Total monthly cost of ownership
Cost to Own a Home in Amherst, Ohio
A $223,000 home here costs
$1,923per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,146. The real number is $777 higher every month — 68% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Amherst against Lorain County and Ohio
| Measure | Amherst | Lorain County |
|---|---|---|
| Median home value | $222,700 | $207,200 |
| Median property tax | $3,169 | $2,992 |
| Effective tax rate | 1.423% | 1.444% |
| Median gross rent | $832 | $916 |
| Population | 12,796 | 314,588 |
The weather behind that power bill
Amherst sits in Lorain County, which averages a high of 82.3°F in its hottest month and a low of 19.8°F in its coldest, with 36.72" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 690 cooling and 6,045 heating degree days, which is what sets the $175 electricity line above.
See the full climate breakdown for Lorain County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lorain County
Common questions
How much does it cost to own a home in Amherst?
A $223,000 home in Amherst, Ohio costs approximately $1,923 per month with 20% down at 6.66%. That is $1,146 principal and interest, $264 property tax, $83 homeowners insurance, $243 utilities and $186 set aside for maintenance.
What is the property tax rate in Amherst?
Amherst has an effective property tax rate of 1.423%, based on a median home value of $222,700 and median real estate taxes of $3,169. That is lower than the Lorain County average of 1.444%.
What is the average home price in Amherst?
The median owner-occupied home value in Amherst, Ohio is $222,700, against $207,200 across Lorain County.
Is it cheaper to rent or buy in Amherst?
Median gross rent in Amherst is $832 a month, against $1,923 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Amherst — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Ohio.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.