Total monthly cost of ownership
Cost to Own a Home in Lima, New York
A $195,000 home here costs
$1,977per 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 $84,500 a year.
A standard mortgage calculator would have told you $1,063. The real number is $914 higher every month, 86% more than the payment most buyers budget for.
Compare Livingston County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Lima from a five-year rolling sample, and with about 2,188 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Livingston County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lima against Livingston County and New York
| Measure | Lima | Livingston County |
|---|---|---|
| Median home value | $195,400 | $169,600 |
| Median property tax | $5,738 | $4,182 |
| Effective tax rate | 2.937% | 2.466% |
| Median gross rent | $815 | $912 |
| Population | 2,188 | 61,588 |
The weather behind that power bill
Lima sits in Livingston County, which averages a high of 83.1°F in its hottest month and a low of 18.0°F in its coldest, with 29.04" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 641 cooling and 6,260 heating degree days, which is what sets the $164 electricity line above.
See the full climate breakdown for Livingston County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Livingston County
Full Livingston County cost breakdown · Every county in New York
Talk to someone who works this market
These are Lima 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 Lima every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Lima?
A $195,000 home in Lima, New York costs approximately $1,977 per month with 20% down at 7.24%. That is $1,063 principal and interest, $477 property tax, $43 homeowners insurance, $232 utilities and $163 set aside for maintenance.
What is the property tax rate in Lima?
Lima has an effective property tax rate of 2.937%, based on a median home value of $195,400 and median real estate taxes of $5,738. That is higher than the Livingston County average of 2.466%.
What is the average home price in Lima?
The median owner-occupied home value in Lima, New York is $195,400, against $169,600 across Livingston County.
Is it cheaper to rent or buy in Lima?
Median gross rent in Lima is $815 a month, against $1,977 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 Lima?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lima, New York at today's rate takes a household income of roughly $84,500 a year. That covers the full $1,977 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lima, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for New York.
- 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.