Total monthly cost of ownership
Cost to Own a Home in Shelby, Ohio
A $117,000 home here costs
$1,095per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $601. The real number is $494 higher every month — 82% 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.
Shelby against Richland County and Ohio
| Measure | Shelby | Richland County |
|---|---|---|
| Median home value | $117,300 | $154,000 |
| Median property tax | $1,315 | $1,984 |
| Effective tax rate | 1.121% | 1.288% |
| Median gross rent | $724 | $791 |
| Population | 8,706 | 125,138 |
The weather behind that power bill
Shelby sits in Richland County, which averages a high of 82.8°F in its hottest month and a low of 19.1°F in its coldest, with 42.49" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 751 cooling and 5,983 heating degree days, which is what sets the $175 electricity line above.
See the full climate breakdown for Richland County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Richland County
Common questions
How much does it cost to own a home in Shelby?
A $117,000 home in Shelby, Ohio costs approximately $1,095 per month with 20% down at 6.66%. That is $601 principal and interest, $109 property tax, $43 homeowners insurance, $243 utilities and $98 set aside for maintenance.
What is the property tax rate in Shelby?
Shelby has an effective property tax rate of 1.121%, based on a median home value of $117,300 and median real estate taxes of $1,315. That is lower than the Richland County average of 1.288%.
What is the average home price in Shelby?
The median owner-occupied home value in Shelby, Ohio is $117,300, against $154,000 across Richland County.
Is it cheaper to rent or buy in Shelby?
Median gross rent in Shelby is $724 a month, against $1,095 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 Shelby — 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.