Total monthly cost of ownership
Cost to Own a Home in Fairlawn, Ohio
A $267,000 home here costs
$2,267per 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 $97,000 a year.
A standard mortgage calculator would have told you $1,456. The real number is $811 higher every month, 56% more than the payment most buyers budget for.
Compare Summit 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.
Fairlawn against Summit County and Ohio
| Measure | Fairlawn | Summit County |
|---|---|---|
| Median home value | $267,000 | $195,700 |
| Median property tax | $3,093 | $3,018 |
| Effective tax rate | 1.158% | 1.542% |
| Median gross rent | $1,095 | $998 |
| Population | 7,689 | 538,087 |
The weather behind that power bill
Fairlawn sits in Summit County, which averages a high of 85.1°F in its hottest month and a low of 21.0°F in its coldest, with 32.51" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 934 cooling and 5,538 heating degree days, which is what sets the $164 electricity line above.
See the full climate breakdown for Summit County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Summit County
Talk to someone who works this market
These are Fairlawn 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 Fairlawn every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Fairlawn I already own here and may sell
Common questions
How much does it cost to own a home in Fairlawn?
A $267,000 home in Fairlawn, Ohio costs approximately $2,267 per month with 20% down at 7.24%. That is $1,456 principal and interest, $258 property tax, $99 homeowners insurance, $232 utilities and $223 set aside for maintenance.
What is the property tax rate in Fairlawn?
Fairlawn has an effective property tax rate of 1.158%, based on a median home value of $267,000 and median real estate taxes of $3,093. That is lower than the Summit County average of 1.542%.
What is the average home price in Fairlawn?
The median owner-occupied home value in Fairlawn, Ohio is $267,000, against $195,700 across Summit County.
Is it cheaper to rent or buy in Fairlawn?
Median gross rent in Fairlawn is $1,095 a month, against $2,267 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 Fairlawn?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Fairlawn, Ohio at today's rate takes a household income of roughly $97,000 a year. That covers the full $2,267 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Fairlawn, 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.