Total monthly cost of ownership
Cost to Own a Home in Portage Lakes, Ohio
A $166,000 home here costs
$1,532per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $853. The real number is $679 higher every month — 80% 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.
Portage Lakes against Summit County and Ohio
| Measure | Portage Lakes | Summit County |
|---|---|---|
| Median home value | $165,500 | $195,700 |
| Median property tax | $2,814 | $3,018 |
| Effective tax rate | 1.700% | 1.542% |
| Median gross rent | $1,125 | $998 |
| Population | 6,199 | 538,087 |
The weather behind that power bill
Portage Lakes 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 $175 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
Common questions
How much does it cost to own a home in Portage Lakes?
A $166,000 home in Portage Lakes, Ohio costs approximately $1,532 per month with 20% down at 6.66%. That is $853 principal and interest, $235 property tax, $62 homeowners insurance, $243 utilities and $138 set aside for maintenance.
What is the property tax rate in Portage Lakes?
Portage Lakes has an effective property tax rate of 1.700%, based on a median home value of $165,500 and median real estate taxes of $2,814. That is higher than the Summit County average of 1.542%.
What is the average home price in Portage Lakes?
The median owner-occupied home value in Portage Lakes, Ohio is $165,500, against $195,700 across Summit County.
Is it cheaper to rent or buy in Portage Lakes?
Median gross rent in Portage Lakes is $1,125 a month, against $1,532 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 Portage Lakes — 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.