Mortgage payment estimates, closing cost breakdowns, and homebuying data for Elkton, Maryland.
Median Home Price
$275K
Population
15K
Avg Monthly Rent
$1,220
Property Tax Rate
1.09% *
* Property tax shown is the Maryland state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Elkton.
Elkton vs Maryland Median
The median home price in Elkton is $275,000, which is 35% below the Maryland state median of $420,000.
Mortgage Calculator — Elkton, MD
Pre-filled with Elkton median home price and Maryland tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $275K home using Maryland's 1.09% tax rate and $1,700/yr insurance.
5% Down
$2,195/mo
Down: $13,750
Loan: $261K
P&I: $1,651
Tax: $250
Insurance: $142
PMI: $152
10% Down
$2,100/mo
Down: $27,500
Loan: $248K
P&I: $1,564
Tax: $250
Insurance: $142
PMI: $144
20% Down (No PMI)
$1,782/mo
Down: $55,000
Loan: $220K
P&I: $1,391
Tax: $250
Insurance: $142
Income needed (28% rule): $76K/year with 20% down, $90K/year with 10% down.
Rent vs Buy in Elkton
Rent
$1,220/mo
vs
Buy (10% down)
$2,100/mo
Price-to-rent ratio: 18.8 — A ratio between 15-20 means the rent vs buy decision in Elkton depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Elkton is $275,000, 35% below the Maryland state median of $420,000. With a population of 15,443, Elkton is a smaller market where home prices tend to be more accessible than in many parts of Maryland.
Property taxes in Maryland average 1.09% annually. This moderate property tax rate means a $275,000 home in Elkton would carry roughly $250/month in property taxes. Homeowners insurance in Maryland runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Elkton is $1,220/month. The price-to-rent ratio in Elkton is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Elkton presents moderate affordability. The $275K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Elkton.