The typical owner-occupied home in Gates Mills is worth about $743,400, 3.5 times the Ohio median of $214,800 and 2.2 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.35% of their home's value, close to the Ohio rate of 1.31%. The median household earns $231,250 a year, so the median home costs 3.2 times the median income (3.0 times for Ohio). 97% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Gates Mills at a glance
| Gates Mills | Ohio | U.S. | |
|---|---|---|---|
| Median home value | $743,400 | $214,800 | $332,700 |
| Median property tax paid per year | $10,001 | $2,822 | $3,119 |
| Property tax as a share of value | 1.35% | 1.31% | 0.94% |
| Median household income | $231,250 | $71,389 | $80,734 |
| Homes lived in by their owners | 97% | 67% | 65% |
| Owner homes with a mortgage | 49% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $3,904 | $1,517 | $1,963 |
| Those costs as a share of the owners' income | 15.1% | 18.6% | 21.0% |
| Median rent | $3,111 | $1,034 | $1,413 |
| Rent as a share of renters' income | 21.1% | 28.3% | 30.6% |
| Median year homes were built | 1960 | 1970 | 1980 |
| Vacant homes | 4.3% | 8.1% | 10.1% |
| Population | 2,207 | 11,810,293 | 334,922,499 |
What a typical home costs per month in Gates Mills
At this week's average 30-year rate of 7.11%, buying the median Gates Mills home of $743,400 with 20% down costs about $5,147 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $6,385, 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 $220,577 for the 20%-down payment. That payment is 27% of the median Gates Mills household income of $231,250; at that income and 20% down, the 28% guideline points to a home of about $779,000.
The median rent here is $3,111 a month, so owning the median home costs about $2,036 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $148,680 |
|---|---|
| Loan amount | $594,720 |
| Principal and interest | $4,001 |
| Property taxes (1.35% a year) | $836 |
| Homeowners insurance (our estimate, 0.5% a year) | $310 |
| PMI | $0 |
| Total per month | $5,147 |
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| Down payment | $26,019 |
|---|---|
| Loan amount | $729,935 |
| Principal and interest | $4,910 |
| Property taxes (1.35% a year) | $836 |
| Homeowners insurance (our estimate, 0.5% a year) | $310 |
| FHA mortgage insurance | $329 |
| Total per month | $6,385 |
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Questions about home buying in Gates Mills
What is the median home value in Gates Mills?
About $743,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gates Mills?
Homeowners pay a median $10,001 a year, which is about 1.35% 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 Gates Mills?
For the median home with 20% down at 7.11%, the payment is about $5,147 a month. Keeping that under 28% of gross income takes about $220,577 a year.
More about Gates Mills
- Mortgage Refinance in Gates Mills
- Debt Relief in Gates Mills
- Home Equity Loans in Gates Mills
- 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