Total monthly cost of ownership
Cost to Own a Home in Cortland, Ohio
A $199,000 home here costs
$1,790per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $76,500 a year.
A standard mortgage calculator would have told you $1,085. The real number is $705 higher every month, 65% more than the payment most buyers budget for.
Compare Trumbull County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Cortland against Trumbull County and Ohio
| Measure | Cortland | Trumbull County |
|---|---|---|
| Median home value | $199,300 | $128,100 |
| Median property tax | $2,804 | $1,806 |
| Effective tax rate | 1.407% | 1.410% |
| Median gross rent | $702 | $783 |
| Population | 7,091 | 201,367 |
The weather behind that power bill
Cortland sits in Trumbull County, which averages a high of 82.1°F in its hottest month and a low of 17.6°F in its coldest, with 42.67" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 556 cooling and 6,282 heating degree days, which is what sets the $164 electricity line above.
See the full climate breakdown for Trumbull County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Trumbull County
Talk to someone who works this market
These are Cortland averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Cortland every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Cortland I already own here and may sell
Common questions
How much does it cost to own a home in Cortland?
A $199,000 home in Cortland, Ohio costs approximately $1,790 per month with 20% down at 7.24%. That is $1,085 principal and interest, $233 property tax, $74 homeowners insurance, $232 utilities and $166 set aside for maintenance.
What is the property tax rate in Cortland?
Cortland has an effective property tax rate of 1.407%, based on a median home value of $199,300 and median real estate taxes of $2,804. That is in line with the Trumbull County average of 1.410%.
What is the average home price in Cortland?
The median owner-occupied home value in Cortland, Ohio is $199,300, against $128,100 across Trumbull County.
Is it cheaper to rent or buy in Cortland?
Median gross rent in Cortland is $702 a month, against $1,790 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Cortland?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cortland, Ohio at today's rate takes a household income of roughly $76,500 a year. That covers the full $1,790 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cortland, 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.