Total monthly cost of ownership
Cost to Own a Home in Sheffield Lake, Ohio
A $153,000 home here costs
$1,457per 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 $62,500 a year.
A standard mortgage calculator would have told you $847. The real number is $610 higher every month, 72% more than the payment most buyers budget for.
Compare Lorain 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.
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 $165 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
Talk to someone who works this market
These are Sheffield Lake 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 Sheffield Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Sheffield Lake I already own here and may sell
Common questions
How much does it cost to own a home in Sheffield Lake?
A $153,000 home in Sheffield Lake, Ohio costs approximately $1,457 per month with 20% down at 7.4%. That is $847 principal and interest, $193 property tax, $57 homeowners insurance, $233 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 $1,457 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 Sheffield Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Sheffield Lake, Ohio at today's rate takes a household income of roughly $62,500 a year. That covers the full $1,457 monthly cost, not just the mortgage payment.
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.