The typical owner-occupied home in Gray is worth about $139,400, 36% below the Louisiana median of $216,500 and 58% below the national median of $332,700. Owners pay a median $881 a year in property taxes, about 0.63% of their home's value, higher than the Louisiana rate of 0.55%. The median household earns $54,559 a year, so the median home costs 2.6 times the median income (3.6 times for Louisiana). 80% of occupied homes here are lived in by their owners, and 43% of those owners still have a mortgage.
Gray at a glance
| Gray | Louisiana | U.S. | |
|---|---|---|---|
| Median home value | $139,400 | $216,500 | $332,700 |
| Median property tax paid per year | $881 | $1,180 | $3,119 |
| Property tax as a share of value | 0.63% | 0.55% | 0.94% |
| Median household income | $54,559 | $60,756 | $80,734 |
| Homes lived in by their owners | 80% | 67% | 65% |
| Owner homes with a mortgage | 43% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,244 | $1,604 | $1,963 |
| Those costs as a share of the owners' income | 24.1% | 20.4% | 21.0% |
| Median rent | $1,025 | $1,064 | $1,413 |
| Rent as a share of renters' income | 21.8% | 32.8% | 30.6% |
| Median year homes were built | 1987 | 1983 | 1980 |
| Vacant homes | 7.0% | 14.4% | 10.1% |
| Population | 5,154 | 4,611,961 | 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 $139,400 with 20% down costs about $881 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,114, 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 $37,777 for the 20%-down payment. That payment is 19% of the median Gray household income of $54,559; at that income and 20% down, the 28% guideline points to a home of about $201,000.
The median rent here is $1,025 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $27,880 |
|---|---|
| Loan amount | $111,520 |
| Principal and interest | $750 |
| Property taxes (0.63% a year) | $73 |
| Homeowners insurance (our estimate, 0.5% a year) | $58 |
| PMI | $0 |
| Total per month | $881 |
Change the numbers in the calculator
| Down payment | $4,879 |
|---|---|
| Loan amount | $136,875 |
| Principal and interest | $921 |
| Property taxes (0.63% a year) | $73 |
| Homeowners insurance (our estimate, 0.5% a year) | $58 |
| FHA mortgage insurance | $62 |
| Total per month | $1,114 |
Change the numbers in the calculator
Questions about home buying in Gray
What is the median home value in Gray?
About $139,400 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 $881 a year, which is about 0.63% 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 $881 a month. Keeping that under 28% of gross income takes about $37,777 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