The typical owner-occupied home in Milan is worth about $193,100, 10% below the Ohio median of $214,800 and 42% below the national median of $332,700. Owners pay a median $2,484 a year in property taxes, about 1.29% of their home's value, close to the Ohio rate of 1.31%. The median household earns $97,973 a year, so the median home costs 2.0 times the median income (3.0 times for Ohio). 79% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Milan at a glance
| Milan | Ohio | U.S. | |
|---|---|---|---|
| Median home value | $193,100 | $214,800 | $332,700 |
| Median property tax paid per year | $2,484 | $2,822 | $3,119 |
| Property tax as a share of value | 1.29% | 1.31% | 0.94% |
| Median household income | $97,973 | $71,389 | $80,734 |
| Homes lived in by their owners | 79% | 67% | 65% |
| Owner homes with a mortgage | 60% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,267 | $1,517 | $1,963 |
| Those costs as a share of the owners' income | 14.1% | 18.6% | 21.0% |
| Median rent | $973 | $1,034 | $1,413 |
| Rent as a share of renters' income | 19.2% | 28.3% | 30.6% |
| Median year homes were built | 1956 | 1970 | 1980 |
| Vacant homes | 7.4% | 8.1% | 10.1% |
| Population | 1,774 | 11,810,293 | 334,922,499 |
What a typical home costs per month in Milan
At this week's average 30-year rate of 7.11%, buying the median Milan home of $193,100 with 20% down costs about $1,327 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,649, 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 $56,882 for the 20%-down payment. That payment is 16% of the median Milan household income of $97,973; at that income and 20% down, the 28% guideline points to a home of about $333,000.
The median rent here is $973 a month, so owning the median home costs about $354 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $38,620 |
|---|---|
| Loan amount | $154,480 |
| Principal and interest | $1,039 |
| Property taxes (1.29% a year) | $208 |
| Homeowners insurance (our estimate, 0.5% a year) | $80 |
| PMI | $0 |
| Total per month | $1,327 |
Change the numbers in the calculator
| Down payment | $6,758 |
|---|---|
| Loan amount | $189,602 |
| Principal and interest | $1,275 |
| Property taxes (1.29% a year) | $208 |
| Homeowners insurance (our estimate, 0.5% a year) | $80 |
| FHA mortgage insurance | $85 |
| Total per month | $1,649 |
Change the numbers in the calculator
Questions about home buying in Milan
What is the median home value in Milan?
About $193,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Milan?
Homeowners pay a median $2,484 a year, which is about 1.29% 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 Milan?
For the median home with 20% down at 7.11%, the payment is about $1,327 a month. Keeping that under 28% of gross income takes about $56,882 a year.
More about Milan
- Mortgage Refinance in Milan
- Debt Relief in Milan
- Home Equity Loans in Milan
- 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