Total monthly cost of ownership
Cost to Own a Home in Toledo, Ohio
A $107,000 home here costs
$1,106per 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 $47,500 a year.
A standard mortgage calculator would have told you $593. The real number is $513 higher every month, 87% more than the payment most buyers budget for.
Compare Lucas 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.
Toledo against Lucas County and Ohio
| Measure | Toledo | Lucas County |
|---|---|---|
| Median home value | $107,000 | $155,200 |
| Median property tax | $1,818 | $2,710 |
| Effective tax rate | 1.699% | 1.746% |
| Median gross rent | $880 | $911 |
| Population | 268,461 | 428,748 |
The weather behind that power bill
Toledo sits in Lucas County, which averages a high of 84.6°F in its hottest month and a low of 20.1°F in its coldest, with 32.36" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 930 cooling and 5,839 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for Lucas County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lucas County
Talk to someone who works this market
These are Toledo 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 Toledo every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Toledo I already own here and may sell
Common questions
How much does it cost to own a home in Toledo?
A $107,000 home in Toledo, Ohio costs approximately $1,106 per month with 20% down at 7.4%. That is $593 principal and interest, $151 property tax, $40 homeowners insurance, $233 utilities and $89 set aside for maintenance.
What is the property tax rate in Toledo?
Toledo has an effective property tax rate of 1.699%, based on a median home value of $107,000 and median real estate taxes of $1,818. That is lower than the Lucas County average of 1.746%.
What is the average home price in Toledo?
The median owner-occupied home value in Toledo, Ohio is $107,000, against $155,200 across Lucas County.
Is it cheaper to rent or buy in Toledo?
Median gross rent in Toledo is $880 a month, against $1,106 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 Toledo?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Toledo, Ohio at today's rate takes a household income of roughly $47,500 a year. That covers the full $1,106 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Toledo, 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.