Total monthly cost of ownership
Cost to Own a Home in North Madison, Ohio
A $146,000 home here costs
$1,431per 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 $61,500 a year.
A standard mortgage calculator would have told you $796. The real number is $635 higher every month, 80% more than the payment most buyers budget for.
Compare Lake 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.
North Madison against Lake County and Ohio
| Measure | North Madison | Lake County |
|---|---|---|
| Median home value | $146,200 | $199,900 |
| Median property tax | $2,732 | $3,405 |
| Effective tax rate | 1.869% | 1.703% |
| Median gross rent | $1,109 | $1,073 |
| Population | 8,309 | 232,101 |
The weather behind that power bill
North 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 $164 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
Talk to someone who works this market
These are North Madison 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 North Madison every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in North Madison I already own here and may sell
Common questions
How much does it cost to own a home in North Madison?
A $146,000 home in North Madison, Ohio costs approximately $1,431 per month with 20% down at 7.24%. That is $796 principal and interest, $227 property tax, $54 homeowners insurance, $232 utilities and $122 set aside for maintenance.
What is the property tax rate in North Madison?
North Madison has an effective property tax rate of 1.869%, based on a median home value of $146,200 and median real estate taxes of $2,732. That is higher than the Lake County average of 1.703%.
What is the average home price in North Madison?
The median owner-occupied home value in North Madison, Ohio is $146,200, against $199,900 across Lake County.
Is it cheaper to rent or buy in North Madison?
Median gross rent in North Madison is $1,109 a month, against $1,431 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 North Madison?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in North Madison, Ohio at today's rate takes a household income of roughly $61,500 a year. That covers the full $1,431 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for North 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.