Home Affordability in Toledo, OH
The median home price in Toledo is $125,000 with a median household income of $38,275. Housing is relatively affordable compared to local incomes.
Median Home Price
$125,000
Median Income
$38,275
Price-to-Income Ratio
3.3x
Est. Affordable Home
$149,000
Property Tax Rate
1.95%
Annual Property Tax
$2,438
Sales Tax Rate
7.25%
Cost of Living Index
80
Buying a Home in Toledo
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $38,275 in Toledo can afford a monthly housing payment of approximately $893. This translates to a home price of roughly $149,000, which is at or above the median home price — the typical home is within reach for a median-income household.
Property taxes on a median-priced home in Toledo would be approximately $2,438 per year ($203/month) at the effective rate of 1.95%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $3,750 | $121,250 | Yes |
| 5% | $6,250 | $118,750 | Yes |
| 10% | $12,500 | $112,500 | Yes |
| 20% | $25,000 | $100,000 | No |
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