The typical owner-occupied home in Olmsted Falls is worth about $239,300, 11% above the Ohio median of $214,800 and 28% below the national median of $332,700. Owners pay a median $5,154 a year in property taxes, about 2.15% of their home's value, higher than the Ohio rate of 1.31%. The median household earns $96,837 a year, so the median home costs 2.5 times the median income (3.0 times for Ohio). 83% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Olmsted Falls at a glance
| Olmsted Falls | Ohio | U.S. | |
|---|---|---|---|
| Median home value | $239,300 | $214,800 | $332,700 |
| Median property tax paid per year | $5,154 | $2,822 | $3,119 |
| Property tax as a share of value | 2.15% | 1.31% | 0.94% |
| Median household income | $96,837 | $71,389 | $80,734 |
| Homes lived in by their owners | 83% | 67% | 65% |
| Owner homes with a mortgage | 63% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,732 | $1,517 | $1,963 |
| Those costs as a share of the owners' income | 19.9% | 18.6% | 21.0% |
| Median rent | $1,241 | $1,034 | $1,413 |
| Rent as a share of renters' income | 26.7% | 28.3% | 30.6% |
| Median year homes were built | 1981 | 1970 | 1980 |
| Vacant homes | 3.4% | 8.1% | 10.1% |
| Population | 8,639 | 11,810,293 | 334,922,499 |
What a typical home costs per month in Olmsted Falls
At this week's average 30-year rate of 7.11%, buying the median Olmsted Falls home of $239,300 with 20% down costs about $1,816 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,215, 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 $77,841 for the 20%-down payment. That payment is 23% of the median Olmsted Falls household income of $96,837; at that income and 20% down, the 28% guideline points to a home of about $298,000.
The median rent here is $1,241 a month, so owning the median home costs about $575 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $47,860 |
|---|---|
| Loan amount | $191,440 |
| Principal and interest | $1,288 |
| Property taxes (2.15% a year) | $429 |
| Homeowners insurance (our estimate, 0.5% a year) | $100 |
| PMI | $0 |
| Total per month | $1,816 |
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| Down payment | $8,376 |
|---|---|
| Loan amount | $234,966 |
| Principal and interest | $1,581 |
| Property taxes (2.15% a year) | $429 |
| Homeowners insurance (our estimate, 0.5% a year) | $100 |
| FHA mortgage insurance | $106 |
| Total per month | $2,215 |
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Questions about home buying in Olmsted Falls
What is the median home value in Olmsted Falls?
About $239,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Olmsted Falls?
Homeowners pay a median $5,154 a year, which is about 2.15% 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 Olmsted Falls?
For the median home with 20% down at 7.11%, the payment is about $1,816 a month. Keeping that under 28% of gross income takes about $77,841 a year.
More about Olmsted Falls
- Mortgage Refinance in Olmsted Falls
- Debt Relief in Olmsted Falls
- Home Equity Loans in Olmsted Falls
- 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