The typical owner-occupied home in The Colony is worth about $383,900, 35% above the Texas median of $283,800 and 15% above the national median of $332,700. Owners pay a median $6,551 a year in property taxes, about 1.71% of their home's value, higher than the Texas rate of 1.49%. The median household earns $114,511 a year, so the median home costs 3.4 times the median income (3.6 times for Texas). 60% of occupied homes here are lived in by their owners, and 72% of those owners still have a mortgage.
The Colony at a glance
| The Colony | Texas | U.S. | |
|---|---|---|---|
| Median home value | $383,900 | $283,800 | $332,700 |
| Median property tax paid per year | $6,551 | $4,232 | $3,119 |
| Property tax as a share of value | 1.71% | 1.49% | 0.94% |
| Median household income | $114,511 | $78,476 | $80,734 |
| Homes lived in by their owners | 60% | 63% | 65% |
| Owner homes with a mortgage | 72% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $2,428 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 19.8% | 21.7% | 21.0% |
| Median rent | $1,958 | $1,403 | $1,413 |
| Rent as a share of renters' income | 26.7% | 30.9% | 30.6% |
| Median year homes were built | 2001 | 1992 | 1980 |
| Vacant homes | 4.1% | 9.4% | 10.1% |
| Population | 45,454 | 30,188,424 | 334,922,499 |
What a typical home costs per month in The Colony
At this week's average 30-year rate of 7.11%, buying the median The Colony home of $383,900 with 20% down costs about $2,773 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,413, 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 $118,845 for the 20%-down payment. That payment is 29% of the median The Colony household income of $114,511; at that income and 20% down, the 28% guideline points to a home of about $370,000.
The median rent here is $1,958 a month, so owning the median home costs about $815 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $76,780 |
|---|---|
| Loan amount | $307,120 |
| Principal and interest | $2,066 |
| Property taxes (1.71% a year) | $547 |
| Homeowners insurance (our estimate, 0.5% a year) | $160 |
| PMI | $0 |
| Total per month | $2,773 |
Change the numbers in the calculator
| Down payment | $13,436 |
|---|---|
| Loan amount | $376,947 |
| Principal and interest | $2,536 |
| Property taxes (1.71% a year) | $547 |
| Homeowners insurance (our estimate, 0.5% a year) | $160 |
| FHA mortgage insurance | $170 |
| Total per month | $3,413 |
Change the numbers in the calculator
Questions about home buying in The Colony
What is the median home value in The Colony?
About $383,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in The Colony?
Homeowners pay a median $6,551 a year, which is about 1.71% 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 The Colony?
For the median home with 20% down at 7.11%, the payment is about $2,773 a month. Keeping that under 28% of gross income takes about $118,845 a year.
More about The Colony
- Mortgage Refinance in The Colony
- Debt Relief in The Colony
- Home Equity Loans in The Colony
- 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