Ohio Mortgage Calculator

Mortgage Calculator in Ohio

The median home price in Ohio is $210,000, which is 50% below the national average of $420,000. Ohio's effective property tax rate of 1.53% is 0.43 percentage points higher than the national average of 1.1%.

Metric	Ohio (OH)	National Avg	vs National Average
Median Home Price	$210,000	$420,000	-50%
Property Tax Rate	1.53%	1.1%	+0.43%
Home Insurance (Annual)	$1,200	$2,300	-48%
State Sales Tax	5.75%	5%	+0.8%
FHA Loan Limit	$472,030	$472,030	Standard
Conforming Loan Limit	$766,550	$766,550	Standard

Homeownership in Ohio

Ohio offers some of the most affordable housing in the Midwest, with a median around $210,000, though the market has tightened significantly since 2020. Columbus has been one of the faster-growing Midwest metros, driven by Ohio State, Intel's $20 billion chip manufacturing complex investment, and a growing tech scene. Cleveland and Cincinnati offer even more affordable entry points. Property taxes at 1.53% are moderate-to-high, partly because Ohio assesses residential property at 35% of appraised value.

Tips for Ohio Homebuyers and Homeowners

• Ohio assesses residential property at 35% of appraised value -- on a $210,000 home, the taxable value is $73,500; the 1.53% effective rate is applied to this 35% base.
• Ohio has a 2.5% Owner-Occupancy Credit (also called the Homestead Rollback) that reduces the tax bill by 12.5% for owner-occupied primary residences -- this is applied automatically for qualifying properties.
• The Homestead Exemption for seniors and disabled homeowners reduces assessed value by $25,000 for qualifying residents, saving roughly $400 per year in most counties.
• Ohio has no estate tax -- it was abolished in 2013, making it one of the more favorable states for estate planning among Midwest states.

Ohio Programs and Assistance

• Ohio Housing Finance Agency (OHFA) Your Choice! Down Payment Assistance -- provides either a 2.5% or 5% grant or forgivable loan for down payment and closing costs for first-time and eligible repeat buyers.
• OHFA Grants for Grads -- targeted at recent graduates, offering 2.5% down payment assistance and a discounted mortgage rate for buyers who earned a degree within the past 4 years.
• Columbus Housing Division First-Time Homebuyer Program -- up to $10,000 in forgivable loans for buyers purchasing within Columbus at moderate income levels.

Did you know? Intel's announced $20 billion investment in chip fabrication near Columbus is the largest single investment in Ohio's history -- expected to create 3,000 direct jobs and significant indirect employment, already pressuring housing supply in the central Ohio market.