The typical owner-occupied home in Wichita Falls is worth about $156,800, 45% below the Texas median of $283,800 and 53% below the national median of $332,700. Owners pay a median $2,633 a year in property taxes, about 1.68% of their home's value, higher than the Texas rate of 1.49%. The median household earns $60,177 a year, so the median home costs 2.6 times the median income (3.6 times for Texas). 56% of occupied homes here are lived in by their owners, and 50% of those owners still have a mortgage.
Wichita Falls at a glance
| Wichita Falls | Texas | U.S. | |
|---|---|---|---|
| Median home value | $156,800 | $283,800 | $332,700 |
| Median property tax paid per year | $2,633 | $4,232 | $3,119 |
| Property tax as a share of value | 1.68% | 1.49% | 0.94% |
| Median household income | $60,177 | $78,476 | $80,734 |
| Homes lived in by their owners | 56% | 63% | 65% |
| Owner homes with a mortgage | 50% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,530 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 20.6% | 21.7% | 21.0% |
| Median rent | $1,022 | $1,403 | $1,413 |
| Rent as a share of renters' income | 27.9% | 30.9% | 30.6% |
| Median year homes were built | 1972 | 1992 | 1980 |
| Vacant homes | 12.0% | 9.4% | 10.1% |
| Population | 102,581 | 30,188,424 | 334,922,499 |
What a typical home costs per month in Wichita Falls
At this week's average 30-year rate of 7.11%, buying the median Wichita Falls home of $156,800 with 20% down costs about $1,129 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,390, 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 $48,372 for the 20%-down payment. That payment is 23% of the median Wichita Falls household income of $60,177; at that income and 20% down, the 28% guideline points to a home of about $195,000.
The median rent here is $1,022 a month, so owning the median home costs about $107 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $31,360 |
|---|---|
| Loan amount | $125,440 |
| Principal and interest | $844 |
| Property taxes (1.68% a year) | $220 |
| Homeowners insurance (our estimate, 0.5% a year) | $65 |
| PMI | $0 |
| Total per month | $1,129 |
Change the numbers in the calculator
| Down payment | $5,488 |
|---|---|
| Loan amount | $153,960 |
| Principal and interest | $1,036 |
| Property taxes (1.68% a year) | $220 |
| Homeowners insurance (our estimate, 0.5% a year) | $65 |
| FHA mortgage insurance | $69 |
| Total per month | $1,390 |
Change the numbers in the calculator
Questions about home buying in Wichita Falls
What is the median home value in Wichita Falls?
About $156,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Wichita Falls?
Homeowners pay a median $2,633 a year, which is about 1.68% 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 Wichita Falls?
For the median home with 20% down at 7.11%, the payment is about $1,129 a month. Keeping that under 28% of gross income takes about $48,372 a year.
More about Wichita Falls
- Mortgage Refinance in Wichita Falls
- Debt Relief in Wichita Falls
- Home Equity Loans in Wichita Falls
- 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