in Wisconsin won’t need a jumbo loan to make their dreams a reality. Wisconsin weighs in with a cost of living index of 97.7, just below the cost of living in the U.S. as a whole, which equals 100 on this scale.
In fact, some of the best affordable places in the U.S. are in the Badger State, including LaCrosse, Waukesha, and Brookfield. Here’s a look at some popular Wisconsin cities and how they rank.
| Wisconsin Cities’ Cost-of-Living Stats | |
|---|---|
| Eau Claire | 98.8 |
| Fond du Lac | 90.3 |
| Green Bay | 90.5 |
| Madison | 104.7 |
| Milwaukee-Waukesha | 100.5 |
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Wherever you decide to purchase a home in Wisconsin, you may find that you get settled and then wonder if there’s a way to reduce your monthly mortgage payment. You have a few options:
• Ask your lender to drop PMI charges once you reach 20% equity through payments or appreciation.
• Consider a mortgage recast: You would pay a lump sum toward your principal and then ask the lender to recompute your payments based on the smaller loan amount.
• Appeal your property tax assessment if you feel your taxes are too high. Use caution, though. If you have made improvements on the property you could emerge with a higher assessment.
• Undertake a mortgage refinance if you can get to a lower rate. Factor in closing costs to make sure it’s a true cost savings.
• Shop for cheaper homeowners insurance by adjusting your deductible or bundling policies. Or ask your insurer to give you an updated quote if you’ve put on a new roof or installed a security system.
Wisconsin First-Time Homebuyer Assistance Programs
First-time homebuyers in Wisconsin can access assistance programs to help with initial costs. If you haven’t owned a primary residence in three years, you likely qualify as a first-time homebuyer. Down payment assistance programs offer financial aid for down payments, while other programs can help cover closing costs with a loan or a grant, making homeownership more attainable. Most first-time homebuyer programs in Wisconsin are offered by the Wisconsin Housing and Economic Development Authority, but there are also city-specific programs, including in Madison.
Recommended: Average Monthly Expenses for One Person
The Takeaway
A Wisconsin mortgage calculator helps prospective buyers estimate monthly payments, interest, and total loan costs. Running numbers through the calculator allows you to see how changing your down payment amount or loan term might affect your costs, both now and over the long haul. A calculator is a great starting point, and when you’re ready to take the next step toward a home loan, seek out interest rates from a trusted lender, and consider going through the mortgage preapproval process to set yourself up for home-buying success.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly impacts your mortgage interest rate. Higher scores mean lower rates, while lower scores can lead to higher rates. Improving your score can secure a better rate and save you thousands in interest over a loan’s duration.
How much should I put down on a mortgage?
Your ideal down payment amount depends on your financial situation and the type of loan. A larger down payment can reduce monthly payments and total interest paid, and help avoid private mortgage insurance (PMI), which is paid when the down payment is below 20%. A smaller down payment preserves cash for other financial goals. Particularly if this is your first home purchase, it may be tough to come up with a large down payment, especially given the market’s high home prices.
How can I get a lower mortgage interest rate?
To qualify for the lowest available mortgage interest rate, try to improve your credit score, shop around for lenders, and increase your down payment. These actions can lead to a more affordable mortgage and long-term savings.
Can I afford a $300K house on a $70K salary?
It would be tough to afford a $300,000 property on earnings of $70,000 unless you can make a significant down payment or have another source of income or savings besides your salary. One general rule is that your house price should not exceed three times your salary. So a home priced around $210,000 would be a better bet.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-121
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Free Ohio Mortgage Home Loan Calculator
Ohio Mortgage Calculator
By SoFi Editors | Updated September 29, 2025
House hunting is a big job, and online tools can make it easier — even fun. The Ohio mortgage calculator helps you estimate your monthly mortgage payment and total interest over the life of a home loan. By inputting key figures like home price, down payment amount, interest rate, and more, you gain a clearer financial picture of whether a home is affordable for you. Ready to give it a try? Follow these tips.
Key Points
• The type of mortgage loan, credit score, and down payment all influence your mortgage.
• Down payment assistance programs can help reduce upfront costs and make homeownership more accessible.
• Property tax is levied by local governments and can vary widely based on location and home value.
• The monthly mortgage payment includes principal and interest, and may include property tax, insurance, and other costs.
• Ways to lower mortgage payments after purchasing include a recast, refinance, and reducing home insurance costs.
Ohio Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This figure may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount you pay upfront. Most buyers put down between 3% and 20%. A 20% down payment usually eliminates the need for private mortgage insurance (PMI). If you’re unsure about how much cash you need to get to a certain percentage, use a down payment calculator.
• Loan term: The loan term is the length of time you have to repay the mortgage, between 10 and 30 years. A longer term offers lower monthly payments but results in more interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and the type of mortgage loan. A higher credit score can lead to a better interest rate, reducing your monthly payments.
• Annual property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of assessed value. When using this mortgage calculator, you can search by ZIP code for the “effective property tax rate” of the home or use the Ohio average of 1.31%.
• Monthly payment: The monthly mortgage payment includes the principal and interest each month and may include property tax, PMI, homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be substantial, especially for longer loan terms. The Ohio mortgage calculator helps you understand the impact of different interest rates and loan terms on the interest paid.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including principal and interest.
How to Use the Ohio Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon amount you will pay the seller for the property. This ensures accurate estimates of your monthly mortgage payments, total interest paid, and overall loan costs.
Step 2: Select a Down Payment Amount
Choose the down payment percentage to see how it affects your monthly home loan payments. A jumbo loan may have a minimum down payment requirement of 10% or more.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years based on your financial goals and budget constraints.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point for accurate estimates.
Step 5: Add Your Property Tax
Enter the property tax rate as a percentage to estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage payment calculator helps prospective homebuyers estimate affordability. Particularly if you are buying your first home, it can be helpful to use an Ohio mortgage calculator to see how different aspects of a purchase (home price, down payment amount, loan term, and interest rate) affect your monthly payments. This calculator also includes property taxes, which are often paid as part of the mortgage payment. Some lenders also include home insurance and homeowners association (HOA) fees in the mortgage payment. And if you put down less than 20%, you would pay for PMI in your payment as well.
Recommended: Do You Qualify as a First-Time Homebuyer?
Deciding How Much House You Can Afford
Ohio’s median home sale price in mid-2025 was $272,000, well below the national average. Lenders advise a mortgage payment of no more than 28% of gross monthly income. To afford a $272,000 home, you would need an income of $67,000. This assumes a 20% down payment ($54,400) on a 30-year, 7.00% interest mortgage. The monthly payment would be $1,445 with property taxes and home insurance factored in.
You can use an Ohio mortgage calculator to play with different numbers for home price, down payment amount, loan term, and interest rate to arrive at the monthly payment amount that suits your budget. Or you can work backward from your annual income, factoring in your debts, with a home affordability calculator.
Another way to decide how much house you can afford in Ohio is to submit your financial details to a lender and go through the mortgage preapproval process. The lender will examine your stats and tell you what size loan you could potentially qualify for.
Components of a Mortgage Payment
The main components of a mortgage payment are the principal and interest. The principal is the borrowed amount, and the interest is the cost to borrow that money. The Ohio mortgage calculator also factors in property tax, which is determined by the local government and based on your home’s assessed value. Your monthly payment may also include home insurance, PMI, and HOA fees, as noted above.
Homes purchased with a loan backed by the Federal Housing Administration (FHA) will have both upfront and annual mortgage insurance premium costs, so if you’re exploring an FHA loan, use an FHA mortgage calculator. And if you are thinking about a U.S. Department of Veterans Affairs (VA) mortgage, there’s a custom VA mortgage calculator for you.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Ohio
Ohio, fortunately, has a relatively low cost of living. On a scale where the average cost of living in the U.S. equals 100, Ohio measures 94.3. Some of its cities, including Youngstown, Van Wert, and Springfield, landed on a list of the best affordable places in the U.S. When you’re looking for a home in Ohio it’s nice to know that when considering the many factors that contribute to cost of living, including utilities, health care, transportation, and more, Ohio remains a relative bargain. Take a look at how some of its major metropolitan areas compare.
| Ohio Cities’ Cost-of-Living Stats | |
|---|---|
| Cincinnati | 96.1 |
| Cleveland | 91.4 |
| Columbus | 95.4 |
| Dayton | 96.5 |
| Findlay | 92.9 |
| Lima | 92.8 |
| Toledo | 95.6 |
| Youngstown-Warren | 92.5 |
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Homebuyers in Ohio are looking to do whatever they can to lower their mortgage payment. Here are some things you can do after purchasing a home to curb costs:
• Request that your lender drop PMI as soon as you reach 20% home equity.
• Recast your mortgage by making a lump sum payment toward the principal and requesting the lender recompute your payments.
• Undertake a mortgage refinance if you think you could get a lower interest rate now than when you purchased. Remember to factor in closing costs when comparing costs.
• Appeal a high property tax assessment. Use caution if you have made any home improvements as sometimes inviting an examination of your home’s value results in increased taxes.
• If you are facing financial hardship, consider requesting a loan modification or extending the loan term.
• Shop for cheaper homeowners insurance by opting for an increased deductible or bundling policies.
Ohio First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are down payment assistance programs available to help you cover the initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years.
Ohio first-time homebuyer assistance programs offer financial aid for down payments, closing costs, or both. The state also offers a mortgage tax credit, which is an added benefit. These programs can make homeownership more accessible.
Recommended: Average Monthly Expenses for One Person
The Takeaway
Understanding the financial aspects of buying a home in Ohio will help you make informed decisions about the home price, down payment amount, and loan term you will choose. The Ohio mortgage calculator is a powerful tool that can help you estimate your monthly payment, total interest, and overall loan costs. Whether you’re a first-time homebuyer or a seasoned homeowner, use a calculator to obtain valuable insights to guide your home purchase journey.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How does my credit score affect my mortgage loan interest rate?
Your credit score has a major impact on your mortgage interest rate. A higher score can lead a lender to offer its most attractive interest rate, reducing the total cost of your mortgage. A lower score may result in a higher interest rate and stricter lending conditions — if you are approved at all.
How much should I put down on a mortgage?
A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home and for many buyers, this is a good idea. Bottom line? You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t bankrupting your emergency fund or stopping payments on other debt. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Use a mortgage calculator to run different down payment scenarios and see how they impact costs.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments. A 15-year term could save you thousands of dollars in interest over the life of the loan, but will require a higher monthly payment. If you can make a 15-year or 20-year term work with your budget, go for it. But particularly if this is your first home purchase, don’t feel bad about locking in 30 years — many people choose this option.
How much is the payment on a $600,000, 30-year mortgage?
The cost of a $600,000 mortgage with a 30-year term will depend on your interest rate. At an interest rate of 6.00%, for example, you would pay $3,597.30 per month. At 8.00%, the payment would rise to $4,402.59. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-107
Get prequalified in minutes for a SoFi Home Loan.
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Cost of Living in Texas
Cost of Living in Texas
(Last Updated – 03/2025)
If you’re looking to move to a state with gainful employment, look to Texas. Texas jobs are predicted to increase 1.6% in 2025, according to the Federal Reserve Bank of Dallas.
From Dallas to Austin, there are plenty of great cities to grow a career in. Alongside employment opportunities, the second-largest U.S. state offers a worldwide food scene that goes way beyond barbecue.
To learn more about what it will cost you to live in the Lone Star State, keep reading for a breakdown of the Texas cost of living.
What’s the Average Cost of Living in Texas?
Average Cost of Living in Texas: $52,299 per year
When it comes to expenses in this sprawling state, the 2024 data from MERIC found that Texans enjoy the 16th lowest cost of living in the country.
Other Southwestern states like Arizona (37th) and Utah (36th) have a much higher cost of living, while New Mexico is more similar to Texas as the state with the 19th lowest cost of living.
So how much does it cost to live in Texas? According to the latest data from the Bureau of Economic Analysis, the average total personal consumption cost in Texas is $52,299 per year. Here’s how that breaks down.
|
Category |
Average Annual Per-Capita Cost in Texas |
|
Housing and Utilities |
$9,428 |
|
Health Care |
$7,411 |
|
Food and Beverages (nonrestaurant) |
$4,123 |
|
Gas and Energy Goods |
$1,500 |
|
All Other Personal Expenditures |
$29,836 |
That’s $4,358 a month, per person, on average.
Housing Costs in Texas
Average Housing Costs in Texas: $1,252 to $2,219 per month
With more than 12 million housing units, according to U.S. census data, Texas offers plenty of places to live. The big question is, how much will it cost you to find your home sweet home? Texas’ typical home value was $299,982 in December 2024, according to Zillow.
Here’s what it looks like to rent or own on a monthly basis in Texas, per the latest data from the U.S. Census Bureau:
• Median monthly mortgage cost: $2,012
• Median studio rent: $1,252
• Median one-bedroom rent: $1,261
• Median two-bedroom rent: $1,396
• Median three-bedroom rent: $1,644
• Median four-bedroom rent: $2,129
• Median five-bedroom (or more) rent: $2,219
• Median gross rent: $1,413
Texas is a huge state. Let’s take a look at housing prices for just 20 cities, courtesy of Zillow data sourced in March 2025.
|
Texas City |
Average Home Value |
|
Beaumont |
$148,990 |
|
Waco |
$188,074 |
|
Brownsville |
$188,988 |
|
Abilene |
$190,065 |
|
Amarillo |
$196,062 |
|
Lubbock |
$199,764 |
|
Laredo |
$211,258 |
|
Corpus Christi |
$215,707 |
|
Killeen |
$217,566 |
|
McAllen |
$221,115 |
|
Longview |
$223,296 |
|
El Paso |
$224,689 |
|
Odessa |
$236,898 |
|
Tyler |
$246,618 |
|
San Antonio (San Antonio Housing Market Trends) |
$250,675 |
|
Houston (Houston Housing Market Trends) |
$265,434 |
|
Dallas (Dallas Housing Market Trends) |
$306,959 |
|
Midland |
$315,356 |
|
College Station |
$342,247 |
|
Austin (Austin Housing Market Trends) |
$517,589 |
Utility Costs in Texas
Average Utility Costs in Texas: $408 per month
Even though they aren’t the most fun bills to pay, we all need our utilities.
|
Utility |
Average Texas Bill |
|
Electricity |
$166 |
|
Natural Gas |
$61 |
|
Cable & Internet |
$118 |
|
Water |
$63 |
Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Inspirecleanenergy.com; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?
Groceries & Food
Average Grocery & Food Costs in Texas: $343.58 per person, per month
How much you spend on food depends on many things, including the state you live in. The Bureau of Economic Analysis estimates that the average Texan spends $4,123 a year on nonrestaurant sustenance, or about $344 per month.
The specific area of a state that you live in can also affect grocery spending. The Council for Community and Economic Research, which ranks food costs in major American cities, compared grocery spending among some Texas cities for 2024. Below, the cities are ranked from lowest costs to highest costs.
|
Texas City |
Grocery Items Index |
|
Harlingen |
92.7 |
|
McAllen |
93.3 |
|
Waco |
93.3 |
|
Temple |
93.6 |
|
Amarillo |
93.7 |
|
Corpus Christi |
94.3 |
|
Nacogdoches |
94.5 |
|
San Antonio |
94.5 |
|
Odessa |
95.7 |
|
Abilene |
95.8 |
|
Tyler |
96.0 |
|
Midland |
96.1 |
|
Lubbock |
96.4 |
|
Longview |
96.5 |
|
Austin |
96.6 |
|
El Paso |
96.7 |
|
Wichita Falls |
97.3 |
|
Conroe |
97.5 |
|
Plano |
97.7 |
|
Dallas |
98.8 |
|
Fort Worth |
99.3 |
|
Houston |
99.3 |
Transportation
Average Transportation Costs in Texas: $10,165 to $18,915 per year
You’ll need to hit the open road from time to time, and your family makeup can affect how much you need to spend to get everyone where they need to go. MIT’s Living Wage Calculator estimates what you can expect to spend on transportation, based on the most recent data available.
|
Family Makeup |
Average Annual Transportation Cost |
|
One adult, no children |
$10,165 |
|
Two working adults, no children |
$11,764 |
|
Two working adults, three children |
$18,915 |
Health Care
Average Health Care Costs in Texas: $7,411 per person, per year
Each Texan spends about $7,411 a year on health care, according to the most recent Bureau of Economic Analysis Personal Consumption Expenditures by State report.
Of course, factors like specific medical needs and coverage affect how much any one person spends on health care.
Child Care
Average Child Care Costs in Texas: $719 to $1,258 or more per child, per month
Child care is a large but necessary expense for most parents, though there is some wiggle room depending on what kind of care you’re seeking.
State resources can help make financing child care easier. For example, the Texas Workforce Commission has a program that subsidizes child care for low-income families so parents can work or pursue an education.
These are the average child care costs you can expect to encounter in Texas, according to the latest data from CostofChildCare.org.
|
Type of Child Care |
Average Cost Per Month, Per Child |
|
Infant Classroom |
$1,254 |
|
Toddler Classroom |
$816 |
|
Preschooler Classroom |
$719 |
|
Home-Based Family Child Care |
$1,258 |
Taxes
State Tax Rate: None
Texas doesn’t charge any state income tax, as noted by the Tax Foundation’s 2025 overview of state individual income tax rates and brackets. Florida, Tennessee, South Dakota, Wyoming, Nevada, New Hampshire, Washington, and Alaska also don’t charge state income tax.
If you’re moving from a state with high income taxes like New Jersey (top marginal rate, 10.75%) or California (top rate, 13.3%), then Texas might look like a pretty smart move.
Miscellaneous Costs
You’ve paid for the basics, and now it’s time to have a little fun. The Bureau of Economic Analysis estimates that every Texan spends $29,836 a year on personal expenditures.
These are a few examples of what it can cost to check out Texas pleasures (costs are as of March 2025).
• Tickets to the Space Center Houston: $0 to $44.95, depending on age of visitor
• Family membership to the Houston Zoo: $149 to $349, depending on pass type
• Dinner at Fort Worth fan favorite Goldee’s Bar-BQ: $16 for a half-pound brisket
And remember the Alamo, in San Antonio. Church entry is free; you can book a tour of the complex for $10 and up.
Recommended: What Are the Average Monthly Expenses for a Single Person?
How Much Money Do You Need to Live Comfortably in Texas?
Only you can decide what it truly means to live comfortably by your standards, but U.S. News & World Report’s Affordability Rankings can give you a pretty good idea of how affordable a state is to live in.
Texas lands 28th on that list of 50, so it’s neither one of the hardest nor easiest places in which to live comfortably. MERIC identified Texas as the 16th most affordable state to live in. Conclusion: Depending on your lifestyle choices, Texas can be easy to live in comfortably.
You’ll want to create a budget to make sure moving to Texas works out in your bank account’s favor.
What City Has the Lowest Cost of Living in Texas?
Digging through the latest Council for Community and Economic Research’s Cost of Living Index yielded the three most affordable major cities in Texas.
Harlingen
Per the latest census count, Harlingen has about 72,000 residents, yet it houses a convention center and plenty of dining and shopping options. The research council found Harlingen to be Texas’ most affordable major city, with a cost-of-living index of 82.1. Redfin listed a typical home value in this city near the Mexican border at about $193,000 at the end of 2024.
Amarillo
If you’re looking for cowboy vibes, Amarillo (cost-of-living index of 83.3) might just be the perfect place for you to call home. This historic city in the Texas panhandle’s high plains is full of both working Western ranches and modern businesses. As noted above, Zillow listed a typical home price in Amarillo of about $203,686 at the end of 2024.
McAllen
With a cost-of-living index of 85.1, McAllen is the third-most-affordable city in Texas. People travel from around the world to check out the roughly 360 species of birds and more than 300 butterfly species that can be seen in and around this border city. There are also plenty of art and nightlife opportunities. Zillow gave a typical home price of $187,270 in December 2024, as mentioned above.
SoFi Home Loans
The Texas cost of living is lower than that of many other states. Good Tex-Mex eats, no state income tax, and moderate home prices beckon newcomers.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much money do you need to live comfortably in Texas?
That likely depends on your lifestyle, family, and where you live. The Bureau of Economic Analysis estimates the expense of living in Texas to be just under $52,300 per person. But if you’re living in a bigger city, want to enjoy a few luxuries, and even save a bit, a 50/30/20 budget would call for about $65,000 or more. A budgeting app can help you stay on track.
Which city in Texas has the lowest cost of living?
Harlingen is a low-cost standout in the Lone Star State, with a cost of living 7% lower than the national average. But Amarillo, Abilene, and Nacogdoches are also budget-friendly. From housing to groceries and utilities, these cities can help you stretch your dollar.
What is the average house cost in Texas?
The average home value is $299,787, according to Zillow’s figures for March 2025. But prices vary widely. The table above showing average home values in 20 cities shows how big a difference location can make.
Photo credit: iStock/dszc
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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