How Much Will Your Mortgage Be in Ohio?
Ohio, The Buckeye State, has one of the healthiest housing markets in the United States. A steady increase in property can be seen through all Ohio counties with Ohio homeowners spending less than 19% of their monthly income on housing.
Home to a considerable number of industries and scenic property, Ohio has seen a spike in homeownership over the recent years.
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Factors That Can Affect Your Ohio Mortgage Calculations
Ohio Home Prices
With a population of 11.6 million, Ohio's housing costs are about average when compared to other states. While it varies from county to county, the median cost of a home across the state is $182,300 based on data from 2022. However, the average listing price for a single-family home is $186,000 and home values have risen by 15.3% between 2018 and 2021. These statistics are important to consider when completing mortgage calculations for Ohio.
It is predicted that prices will continue to grow steadily over the coming years. You can expect higher property values in the state capital of Columbus with the median home currently valued at $205,800. Prices are significantly cheaper in Cleveland, averaging $113,000 for a home, right by the shores of Lake Erie.
Property Taxes in Ohio
Property taxes vary from county to county and are slightly higher than the national average with the money being put toward parks, schools and police departments. The median effective property tax rate is 1.36%.
Ohio Income Tax
Income tax in Ohio is calculated in brackets, meaning the higher your income, the more tax you will pay. The average income for an Ohio resident is $58,642, which will be taxed by both the state and locally with school districts and municipalities collecting taxes as well. Local tax rates vary throughout the state but do not exceed more than 3%. Additionally, using Ohio mortgage calculations, sales tax for the state of Ohio was found to be 5.75%.
Ohio Job Statistics to Consider
Ohio has a thriving manufacturing industry, known for producing rubber, plastics, fabricated metals and more. According to the U.S. Bureau of Economic Analysis, Ohio’s GDP in 2018 reached $765 billion. Ohio is also one of the leading export states for motor vehicles and machinery. Big-name companies such as Whirlpool, Ford, and General Electric all have a strong presence in the state. There are several Fortune 500 countries with headquarters in Ohio and the state holds a lot of its employment in major companies such as Cardinal Health, Kroger, Marathon Petroleum, and Progressive.
The unemployment rate in Ohio is slightly higher than the national rate of 3.9%. In 2022, it was reported as 4.1% by the U.S. Bureau of Labor Statistics.
Job Statistics (Civilian Labor Force, Employment, Unemployment)
Other Ohio Costs That Can Affect Ohio Mortgage Calculations
Ohio is ranked as one of the least expensive places to live for homeowner’s insurance with the average homeowner paying $1,323 annually for their premium. Natural disasters are not common in the state and most insurance policies cover mainly hail and wind damage. For flood coverage, you will need to obtain an additional policy through the National Flood Insurance Program (NFIP).
Ohio Home Inspections
After making an offer on a house, you will need to schedule a home inspection to assess the property’s condition. A home inspection typically includes an overview of the structural foundation, basement, roof, attic, walls, appliances, plumbing and electrical. The average cost of a home inspection will depend on your property size. However, they generally average between $250 to $500.
Prior to the inspection, the inspector should give you a list of what they will cover and options for additional services such as mold, termites or water quality.
Closing Costs Calculator for Ohio
Other factors to consider when purchasing a home in Ohio- and where our mortgage calculator can help - are the closing costs of the mortgage. These refer to the fees that you will have to pay to the lender as part of closing a home loan. The closing costs are usually between 1.66% and 3.32% of a home’s value and typically cover the origination services of tax service, origin points, loan processing, underwriting, commitment and document preparation. This may not be the case with every mortgage and will depend on your lender and your loan.
Title insurance may be another cost to consider. The lender’s loan policy will not cover your interest in the title, so you will need to buy a separate owner’s policy to protect against monetary loss due to covered claims against your title. This should cover any legal costs that may be incurred if your title insurance company must defend your title against covered claims.
As part of Ohio law, there is also a property conveyance fee of $1 per $1000 of the property's value. This fee goes to the state. Counties can also levy an additional 3/$1000 for land and lot transfers.
More Mortgage Calculator Details
Want to learn more key information concerning Ohio mortgage calculations or those found in a different state? If yes, be sure to check out our mortgage calculator hub for the latest, most up-to-date information on all your mortgage needs.