Quick facts: Gorman, TX

Quick Facts

99.5
Cost of Living
below US average
982
Population
8.15
Crime Rate per 1000
below US average
$24,138
Median Income
below US average
$350,000
Median House Price
above US average
$1563
Average Rent
above US average
18%
Poverty Rate
above US average
4.5%
Unemployment Rate
above 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 $24,138.

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Income Needed to Buy

βœ— Stretch
$110k/year
Based on $350,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $110k vs median $24,138
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Income Needed to Rent

⚠ Stretch
$67k/year
Based on $1563/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $67k vs median $24,138
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Gorman, TX

Gorman, Texas, is a small city located in Eastland County, known for its close-knit community and charming rural atmosphere. With a population of around 1,000 residents, Gorman offers a peaceful lifestyle amidst scenic landscapes. The town is situated approximately 100 miles west of Fort Worth and just off U.S. Highway 84, making it accessible while still retaining a quaint, small-town feel. Gorman features a modest downtown area with local shops, antique stores, and eateries, reflecting its rich history and culture. The city is surrounded by picturesque fields and farmland, appealing to nature enthusiasts and those seeking outdoor activities. The nearby Eastland County Museum showcases local history and culture, adding another layer to the town's character. Community events, such as the annual Gorman Rodeo, foster camaraderie among residents and celebrate the area's ranching heritage. Recreational opportunities abound in the surrounding areas, including hunting, fishing, and exploring the nearby lakes. Overall, Gorman embodies the essence of Texan small-town life, making it a unique and welcoming place to live or visit.

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