The typical owner-occupied home in Gray is worth about $226,400, 25% below the Georgia median of $303,300 and 32% below the national median of $332,700. Owners pay a median $3,093 a year in property taxes, about 1.37% of their home's value, higher than the Georgia rate of 0.77%. The median household earns $73,114 a year, so the median home costs 3.1 times the median income (3.9 times for Georgia). 72% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Gray at a glance
| Gray | Georgia | U.S. | |
|---|---|---|---|
| Median home value | $226,400 | $303,300 | $332,700 |
| Median property tax paid per year | $3,093 | $2,341 | $3,119 |
| Property tax as a share of value | 1.37% | 0.77% | 0.94% |
| Median household income | $73,114 | $77,353 | $80,734 |
| Homes lived in by their owners | 72% | 66% | 65% |
| Owner homes with a mortgage | 69% | 63% | 61% |
| Median monthly costs, owners with a mortgage | $1,475 | $1,783 | $1,963 |
| Those costs as a share of the owners' income | 18.5% | 20.0% | 21.0% |
| Median rent | $921 | $1,393 | $1,413 |
| Rent as a share of renters' income | 35.1% | 31.3% | 30.6% |
| Median year homes were built | 1997 | 1992 | 1980 |
| Vacant homes | 9.3% | 10.3% | 10.1% |
| Population | 3,512 | 10,940,407 | 334,922,499 |
What a typical home costs per month in Gray
At this week's average 30-year rate of 7.11%, buying the median Gray home of $226,400 with 20% down costs about $1,571 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,948, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $67,338 for the 20%-down payment. That payment is 26% of the median Gray household income of $73,114; at that income and 20% down, the 28% guideline points to a home of about $246,000.
The median rent here is $921 a month, so owning the median home costs about $650 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $45,280 |
|---|---|
| Loan amount | $181,120 |
| Principal and interest | $1,218 |
| Property taxes (1.37% a year) | $258 |
| Homeowners insurance (our estimate, 0.5% a year) | $94 |
| PMI | $0 |
| Total per month | $1,571 |
Change the numbers in the calculator
| Down payment | $7,924 |
|---|---|
| Loan amount | $222,299 |
| Principal and interest | $1,495 |
| Property taxes (1.37% a year) | $258 |
| Homeowners insurance (our estimate, 0.5% a year) | $94 |
| FHA mortgage insurance | $100 |
| Total per month | $1,948 |
Change the numbers in the calculator
Questions about home buying in Gray
What is the median home value in Gray?
About $226,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gray?
Homeowners pay a median $3,093 a year, which is about 1.37% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Gray?
For the median home with 20% down at 7.11%, the payment is about $1,571 a month. Keeping that under 28% of gross income takes about $67,338 a year.
More about Gray
- Mortgage Refinance in Gray
- Debt Relief in Gray
- Home Equity Loans in Gray
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data