Total monthly cost of ownership
Cost to Own a Home in Lima, New York
A $195,000 home here costs
$2,022per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,002. The real number is $1,020 higher every month — 102% 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.
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 $269 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
Common questions
How much does it cost to own a home in Lima?
A $195,000 home in Lima, New York costs approximately $2,022 per month with 20% down at 6.66%. That is $1,002 principal and interest, $477 property tax, $43 homeowners insurance, $337 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 $2,022 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 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.