Total monthly cost of ownership
Cost to Own a Home in Vermilion, Ohio
A $172,000 home here costs
$1,545per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $884. The real number is $661 higher every month — 75% 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.
Vermilion against Lorain County and Ohio
| Measure | Vermilion | Lorain County |
|---|---|---|
| Median home value | $172,000 | $207,200 |
| Median property tax | $2,521 | $2,992 |
| Effective tax rate | 1.466% | 1.444% |
| Median gross rent | $1,123 | $916 |
| Population | 10,451 | 314,588 |
Vermilion extends across 2 counties. Figures here use Lorain County, where most of its housing sits.
The weather behind that power bill
Vermilion 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 Vermilion?
A $172,000 home in Vermilion, Ohio costs approximately $1,545 per month with 20% down at 6.66%. That is $884 principal and interest, $210 property tax, $64 homeowners insurance, $243 utilities and $143 set aside for maintenance.
What is the property tax rate in Vermilion?
Vermilion has an effective property tax rate of 1.466%, based on a median home value of $172,000 and median real estate taxes of $2,521. That is higher than the Lorain County average of 1.444%.
What is the average home price in Vermilion?
The median owner-occupied home value in Vermilion, Ohio is $172,000, against $207,200 across Lorain County.
Is it cheaper to rent or buy in Vermilion?
Median gross rent in Vermilion is $1,123 a month, against $1,545 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 Vermilion — 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.