Total monthly cost of ownership
Cost to Own a Home in Madison, Ohio
A $191,000 home here costs
$1,727per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $982. The real number is $745 higher every month — 76% 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.
Madison against Lake County and Ohio
| Measure | Madison | Lake County |
|---|---|---|
| Median home value | $190,900 | $199,900 |
| Median property tax | $3,258 | $3,405 |
| Effective tax rate | 1.707% | 1.703% |
| Median gross rent | $888 | $1,073 |
| Population | 3,427 | 232,101 |
The weather behind that power bill
Madison sits in Lake County, which averages a high of 82.3°F in its hottest month and a low of 23.7°F in its coldest, with 40.46" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 955 cooling and 5,353 heating degree days, which is what sets the $175 electricity line above.
See the full climate breakdown for Lake County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lake County
Common questions
How much does it cost to own a home in Madison?
A $191,000 home in Madison, Ohio costs approximately $1,727 per month with 20% down at 6.66%. That is $982 principal and interest, $272 property tax, $71 homeowners insurance, $243 utilities and $159 set aside for maintenance.
What is the property tax rate in Madison?
Madison has an effective property tax rate of 1.707%, based on a median home value of $190,900 and median real estate taxes of $3,258. That is in line with the Lake County average of 1.703%.
What is the average home price in Madison?
The median owner-occupied home value in Madison, Ohio is $190,900, against $199,900 across Lake County.
Is it cheaper to rent or buy in Madison?
Median gross rent in Madison is $888 a month, against $1,727 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 Madison — 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.