The typical owner-occupied home in Ocean City is worth about $429,000, about the same as the Maryland median of $419,900 and 29% above the national median of $332,700. Owners pay a median $3,997 a year in property taxes, about 0.93% of their home's value, close to the Maryland rate of 0.97%. The median household earns $77,750 a year, so the median home costs 5.5 times the median income (4.1 times for Maryland). 74% of occupied homes here are lived in by their owners, and 55% of those owners still have a mortgage.
Ocean City at a glance
| Ocean City | Maryland | U.S. | |
|---|---|---|---|
| Median home value | $429,000 | $419,900 | $332,700 |
| Median property tax paid per year | $3,997 | $4,093 | $3,119 |
| Property tax as a share of value | 0.93% | 0.97% | 0.94% |
| Median household income | $77,750 | $103,678 | $80,734 |
| Homes lived in by their owners | 74% | 68% | 65% |
| Owner homes with a mortgage | 55% | 71% | 61% |
| Median monthly costs, owners with a mortgage | $2,053 | $2,347 | $1,963 |
| Those costs as a share of the owners' income | 25.1% | 20.5% | 21.0% |
| Median rent | $1,353 | $1,705 | $1,413 |
| Rent as a share of renters' income | 33.5% | 30.8% | 30.6% |
| Median year homes were built | 1982 | 1979 | 1980 |
| Vacant homes | 87.2% | 7.7% | 10.1% |
| Population | 6,903 | 6,206,011 | 334,922,499 |
What a typical home costs per month in Ocean City
At this week's average 30-year rate of 7.11%, buying the median Ocean City home of $429,000 with 20% down costs about $2,820 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,535, 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 $120,855 for the 20%-down payment. That payment is 44% of the median Ocean City household income of $77,750; at that income and 20% down, the 28% guideline points to a home of about $276,000.
The median rent here is $1,353 a month, so owning the median home costs about $1,467 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $85,800 |
|---|---|
| Loan amount | $343,200 |
| Principal and interest | $2,309 |
| Property taxes (0.93% a year) | $332 |
| Homeowners insurance (our estimate, 0.5% a year) | $179 |
| PMI | $0 |
| Total per month | $2,820 |
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| Down payment | $15,015 |
|---|---|
| Loan amount | $421,230 |
| Principal and interest | $2,834 |
| Property taxes (0.93% a year) | $332 |
| Homeowners insurance (our estimate, 0.5% a year) | $179 |
| FHA mortgage insurance | $190 |
| Total per month | $3,535 |
Change the numbers in the calculator
Questions about home buying in Ocean City
What is the median home value in Ocean City?
About $429,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Ocean City?
Homeowners pay a median $3,997 a year, which is about 0.93% 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 Ocean City?
For the median home with 20% down at 7.11%, the payment is about $2,820 a month. Keeping that under 28% of gross income takes about $120,855 a year.
More about Ocean City
- Mortgage Refinance in Ocean City
- Debt Relief in Ocean City
- Home Equity Loans in Ocean City
- 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