Home Affordability in Ontario, CA
The median home price in Ontario is $560,000 with a median household income of $63,427. Housing is significantly stretched relative to local incomes.
Median Home Price
$560,000
Median Income
$63,427
Price-to-Income Ratio
8.8x
Est. Affordable Home
$247,000
Property Tax Rate
0.85%
Annual Property Tax
$4,760
Sales Tax Rate
7.75%
Cost of Living Index
112
Buying a Home in Ontario
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $63,427 in Ontario can afford a monthly housing payment of approximately $1,480. This translates to a home price of roughly $247,000, which is below the median home price of $560,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Ontario would be approximately $4,760 per year ($397/month) at the effective rate of 0.85%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $16,800 | $543,200 | Yes |
| 5% | $28,000 | $532,000 | Yes |
| 10% | $56,000 | $504,000 | Yes |
| 20% | $112,000 | $448,000 | No |
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