Mortgage payment estimates, closing cost breakdowns, and homebuying data for Amarillo, Texas.
Median Home Price
$215K
Population
200K
Avg Monthly Rent
$1,020
Property Tax Rate
1.8% *
* Property tax shown is the Texas state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Amarillo.
Amarillo vs Texas Median
The median home price in Amarillo is $215,000, which is 31% below the Texas state median of $310,000.
Mortgage Calculator — Amarillo, TX
Pre-filled with Amarillo median home price and Texas tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $215K home using Texas's 1.8% tax rate and $3,800/yr insurance.
5% Down
$2,049/mo
Down: $10,750
Loan: $204K
P&I: $1,291
Tax: $323
Insurance: $317
PMI: $119
10% Down
$1,975/mo
Down: $21,500
Loan: $194K
P&I: $1,223
Tax: $323
Insurance: $317
PMI: $113
20% Down (No PMI)
$1,726/mo
Down: $43,000
Loan: $172K
P&I: $1,087
Tax: $323
Insurance: $317
Income needed (28% rule): $74K/year with 20% down, $85K/year with 10% down.
Rent vs Buy in Amarillo
Rent
$1,020/mo
vs
Buy (10% down)
$1,975/mo
Price-to-rent ratio: 17.6 — A ratio between 15-20 means the rent vs buy decision in Amarillo 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 Amarillo is $215,000, 31% below the Texas state median of $310,000. With a population of 200,393, Amarillo is a mid-size city where home prices tend to be more accessible than in many parts of Texas.
Property taxes in Texas average 1.8% annually. This higher-than-average tax rate means a $215,000 home in Amarillo would carry roughly $323/month in property taxes alone — plan accordingly. Homeowners insurance in Texas runs approximately $3,800 per year. Insurance costs are notably high — factor this into your monthly budget.
Average rent in Amarillo is $1,020/month. The price-to-rent ratio in Amarillo is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Amarillo offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Texas's TDHCA My First Texas Home program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Amarillo.