Quick facts: Monahans, TX

Quick Facts

99.5
Cost of Living
below US average
7,324
Population
10.51
Crime Rate per 1000
below US average
$75,425
Median Income
below US average
$263,000
Median House Price
above US average
$2500.0
Average Rent
above US average
12%
Poverty Rate
above US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $75,425.

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Income Needed to Buy

βœ— Stretch
$83k/year
Based on $263,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $83k vs median $75,425
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Income Needed to Rent

⚠ Stretch
$107k/year
Based on $2500.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $107k vs median $75,425
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Monahans, TX

Monahans is a city located in Ward County, Texas, known for its rich oil history and proximity to the Permian Basin. It serves as a hub for the oil and gas industry while also maintaining its small-town charm. The city has a population of approximately 7,000 residents, offering a tight-knit community feel. Monahans features a variety of amenities, including parks, local shops, and restaurants that reflect the area's cultural heritage. One of its notable attractions is the Monahans Sandhills State Park, where visitors can enjoy outdoor activities such as hiking, sand surfing, and picnicking in stunning dune landscapes. The city's economic landscape is heavily influenced by its oil production, but it also attracts attention for its agriculture and transportation sectors. Monahans is strategically located along U.S. Highway 62/180, making it accessible for travelers and commerce. In terms of education, the Monahans-Wickett-Pyote Independent School District serves the area, providing education from elementary through high school. The community is also known for hosting various events that celebrate local culture and history. Overall, Monahans encapsulates a blend of industry, nature, and community spirit in West Texas.

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