Total monthly cost of ownership
Cost to Own a Home in Grafton, Ohio
A $199,000 home here costs
$1,789per month, all in, with 20% down at today's 7.40% 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 $1,102. The real number is $686 higher every month, 62% more than the payment most buyers budget for.
Compare Lorain 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.
Grafton against Lorain County and Ohio
| Measure | Grafton | Lorain County |
|---|---|---|
| Median home value | $198,500 | $207,200 |
| Median property tax | $2,563 | $2,992 |
| Effective tax rate | 1.291% | 1.444% |
| Median gross rent | $1,048 | $916 |
| Population | 5,665 | 314,588 |
The weather behind that power bill
Grafton 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 $165 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
Talk to someone who works this market
These are Grafton 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 Grafton every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Grafton I already own here and may sell
Common questions
How much does it cost to own a home in Grafton?
A $199,000 home in Grafton, Ohio costs approximately $1,789 per month with 20% down at 7.4%. That is $1,102 principal and interest, $214 property tax, $74 homeowners insurance, $233 utilities and $166 set aside for maintenance.
What is the property tax rate in Grafton?
Grafton has an effective property tax rate of 1.291%, based on a median home value of $198,500 and median real estate taxes of $2,563. That is lower than the Lorain County average of 1.444%.
What is the average home price in Grafton?
The median owner-occupied home value in Grafton, Ohio is $198,500, against $207,200 across Lorain County.
Is it cheaper to rent or buy in Grafton?
Median gross rent in Grafton is $1,048 a month, against $1,789 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 Grafton?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Grafton, Ohio at today's rate takes a household income of roughly $76,500 a year. That covers the full $1,789 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Grafton, 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.