Total monthly cost of ownership
Cost to Own a Home in New Franklin, Ohio
A $197,000 home here costs
$1,825per 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 $78,000 a year.
A standard mortgage calculator would have told you $1,091. The real number is $734 higher every month, 67% more than the payment most buyers budget for.
Compare Summit 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.
New Franklin against Summit County and Ohio
| Measure | New Franklin | Summit County |
|---|---|---|
| Median home value | $196,600 | $195,700 |
| Median property tax | $3,158 | $3,018 |
| Effective tax rate | 1.606% | 1.542% |
| Median gross rent | $1,101 | $998 |
| Population | 13,830 | 538,087 |
The weather behind that power bill
New Franklin sits in Summit County, which averages a high of 85.1°F in its hottest month and a low of 21.0°F in its coldest, with 32.51" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 934 cooling and 5,538 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for Summit County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Summit County
Talk to someone who works this market
These are New Franklin 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 New Franklin every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in New Franklin I already own here and may sell
Common questions
How much does it cost to own a home in New Franklin?
A $197,000 home in New Franklin, Ohio costs approximately $1,825 per month with 20% down at 7.4%. That is $1,091 principal and interest, $264 property tax, $73 homeowners insurance, $233 utilities and $164 set aside for maintenance.
What is the property tax rate in New Franklin?
New Franklin has an effective property tax rate of 1.606%, based on a median home value of $196,600 and median real estate taxes of $3,158. That is higher than the Summit County average of 1.542%.
What is the average home price in New Franklin?
The median owner-occupied home value in New Franklin, Ohio is $196,600, against $195,700 across Summit County.
Is it cheaper to rent or buy in New Franklin?
Median gross rent in New Franklin is $1,101 a month, against $1,825 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 New Franklin?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in New Franklin, Ohio at today's rate takes a household income of roughly $78,000 a year. That covers the full $1,825 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for New Franklin, 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.