Wichita Falls residents have among the highest tax and insurance deductions in the U.S. from their mortgages, according to a study by Neighbors Bank.
Neighbors Bank is a Missouri-based online mortgage company.
The bank released its survey of 450 U.S. metros in March. It revealed that Wichita Falls had the fifth highest tax and insurance deductions on home mortgages in the nation.
“While home prices in Wichita Falls remain relatively affordable compared to larger Texas metros, property taxes, a primary funding source for local services and schools, meaningfully increase monthly housing costs,” the company said.
The average monthly principal and interest on a home mortgage in Wichita Falls is $863 while the monthly taxes and insurance bill is $462, according to the survey results. That makes a total average monthly house payment of $1,324.
The figures are based on a 30-year fixed-rate mortgage at a 6.59% interest rate.
Taxes and insurance make up 34.9% of the average monthly mortgage payment in Wichita Falls — compared to the national average of 21%.
The 2025 property taxes collected on a median priced home for the city of Wichita Falls, Wichita County and Wichita Falls ISD decreased slightly from the previous year, according to figures from the Wichita County Tax Assessor-Collector’s Office.
This article originally appeared on Wichita Falls Times Record News: Wichitans have big bite of taxes and insurance taken from mortgages
Reporting by Lynn Walker, Wichita Falls Times Record News / Wichita Falls Times Record News
USA TODAY Network via Reuters Connect
