The typical owner-occupied home in Funkstown is worth about $277,800, 34% below the Maryland median of $419,900 and 17% below the national median of $332,700. Owners pay a median $1,997 a year in property taxes, about 0.72% of their home's value, lower than the Maryland rate of 0.97%. The median household earns $61,392 a year, so the median home costs 4.5 times the median income (4.1 times for Maryland). 55% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Funkstown at a glance
| Funkstown | Maryland | U.S. | |
|---|---|---|---|
| Median home value | $277,800 | $419,900 | $332,700 |
| Median property tax paid per year | $1,997 | $4,093 | $3,119 |
| Property tax as a share of value | 0.72% | 0.97% | 0.94% |
| Median household income | $61,392 | $103,678 | $80,734 |
| Homes lived in by their owners | 55% | 68% | 65% |
| Owner homes with a mortgage | 69% | 71% | 61% |
| Median monthly costs, owners with a mortgage | $1,608 | $2,347 | $1,963 |
| Those costs as a share of the owners' income | 22.2% | 20.5% | 21.0% |
| Median rent | $808 | $1,705 | $1,413 |
| Rent as a share of renters' income | 24.9% | 30.8% | 30.6% |
| Median year homes were built | 1954 | 1979 | 1980 |
| Vacant homes | 4.8% | 7.7% | 10.1% |
| Population | 1,076 | 6,206,011 | 334,922,499 |
What a typical home costs per month in Funkstown
At this week's average 30-year rate of 7.11%, buying the median Funkstown home of $277,800 with 20% down costs about $1,777 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,240, 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 $76,176 for the 20%-down payment. That payment is 35% of the median Funkstown household income of $61,392; at that income and 20% down, the 28% guideline points to a home of about $224,000.
The median rent here is $808 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 | $55,560 |
|---|---|
| Loan amount | $222,240 |
| Principal and interest | $1,495 |
| Property taxes (0.72% a year) | $167 |
| Homeowners insurance (our estimate, 0.5% a year) | $116 |
| PMI | $0 |
| Total per month | $1,777 |
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| Down payment | $9,723 |
|---|---|
| Loan amount | $272,768 |
| Principal and interest | $1,835 |
| Property taxes (0.72% a year) | $167 |
| Homeowners insurance (our estimate, 0.5% a year) | $116 |
| FHA mortgage insurance | $123 |
| Total per month | $2,240 |
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Questions about home buying in Funkstown
What is the median home value in Funkstown?
About $277,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Funkstown?
Homeowners pay a median $1,997 a year, which is about 0.72% 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 Funkstown?
For the median home with 20% down at 7.11%, the payment is about $1,777 a month. Keeping that under 28% of gross income takes about $76,176 a year.
More about Funkstown
- Mortgage Refinance in Funkstown
- Debt Relief in Funkstown
- Home Equity Loans in Funkstown
- 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