Total monthly cost of ownership
Cost to Own a Home in Lima, Ohio
A $96,000 home here costs
$946per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $494. The real number is $453 higher every month — 92% 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 Allen County and Ohio
| Measure | Lima | Allen County |
|---|---|---|
| Median home value | $95,900 | $158,400 |
| Median property tax | $1,119 | $1,782 |
| Effective tax rate | 1.167% | 1.125% |
| Median gross rent | $865 | $898 |
| Population | 35,304 | 101,685 |
The weather behind that power bill
Lima sits in Allen County, which averages a high of 83.6°F in its hottest month and a low of 20.1°F in its coldest, with 35.77" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 847 cooling and 5,769 heating degree days, which is what sets the $175 electricity line above.
See the full climate breakdown for Allen County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Allen County
Common questions
How much does it cost to own a home in Lima?
A $96,000 home in Lima, Ohio costs approximately $946 per month with 20% down at 6.66%. That is $494 principal and interest, $93 property tax, $36 homeowners insurance, $243 utilities and $80 set aside for maintenance.
What is the property tax rate in Lima?
Lima has an effective property tax rate of 1.167%, based on a median home value of $95,900 and median real estate taxes of $1,119. That is higher than the Allen County average of 1.125%.
What is the average home price in Lima?
The median owner-occupied home value in Lima, Ohio is $95,900, against $158,400 across Allen County.
Is it cheaper to rent or buy in Lima?
Median gross rent in Lima is $865 a month, against $946 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 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.