The typical owner-occupied home in Garwood is worth about $231,300, 18% below the Texas median of $283,800 and 30% below the national median of $332,700. The median household earns $62,024 a year, so the median home costs 3.7 times the median income (3.6 times for Texas). 77% of occupied homes here are lived in by their owners, and 71% of those owners still have a mortgage.
Garwood at a glance
| Garwood | Texas | U.S. | |
|---|---|---|---|
| Median home value | $231,300 | $283,800 | $332,700 |
| Median property tax paid per year | – | $4,232 | $3,119 |
| Median household income | $62,024 | $78,476 | $80,734 |
| Homes lived in by their owners | 77% | 63% | 65% |
| Owner homes with a mortgage | 71% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,690 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 28.3% | 21.7% | 21.0% |
| Median rent | – | $1,403 | $1,413 |
| Rent as a share of renters' income | 9.0% | 30.9% | 30.6% |
| Median year homes were built | 1984 | 1992 | 1980 |
| Vacant homes | 15.2% | 9.4% | 10.1% |
| Population | 386 | 30,188,424 | 334,922,499 |
What a typical home costs per month in Garwood
At this week's average 30-year rate of 7.11%, buying the median Garwood home of $231,300 with 20% down costs about $1,553 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,938, 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 $66,565 for the 20%-down payment. That payment is 30% of the median Garwood household income of $62,024; at that income and 20% down, the 28% guideline points to a home of about $216,000.
| Down payment | $46,260 |
|---|---|
| Loan amount | $185,040 |
| Principal and interest | $1,245 |
| Property taxes (1.10% a year) | $212 |
| Homeowners insurance (our estimate, 0.5% a year) | $96 |
| PMI | $0 |
| Total per month | $1,553 |
Change the numbers in the calculator
| Down payment | $8,096 |
|---|---|
| Loan amount | $227,111 |
| Principal and interest | $1,528 |
| Property taxes (1.10% a year) | $212 |
| Homeowners insurance (our estimate, 0.5% a year) | $96 |
| FHA mortgage insurance | $102 |
| Total per month | $1,938 |
Change the numbers in the calculator
Questions about home buying in Garwood
What is the median home value in Garwood?
About $231,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
What income do you need to buy a home in Garwood?
For the median home with 20% down at 7.11%, the payment is about $1,553 a month. Keeping that under 28% of gross income takes about $66,565 a year.
More about Garwood
- Mortgage Refinance in Garwood
- Debt Relief in Garwood
- Home Equity Loans in Garwood
- 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