The typical owner-occupied home in Big Spring is worth about $140,200, 51% below the Texas median of $283,800 and 58% below the national median of $332,700. Owners pay a median $1,420 a year in property taxes, about 1.01% of their home's value, lower than the Texas rate of 1.49%. The median household earns $67,581 a year, so the median home costs 2.1 times the median income (3.6 times for Texas). 65% of occupied homes here are lived in by their owners, and 45% of those owners still have a mortgage.
Big Spring at a glance
| Big Spring | Texas | U.S. | |
|---|---|---|---|
| Median home value | $140,200 | $283,800 | $332,700 |
| Median property tax paid per year | $1,420 | $4,232 | $3,119 |
| Property tax as a share of value | 1.01% | 1.49% | 0.94% |
| Median household income | $67,581 | $78,476 | $80,734 |
| Homes lived in by their owners | 65% | 63% | 65% |
| Owner homes with a mortgage | 45% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,431 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 18.8% | 21.7% | 21.0% |
| Median rent | $1,050 | $1,403 | $1,413 |
| Rent as a share of renters' income | 30.8% | 30.9% | 30.6% |
| Median year homes were built | 1963 | 1992 | 1980 |
| Vacant homes | 13.4% | 9.4% | 10.1% |
| Population | 23,975 | 30,188,424 | 334,922,499 |
What a typical home costs per month in Big Spring
At this week's average 30-year rate of 7.11%, buying the median Big Spring home of $140,200 with 20% down costs about $931 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,164, 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 $39,897 for the 20%-down payment. That payment is 17% of the median Big Spring household income of $67,581; at that income and 20% down, the 28% guideline points to a home of about $237,000.
The median rent here is $1,050 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $28,040 |
|---|---|
| Loan amount | $112,160 |
| Principal and interest | $755 |
| Property taxes (1.01% a year) | $118 |
| Homeowners insurance (our estimate, 0.5% a year) | $58 |
| PMI | $0 |
| Total per month | $931 |
Change the numbers in the calculator
| Down payment | $4,907 |
|---|---|
| Loan amount | $137,661 |
| Principal and interest | $926 |
| Property taxes (1.01% a year) | $118 |
| Homeowners insurance (our estimate, 0.5% a year) | $58 |
| FHA mortgage insurance | $62 |
| Total per month | $1,164 |
Change the numbers in the calculator
Questions about home buying in Big Spring
What is the median home value in Big Spring?
About $140,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Big Spring?
Homeowners pay a median $1,420 a year, which is about 1.01% 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 Big Spring?
For the median home with 20% down at 7.11%, the payment is about $931 a month. Keeping that under 28% of gross income takes about $39,897 a year.
More about Big Spring
- Mortgage Refinance in Big Spring
- Debt Relief in Big Spring
- Home Equity Loans in Big Spring
- 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