Total monthly cost of ownership
Cost to Own a Home in Parma, Ohio
A $158,000 home here costs
$1,568per 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 $67,000 a year.
A standard mortgage calculator would have told you $875. The real number is $693 higher every month, 79% more than the payment most buyers budget for.
Compare Cuyahoga 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.
Parma against Cuyahoga County and Ohio
| Measure | Parma | Cuyahoga County |
|---|---|---|
| Median home value | $157,600 | $183,200 |
| Median property tax | $3,233 | $3,819 |
| Effective tax rate | 2.051% | 2.085% |
| Median gross rent | $1,053 | $1,005 |
| Population | 80,131 | 1,249,418 |
The weather behind that power bill
Parma sits in Cuyahoga County, which averages a high of 80.7°F in its hottest month and a low of 23.5°F in its coldest, with 33.34" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 925 cooling and 5,513 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for Cuyahoga County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cuyahoga County
Talk to someone who works this market
These are Parma 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 Parma every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Parma?
A $158,000 home in Parma, Ohio costs approximately $1,568 per month with 20% down at 7.4%. That is $875 principal and interest, $270 property tax, $59 homeowners insurance, $233 utilities and $132 set aside for maintenance.
What is the property tax rate in Parma?
Parma has an effective property tax rate of 2.051%, based on a median home value of $157,600 and median real estate taxes of $3,233. That is lower than the Cuyahoga County average of 2.085%.
What is the average home price in Parma?
The median owner-occupied home value in Parma, Ohio is $157,600, against $183,200 across Cuyahoga County.
Is it cheaper to rent or buy in Parma?
Median gross rent in Parma is $1,053 a month, against $1,568 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 Parma?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Parma, Ohio at today's rate takes a household income of roughly $67,000 a year. That covers the full $1,568 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Parma, 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.