The typical owner-occupied home in Bay Village is worth about $353,000, 64% above the Ohio median of $214,800 and 6% above the national median of $332,700. Owners pay a median $7,361 a year in property taxes, about 2.09% of their home's value, higher than the Ohio rate of 1.31%. The median household earns $132,254 a year, so the median home costs 2.7 times the median income (3.0 times for Ohio). 91% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Bay Village at a glance
| Bay Village | Ohio | U.S. | |
|---|---|---|---|
| Median home value | $353,000 | $214,800 | $332,700 |
| Median property tax paid per year | $7,361 | $2,822 | $3,119 |
| Property tax as a share of value | 2.09% | 1.31% | 0.94% |
| Median household income | $132,254 | $71,389 | $80,734 |
| Homes lived in by their owners | 91% | 67% | 65% |
| Owner homes with a mortgage | 67% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $2,201 | $1,517 | $1,963 |
| Those costs as a share of the owners' income | 18.3% | 18.6% | 21.0% |
| Median rent | $894 | $1,034 | $1,413 |
| Rent as a share of renters' income | 27.8% | 28.3% | 30.6% |
| Median year homes were built | 1960 | 1970 | 1980 |
| Vacant homes | 3.4% | 8.1% | 10.1% |
| Population | 15,984 | 11,810,293 | 334,922,499 |
What a typical home costs per month in Bay Village
At this week's average 30-year rate of 7.11%, buying the median Bay Village home of $353,000 with 20% down costs about $2,662 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,250, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $114,069 for the 20%-down payment. That payment is 24% of the median Bay Village household income of $132,254; at that income and 20% down, the 28% guideline points to a home of about $409,000.
The median rent here is $894 a month, so owning the median home costs about $1,768 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $70,600 |
|---|---|
| Loan amount | $282,400 |
| Principal and interest | $1,900 |
| Property taxes (2.09% a year) | $615 |
| Homeowners insurance (our estimate, 0.5% a year) | $147 |
| PMI | $0 |
| Total per month | $2,662 |
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| Down payment | $12,355 |
|---|---|
| Loan amount | $346,606 |
| Principal and interest | $2,332 |
| Property taxes (2.09% a year) | $615 |
| Homeowners insurance (our estimate, 0.5% a year) | $147 |
| FHA mortgage insurance | $156 |
| Total per month | $3,250 |
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Questions about home buying in Bay Village
What is the median home value in Bay Village?
About $353,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Bay Village?
Homeowners pay a median $7,361 a year, which is about 2.09% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Bay Village?
For the median home with 20% down at 7.11%, the payment is about $2,662 a month. Keeping that under 28% of gross income takes about $114,069 a year.
More about Bay Village
- Mortgage Refinance in Bay Village
- Debt Relief in Bay Village
- Home Equity Loans in Bay Village
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data