The typical owner-occupied home in Oakland is worth about $244,400, 42% below the Maryland median of $419,900 and 27% below the national median of $332,700. Owners pay a median $2,655 a year in property taxes, about 1.09% of their home's value, higher than the Maryland rate of 0.97%. The median household earns $53,289 a year, so the median home costs 4.6 times the median income (4.1 times for Maryland). 48% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Oakland at a glance
| Oakland | Maryland | U.S. | |
|---|---|---|---|
| Median home value | $244,400 | $419,900 | $332,700 |
| Median property tax paid per year | $2,655 | $4,093 | $3,119 |
| Property tax as a share of value | 1.09% | 0.97% | 0.94% |
| Median household income | $53,289 | $103,678 | $80,734 |
| Homes lived in by their owners | 48% | 68% | 65% |
| Owner homes with a mortgage | 63% | 71% | 61% |
| Median monthly costs, owners with a mortgage | $1,789 | $2,347 | $1,963 |
| Those costs as a share of the owners' income | 27.7% | 20.5% | 21.0% |
| Median rent | $670 | $1,705 | $1,413 |
| Rent as a share of renters' income | 21.5% | 30.8% | 30.6% |
| Median year homes were built | 1960 | 1979 | 1980 |
| Vacant homes | 13.9% | 7.7% | 10.1% |
| Population | 2,254 | 6,206,011 | 334,922,499 |
What a typical home costs per month in Oakland
At this week's average 30-year rate of 7.11%, buying the median Oakland home of $244,400 with 20% down costs about $1,639 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,046, 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 $70,248 for the 20%-down payment. That payment is 37% of the median Oakland household income of $53,289; at that income and 20% down, the 28% guideline points to a home of about $185,000.
The median rent here is $670 a month, so owning the median home costs about $969 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $48,880 |
|---|---|
| Loan amount | $195,520 |
| Principal and interest | $1,315 |
| Property taxes (1.09% a year) | $222 |
| Homeowners insurance (our estimate, 0.5% a year) | $102 |
| PMI | $0 |
| Total per month | $1,639 |
Change the numbers in the calculator
| Down payment | $8,554 |
|---|---|
| Loan amount | $239,973 |
| Principal and interest | $1,614 |
| Property taxes (1.09% a year) | $222 |
| Homeowners insurance (our estimate, 0.5% a year) | $102 |
| FHA mortgage insurance | $108 |
| Total per month | $2,046 |
Change the numbers in the calculator
Questions about home buying in Oakland
What is the median home value in Oakland?
About $244,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Oakland?
Homeowners pay a median $2,655 a year, which is about 1.09% 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 Oakland?
For the median home with 20% down at 7.11%, the payment is about $1,639 a month. Keeping that under 28% of gross income takes about $70,248 a year.
More about Oakland
- Mortgage Refinance in Oakland
- Debt Relief in Oakland
- Home Equity Loans in Oakland
- 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