Home Affordability in Amarillo, TX
The median home price in Amarillo is $195,000 with a median household income of $50,949. Housing is moderately affordable relative to local incomes.
Median Home Price
$195,000
Median Income
$50,949
Price-to-Income Ratio
3.8x
Est. Affordable Home
$198,000
Property Tax Rate
1.85%
Annual Property Tax
$3,608
Sales Tax Rate
8.25%
Cost of Living Index
83
Buying a Home in Amarillo
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $50,949 in Amarillo can afford a monthly housing payment of approximately $1,189. This translates to a home price of roughly $198,000, which is at or above the median home price — the typical home is within reach for a median-income household.
Property taxes on a median-priced home in Amarillo would be approximately $3,608 per year ($301/month) at the effective rate of 1.85%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $5,850 | $189,150 | Yes |
| 5% | $9,750 | $185,250 | Yes |
| 10% | $19,500 | $175,500 | Yes |
| 20% | $39,000 | $156,000 | No |
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