Total monthly cost of ownership
Cost to Own a Home in Silver Lake, Ohio
A $300,000 home here costs
$2,625per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,542. The real number is $1,083 higher every month — 70% 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.
Silver Lake against Summit County and Ohio
| Measure | Silver Lake | Summit County |
|---|---|---|
| Median home value | $299,500 | $195,700 |
| Median property tax | $5,727 | $3,018 |
| Effective tax rate | 1.912% | 1.542% |
| Median gross rent | $1,696 | $998 |
| Population | 2,514 | 538,087 |
The weather behind that power bill
Silver Lake 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 Silver Lake?
A $300,000 home in Silver Lake, Ohio costs approximately $2,625 per month with 20% down at 6.66%. That is $1,542 principal and interest, $478 property tax, $112 homeowners insurance, $243 utilities and $250 set aside for maintenance.
What is the property tax rate in Silver Lake?
Silver Lake has an effective property tax rate of 1.912%, based on a median home value of $299,500 and median real estate taxes of $5,727. That is higher than the Summit County average of 1.542%.
What is the average home price in Silver Lake?
The median owner-occupied home value in Silver Lake, Ohio is $299,500, against $195,700 across Summit County.
Is it cheaper to rent or buy in Silver Lake?
Median gross rent in Silver Lake is $1,696 a month, against $2,625 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 Silver 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.