Buying a Home in Ohio: What You Need to Know
If you're considering buying a home in Ohio, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Ohio homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Ohio-specific data to give you accurate monthly payment estimates.
Ohio Property Taxes
Ohio has an effective property tax rate of 1.31%, ranking #8 out of 50 states (where #1 is the highest). On a median-priced home of $241,000, you'd pay approximately $3,157 per year in property taxes, or about $263/month.
Ohio is among the states with the highest property taxes in the nation. This is often because property taxes fund local schools and services. Be sure to factor this into your budget when determining how much home you can afford.
Ohio Homeowners Insurance
The average annual homeowners insurance premium in Ohio is $1,364 for $300,000 in dwelling coverage, or about $114/month.
Ohio enjoys relatively low insurance costs compared to many other states. This is often due to lower risk of major natural disasters. However, rates vary by location, so get quotes for your specific property.
Ohio Closing Costs
Closing costs in Ohio average 1.07% of the home's purchase price. On a $241,000 home, that's approximately $2,579. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Ohio Housing Market
The median home price in Ohio is $241,000. This is below the national median of approximately $410,000, making Ohio one of the more affordable states for homebuyers. First-time buyers may find more options within their budget here.
More Ohio Mortgage Tools
Use these additional calculators to plan your Ohio home purchase: