The typical owner-occupied home in Elmo is worth about $199,200, 30% below the Texas median of $283,800 and 40% below the national median of $332,700. Owners pay a median $2,865 a year in property taxes, about 1.44% of their home's value, close to the Texas rate of 1.49%. 58% of occupied homes here are lived in by their owners, and 53% of those owners still have a mortgage.
Elmo at a glance
| Elmo | Texas | U.S. | |
|---|---|---|---|
| Median home value | $199,200 | $283,800 | $332,700 |
| Median property tax paid per year | $2,865 | $4,232 | $3,119 |
| Property tax as a share of value | 1.44% | 1.49% | 0.94% |
| Median household income | – | $78,476 | $80,734 |
| Homes lived in by their owners | 58% | 63% | 65% |
| Owner homes with a mortgage | 53% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,711 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 22.9% | 21.7% | 21.0% |
| Median rent | – | $1,403 | $1,413 |
| Median year homes were built | 1987 | 1992 | 1980 |
| Vacant homes | 3.6% | 9.4% | 10.1% |
| Population | 1,379 | 30,188,424 | 334,922,499 |
How much equity Elmo owners could borrow
Home equity is what your home is worth minus what you owe. Most lenders let you borrow until your loans add up to 80% to 85% of the home's value. For the median Elmo home of $199,200, 80% is $159,360.
47% of Elmo owners have no mortgage at all, so they could borrow up to the full 80% limit.
If you instead refinance and take cash out, the whole loan moves to the new rate (this week's 30-year average is 7.11%). A home equity loan or line of credit keeps your current first mortgage, which is usually better when your existing rate is lower than today's.
| Owe nothing | $159,360 to $169,320 |
|---|---|
| Owe $49,800 | $109,560 to $119,520 |
| Owe $99,600 | $59,760 to $69,720 |
| Owe $129,480 | $29,880 to $39,840 |
Before the lender's own limits, fees and your credit and income checks.
Change the numbers in the calculator
Questions about home equity loans in Elmo
What is the median home value in Elmo?
About $199,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elmo?
Homeowners pay a median $2,865 a year, which is about 1.44% of the median home value. Your bill depends on your home's assessed value and local rates.
How much can I borrow against my home in Elmo?
Usually up to 80% to 85% of your home's value, minus what you owe. On the median home of $199,200, an 80% limit is $159,360 before subtracting your mortgage.
More about Elmo
- Mortgage Refinance in Elmo
- Home Buying in Elmo
- Debt Relief in Elmo
- 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