The typical home in Lima, OH is worth about $135,000.
With 20% down that's a loan near $108,000 — the calculator
is pre-filled with that figure. Lima's economy still leans on the Husky Lima oil refinery and the Joint Systems Manufacturing Center, the sole U.S. plant that builds and overhauls the Army's Abrams tanks, giving the city an unusually defense-dependent job base for its size.
$701.20 / month
Total interest
$144,437
Total paid
$252,437
Payoff
30.0 years
How much you need to earn
Lima, OH's median household income is about
$50,000 a year. Under standard 28/36
lending rules that supports a home price around
$160,928 with 20% down —
comfortably above the $135,000 typical price.
Typical asking rent in Lima, OH is about $900 a month, so owning the median home costs roughly
$98 more per month before tax
effects, maintenance, and any change in home value.
Frequently asked questions
What is a typical mortgage payment in Lima, OH?
On the metro's roughly $135,000 typical home with 20% down, the loan is about $108,000. Principal and interest run near $701 a month at today's rate, and Lima, OH's property tax plus insurance add about $297, for a full payment near $998.
Can I afford a home in Lima, OH on the median income?
The median household income is about $50,000 a year. Under standard 28/36 lending rules that supports a home price around $160,928 with 20% down — above the $135,000 typical price, so a median home is within reach.
Is it cheaper to rent or buy in Lima, OH?
Typical asking rent is about $900 a month. The full owner payment on a median home is near $998, so owning costs roughly $98 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Lima, OH?
The effective property tax rate in the core county is about 1.53% of market value — roughly $2,066 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Lima, OH rising or falling?
Home values are up about 2% over the past year. Lima's economy still leans on the Husky Lima oil refinery and the Joint Systems Manufacturing Center, the sole U.S. plant that builds and overhauls the Army's Abrams tanks, giving the city an unusually defense-dependent job base for its size.