Mortgage payment estimates, closing cost breakdowns, and homebuying data for Midland, Texas.
Median Home Price
$295K
Population
133K
Avg Monthly Rent
$1,280
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 Midland.
Midland vs Texas Median
The median home price in Midland is $295,000, which is roughly in line with the Texas state median of $310,000.
Mortgage Calculator — Midland, TX
Pre-filled with Midland median home price and Texas tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $295K home using Texas's 1.8% tax rate and $3,800/yr insurance.
5% Down
$2,694/mo
Down: $14,750
Loan: $280K
P&I: $1,771
Tax: $443
Insurance: $317
PMI: $163
10% Down
$2,592/mo
Down: $29,500
Loan: $266K
P&I: $1,678
Tax: $443
Insurance: $317
PMI: $155
20% Down (No PMI)
$2,251/mo
Down: $59,000
Loan: $236K
P&I: $1,492
Tax: $443
Insurance: $317
Income needed (28% rule): $96K/year with 20% down, $111K/year with 10% down.
Rent vs Buy in Midland
Rent
$1,280/mo
vs
Buy (10% down)
$2,592/mo
Price-to-rent ratio: 19.2 — A ratio between 15-20 means the rent vs buy decision in Midland 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 Midland is $295,000, roughly in line with the Texas state median of $310,000. With a population of 132,524, Midland 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 $295,000 home in Midland would carry roughly $443/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 Midland is $1,280/month. The price-to-rent ratio in Midland is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Midland presents moderate affordability. The $295K 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 Midland.