Buy vs Rent in Midland, TX (2026)
Median home price $290K · 1BR rent $1,200/mo · Price-to-rent ratio 20.1x.
Monthly cost of buying — 3 scenarios
30-year mortgage at 7% · Includes property tax, insurance, and maintenance estimates
| 3.5% down (FHA) | 10% down | 20% down (conventional) | |
|---|---|---|---|
| Down payment | $10,150 | $29,000 | $58,000 |
| Mortgage (P&I) | $1,862/mo | $1,736/mo | $1,544/mo |
| Property tax (est.) | $266/mo | $266/mo | $266/mo |
| Insurance (est.) | $121/mo | $121/mo | $121/mo |
| Maintenance (est.) | $242/mo | $242/mo | $242/mo |
| Total monthly cost | $2,491vs rent: +$1,291/mo | $2,365vs rent: +$1,165/mo | $2,173vs rent: +$973/mo |
| Income to qualify | $79,800/yr | $74,400/yr | $66,171/yr |
| Break-even (approx.) | ~1 yrs | ~2 yrs | ~5 yrs |
While renting, grow your down payment faster
High-yield savings accounts earning 4–5%+ APY — put your rent savings to work.
Midland housing context
Frequently asked questions
Is it better to buy or rent in Midland?
With a price-to-rent ratio of 20.1x, renting is often more cost-effective in Midland in the short term. Buying makes more sense if you plan to stay 7+ years and can make a larger down payment.
How much do I need to earn to buy a home in Midland?
With a median home price of $290K in Midland, you'd need an annual income of roughly $66,171 to qualify with 20% down (at 7% rate, 28% housing ratio). With 10% down, you'd need about $74,400/year.
Mortgage at 7% 30-yr fixed · Property tax 1.1% est. · Maintenance 1% est. · Zillow, BLS · Q1 2026 · For general guidance only