Home Affordability in Laredo, TX
The median home price in Laredo is $190,000 with a median household income of $40,998. Housing is moderately affordable relative to local incomes.
Median Home Price
$190,000
Median Income
$40,998
Price-to-Income Ratio
4.6x
Est. Affordable Home
$159,000
Property Tax Rate
2.00%
Annual Property Tax
$3,800
Sales Tax Rate
8.25%
Cost of Living Index
80
Buying a Home in Laredo
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $40,998 in Laredo can afford a monthly housing payment of approximately $957. This translates to a home price of roughly $159,000, which is below the median home price of $190,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Laredo would be approximately $3,800 per year ($317/month) at the effective rate of 2.00%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $5,700 | $184,300 | Yes |
| 5% | $9,500 | $180,500 | Yes |
| 10% | $19,000 | $171,000 | Yes |
| 20% | $38,000 | $152,000 | No |
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