The typical owner-occupied home in Southlake is worth about $1,014,500, 3.6 times the Texas median of $283,800 and 3.0 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 0.99% of their home's value, lower than the Texas rate of 1.49%. The median household earns $250,001 a year, so the median home costs 4.1 times the median income (3.6 times for Texas). 95% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Southlake at a glance
| Southlake | Texas | U.S. | |
|---|---|---|---|
| Median home value | $1,014,500 | $283,800 | $332,700 |
| Median property tax paid per year | $10,001 | $4,232 | $3,119 |
| Property tax as a share of value | 0.99% | 1.49% | 0.94% |
| Median household income | $250,001 | $78,476 | $80,734 |
| Homes lived in by their owners | 95% | 63% | 65% |
| Owner homes with a mortgage | 62% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 19.1% | 21.7% | 21.0% |
| Median rent | $3,501 | $1,403 | $1,413 |
| Rent as a share of renters' income | 27.7% | 30.9% | 30.6% |
| Median year homes were built | 1997 | 1992 | 1980 |
| Vacant homes | 4.0% | 9.4% | 10.1% |
| Population | 31,137 | 30,188,424 | 334,922,499 |
What a typical home costs per month in Southlake
At this week's average 30-year rate of 7.11%, buying the median Southlake home of $1,014,500 with 20% down costs about $6,719 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $8,573, 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 $287,973 for the 20%-down payment. That payment is 32% of the median Southlake household income of $250,001; at that income and 20% down, the 28% guideline points to a home of about $881,000.
The median rent here is $3,501 a month, so owning the median home costs about $3,218 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $202,900 |
|---|---|
| Loan amount | $811,600 |
| Principal and interest | $5,460 |
| Property taxes (0.99% a year) | $837 |
| Homeowners insurance (our estimate, 0.5% a year) | $423 |
| PMI | $0 |
| Total per month | $6,719 |
Change the numbers in the calculator
| Down payment | $35,508 |
|---|---|
| Loan amount | $996,125 |
| Principal and interest | $6,701 |
| Property taxes (0.99% a year) | $837 |
| Homeowners insurance (our estimate, 0.5% a year) | $423 |
| FHA mortgage insurance | $612 |
| Total per month | $8,573 |
Change the numbers in the calculator
Questions about home buying in Southlake
What is the median home value in Southlake?
About $1,014,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Southlake?
Homeowners pay a median $10,001 a year, which is about 0.99% 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 Southlake?
For the median home with 20% down at 7.11%, the payment is about $6,719 a month. Keeping that under 28% of gross income takes about $287,973 a year.
More about Southlake
- Mortgage Refinance in Southlake
- Debt Relief in Southlake
- Home Equity Loans in Southlake
- 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