The typical owner-occupied home in Gray Summit is worth about $170,500, 26% below the Missouri median of $230,300 and 49% below the national median of $332,700. Owners pay a median $1,545 a year in property taxes, about 0.91% of their home's value, higher than the Missouri rate of 0.85%. The median household earns $65,667 a year, so the median home costs 2.6 times the median income (3.3 times for Missouri). 75% of occupied homes here are lived in by their owners, and 54% of those owners still have a mortgage.
Gray Summit at a glance
| Gray Summit | Missouri | U.S. | |
|---|---|---|---|
| Median home value | $170,500 | $230,300 | $332,700 |
| Median property tax paid per year | $1,545 | $1,948 | $3,119 |
| Property tax as a share of value | 0.91% | 0.85% | 0.94% |
| Median household income | $65,667 | $70,702 | $80,734 |
| Homes lived in by their owners | 75% | 68% | 65% |
| Owner homes with a mortgage | 54% | 60% | 61% |
| Median monthly costs, owners with a mortgage | $1,289 | $1,524 | $1,963 |
| Those costs as a share of the owners' income | 17.9% | 19.0% | 21.0% |
| Median rent | $1,043 | $1,033 | $1,413 |
| Rent as a share of renters' income | 27.0% | 28.1% | 30.6% |
| Median year homes were built | 1988 | 1978 | 1980 |
| Vacant homes | 10.7% | 11.2% | 10.1% |
| Population | 2,991 | 6,191,814 | 334,922,499 |
What a typical home costs per month in Gray Summit
At this week's average 30-year rate of 7.11%, buying the median Gray Summit home of $170,500 with 20% down costs about $1,118 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,402, 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 $47,910 for the 20%-down payment. That payment is 20% of the median Gray Summit household income of $65,667; at that income and 20% down, the 28% guideline points to a home of about $234,000.
The median rent here is $1,043 a month, so owning the median home costs about $75 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $34,100 |
|---|---|
| Loan amount | $136,400 |
| Principal and interest | $918 |
| Property taxes (0.91% a year) | $129 |
| Homeowners insurance (our estimate, 0.5% a year) | $71 |
| PMI | $0 |
| Total per month | $1,118 |
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| Down payment | $5,968 |
|---|---|
| Loan amount | $167,412 |
| Principal and interest | $1,126 |
| Property taxes (0.91% a year) | $129 |
| Homeowners insurance (our estimate, 0.5% a year) | $71 |
| FHA mortgage insurance | $75 |
| Total per month | $1,402 |
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Questions about home buying in Gray Summit
What is the median home value in Gray Summit?
About $170,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gray Summit?
Homeowners pay a median $1,545 a year, which is about 0.91% 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 Summit?
For the median home with 20% down at 7.11%, the payment is about $1,118 a month. Keeping that under 28% of gross income takes about $47,910 a year.
More about Gray Summit
- Mortgage Refinance in Gray Summit
- Debt Relief in Gray Summit
- Home Equity Loans in Gray Summit
- 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