Mortgage payment estimates, closing cost breakdowns, and homebuying data for Westminster, Maryland.
Median Home Price
$345K
Population
20K
Avg Monthly Rent
$1,380
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 Westminster.
Westminster vs Maryland Median
The median home price in Westminster is $345,000, which is 18% below the Maryland state median of $420,000.
Mortgage Calculator — Westminster, MD
Pre-filled with Westminster median home price and Maryland tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $345K home using Maryland's 1.09% tax rate and $1,700/yr insurance.
5% Down
$2,718/mo
Down: $17,250
Loan: $328K
P&I: $2,072
Tax: $313
Insurance: $142
PMI: $191
10% Down
$2,599/mo
Down: $34,500
Loan: $311K
P&I: $1,963
Tax: $313
Insurance: $142
PMI: $181
20% Down (No PMI)
$2,200/mo
Down: $69,000
Loan: $276K
P&I: $1,745
Tax: $313
Insurance: $142
Income needed (28% rule): $94K/year with 20% down, $111K/year with 10% down.
Rent vs Buy in Westminster
Rent
$1,380/mo
vs
Buy (10% down)
$2,599/mo
Price-to-rent ratio: 20.8 — At a ratio above 20, renting may be more economical in Westminster for shorter stays. Buying costs $1,219 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Westminster is $345,000, 18% below the Maryland state median of $420,000. With a population of 20,081, Westminster 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 $345,000 home in Westminster would carry roughly $313/month in property taxes. Homeowners insurance in Maryland runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Westminster is $1,380/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Westminster presents moderate affordability. The $345K 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 Westminster.