Latex paint is also known as water-based paint, and it's the most commonly used type of paint for homes. This paint rolls onto surfaces smoothly and has a quick drying time. It's also environmentally friendly and has a lot less of a strong odor than oil-based paints do. While these are great qualities, keep in mind that latex is less durable than oil-based paint, which means it can be much more prone to scratches and damage. The cost of latex paint is approximately $20 to $70 per gallon. Exterior House Painting Cost