Total monthly cost of ownership
Cost to Own a Home in Sheffield Lake, Ohio
A $153,000 home here costs
$1,407per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $787. The real number is $621 higher every month — 79% 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.
Sheffield Lake against Lorain County and Ohio
| Measure | Sheffield Lake | Lorain County |
|---|---|---|
| Median home value | $153,400 | $207,200 |
| Median property tax | $2,321 | $2,992 |
| Effective tax rate | 1.513% | 1.444% |
| Median gross rent | $1,014 | $916 |
| Population | 8,946 | 314,588 |
The weather behind that power bill
Sheffield Lake sits in Lorain County, which averages a high of 82.3°F in its hottest month and a low of 19.8°F in its coldest, with 36.72" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 690 cooling and 6,045 heating degree days, which is what sets the $175 electricity line above.
See the full climate breakdown for Lorain County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lorain County
Common questions
How much does it cost to own a home in Sheffield Lake?
A $153,000 home in Sheffield Lake, Ohio costs approximately $1,407 per month with 20% down at 6.66%. That is $787 principal and interest, $193 property tax, $57 homeowners insurance, $243 utilities and $128 set aside for maintenance.
What is the property tax rate in Sheffield Lake?
Sheffield Lake has an effective property tax rate of 1.513%, based on a median home value of $153,400 and median real estate taxes of $2,321. That is higher than the Lorain County average of 1.444%.
What is the average home price in Sheffield Lake?
The median owner-occupied home value in Sheffield Lake, Ohio is $153,400, against $207,200 across Lorain County.
Is it cheaper to rent or buy in Sheffield Lake?
Median gross rent in Sheffield Lake is $1,014 a month, against $1,407 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 Sheffield Lake — 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.