The typical owner-occupied home in New Market is worth about $639,100, 52% above the Maryland median of $419,900 and 92% above the national median of $332,700. Owners pay a median $5,997 a year in property taxes, about 0.94% of their home's value, close to the Maryland rate of 0.97%. The median household earns $202,872 a year, so the median home costs 3.2 times the median income (4.1 times for Maryland). 97% of occupied homes here are lived in by their owners, and 85% of those owners still have a mortgage.
New Market at a glance
| New Market | Maryland | U.S. | |
|---|---|---|---|
| Median home value | $639,100 | $419,900 | $332,700 |
| Median property tax paid per year | $5,997 | $4,093 | $3,119 |
| Property tax as a share of value | 0.94% | 0.97% | 0.94% |
| Median household income | $202,872 | $103,678 | $80,734 |
| Homes lived in by their owners | 97% | 68% | 65% |
| Owner homes with a mortgage | 85% | 71% | 61% |
| Median monthly costs, owners with a mortgage | $3,145 | $2,347 | $1,963 |
| Those costs as a share of the owners' income | 19.3% | 20.5% | 21.0% |
| Median rent | $2,136 | $1,705 | $1,413 |
| Rent as a share of renters' income | 51.0% | 30.8% | 30.6% |
| Median year homes were built | 2005 | 1979 | 1980 |
| Vacant homes | 0.0% | 7.7% | 10.1% |
| Population | 1,603 | 6,206,011 | 334,922,499 |
What a typical home costs per month in New Market
At this week's average 30-year rate of 7.11%, buying the median New Market home of $639,100 with 20% down costs about $4,206 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,271, 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 $180,271 for the 20%-down payment. That payment is 25% of the median New Market household income of $202,872; at that income and 20% down, the 28% guideline points to a home of about $719,000.
The median rent here is $2,136 a month, so owning the median home costs about $2,070 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $127,820 |
|---|---|
| Loan amount | $511,280 |
| Principal and interest | $3,439 |
| Property taxes (0.94% a year) | $501 |
| Homeowners insurance (our estimate, 0.5% a year) | $266 |
| PMI | $0 |
| Total per month | $4,206 |
Change the numbers in the calculator
| Down payment | $22,368 |
|---|---|
| Loan amount | $627,524 |
| Principal and interest | $4,221 |
| Property taxes (0.94% a year) | $501 |
| Homeowners insurance (our estimate, 0.5% a year) | $266 |
| FHA mortgage insurance | $283 |
| Total per month | $5,271 |
Change the numbers in the calculator
Questions about home buying in New Market
What is the median home value in New Market?
About $639,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New Market?
Homeowners pay a median $5,997 a year, which is about 0.94% 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 New Market?
For the median home with 20% down at 7.11%, the payment is about $4,206 a month. Keeping that under 28% of gross income takes about $180,271 a year.
More about New Market
- Mortgage Refinance in New Market
- Debt Relief in New Market
- Home Equity Loans in New Market
- 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