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Home Mortgage Rates In Ohio

The state of Ohio has the three C's: Cincinnati, Columbus, and Cleveland. Despite the popularity of these three cities, and other cities like Akron, Dayton & Toledo, home prices are very reasonable, and median incomes do a good job of paying for real estate. Some areas are still struggling with the mortgage crisis more than a decade later, however, and foreclosures remain a problem.

While the trend across the state has been fairly stable, Cincinnati has been at the top of the growth spectrum. A city that was once meant to compete with Chicago as the economic capital of the Midwest, the city has flung off its Jerry Springer days and made a significant push for re-gentrification. By growing its tax base, and trying to become a technology leader, especially through the efforts of local hospitals and medical schools to be at the forefront of children’s medicine, the city has made some progress.

On the opposite end of the spectrum, some of the industrial production capacity in Cleveland that has become less relevant has been slow to be replaced. While Cleveland is the largest of the three cities, part of the reason for the more stable population, the negative pressure caused by the manufacturing void has had an impact of that city’s recent-term growth.

While every state has interesting details, Ohio is one of the few states with three separate cities which all qualify as large within the context of that state’s size. With the Columbus, Cleveland, and Cincinnati metropolitan areas all being of size, there are interesting dynamics within Ohio as residents may move from one city to another, without crossing state lines. As different industries choose to locate primarily in one city or another, the growth rates of these locations can fluctuate rapidly. Despite this apparent diversity, Ohio tends to be a fairly homogeneous population and - outside of Cleveland - real estate prices tend to move roughly in tandem. General price levels have remained consistent with national trends, but average prices are at the low end of the spectrum. Available mortgages as well as foreclosure procedures are standard.

Ohio falls near the bottom of the average home price list, with Indiana. The average Ohio home price is $154,900. Outside of the big cities prices are even lower. The countervailing force is that the population of Ohio tends to be concentrated near these cities. As way of placing these figures into perspective, the recent average home values of $304,300 in New York and $507,700 in California. This means that the average home value in the two least expensive states in the country is less than half of what it is in the two most expensive.

Current Real Estate Trends

Akron, Ohio Skyline.

The Ohio Association of Realtors reports an average sales price in the Buckeye State to be roughly $178,000. This figure includes both new and existing residential single-family homes and condos.

The demographics website NeighborhoodScout estimates the median home value in Ohio to be roughly $143,000, with the majority of these properties being single-family dwellings; and most of these are 3-bedroom units. The website also sees significant increases in real estate prices in the state, with the average annual increase at roughly 6%.

The real estate website Trulia displays a heat map of property prices throughout the United States. Low values are shown in dark green, while high values are displayed in dark red. The Buckeye State is mostly light green with a few areas in dark green. The three biggest cities, Cleveland, Columbus, and Cincinnati, don't have much red or even orange, which is pretty rare for large metro areas. They do have a few pockets of yellow, however.

Data from the National Association of Realtors reveals how affordable the Buckeye State really is. The group calculates the median home price across the country to be close to $260,000. Thus, Ohio is significantly below the national average.

Other real estate analysts have calculated home values in Ohio to average around $130,000. This figure has been increasing for the past several years at approximately 6% and is expected to increase going forward, although at a slower pace. While the typical home value is very low in the state, the latest market research also points to an unhealthy property environment, based on the number of foreclosures, negative home equity, and delinquency rates.

Recent surveys from the Ohio Association of Realtors reveals moderate confidence in the state's property market. The Current Market Index was recently calculated to be 82. This figure shows a strong real estate market in Ohio currently. Expectations for the near future, however, were judged to be more tempered. Most respondents to the group's survey also saw a rise in home prices, and a quarter saw increases above 5%.

The property analyst RealtyTrac shows a foreclosure rate in the Buckeye State of 1 house out of every 1,129. This is significantly worse than the national average of 1 for every 1,758 residential properties.

Historical Real Estate Trends

Toledo, Ohio Skyline.

Like many states in the Union, Ohio saw significant fallout from the Great Recession of 2007. The mortgage crisis caused home values to drop 14% to a low in early 2012. From there, prices have steadily increased without any interruption. Ohio property values were back to pre-Recession levels by late 2016. Market analysts expect this rise in prices to continue, although Trulia estimates that only a minority of homes in the Buckeye State have recovered to pre-Recession levels.

Cleveland, one of the state's major cities, didn't fare as well as other regions. According to the S&P/Case-Shiller Cleveland Home Price Index, home values began declining in March of 2006 and didn't bottom out until six years later. This resulted in a total 21% drop. More than a decade after the real estate crisis burst onto the scene, Cleveland still has not fully recovered. Data from S&P and Case-Shiller show the city's real estate prices are 7% below pre-crisis levels.

According to NBC News, the state of Ohio had some of the highest mortgage delinquencies during the Great Recession. It also had very high foreclosure rates. The Buckeye State suffered because it had low demand for housing at the time combined with a shaky manufacturing base and insufficient population growth.

The Mortgage Bankers Association also notes that Ohio had above-average unemployment during the housing fiasco. More than 200,000 jobs were lost in the Buckeye State between 2001 and 2007. The home loan group also notes that Cuyahoga County, which includes the Cleveland area, had 30% of subprime mortgages either delinquent or in foreclosure.

Despite the Buckeye State's poor performance during the housing crisis, there are many positive signs in recent years that point to a more robust property space. Median list prices continue to climb for condos and single-family homes of all sizes. Foreclosure rates have also been dropping since 2009.

Places to Live

Popular Metropolitan Regions

OH Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 28 Cincinnati, OH-KY-IN Metro Area 2,165,139 2,114,580 50,559 2.39%
2 32 Cleveland-Elyria 2,055,612 2,077,240 -21,628 -1.04%
3 33 Columbus 2,041,520 1,901,974 139,546 7.34%
4 72 Dayton 800,683 799,232 1,451 0.18%
5 80 Akron 702,221 703,200 -979 -0.14%
6 91 Toledo 605,221 610,001 -4,780 -0.78%
7 101 Youngstown-Warren-Boardman, OH-PA Metro Area 544,746 565,773 -21,027 -3.72%
8 134 Canton-Massillon 401,281 404,422 -3,141 -0.78%
9 148 Huntington-Ashland, WV-KY-OH Metro Area 359,588 364,908 -5,320 -1.46%
10 295 Wheeling, WV-OH Metro Area 142,982 147,950 -4,968 -3.36%
11 307 Springfield 134,786 138,333 -3,547 -2.56%
12 334 Mansfield 121,107 124,475 -3,368 -2.71%
13 339 Weirton-Steubenville, WV-OH Metro Area 119,271 124,454 -5,183 -4.16%
14 344 Wooster 116,470 114,520 1,950 1.70%
15 369 Lima 103,742 106,331 -2,589 -2.43%
16 370 Salem 103,685 107,841 -4,156 -3.85%
17 387 Ashtabula 98,231 101,497 -3,266 -3.22%
18 408 New Philadelphia-Dover 92,420 92,582 -162 -0.17%
19 422 Zanesville 86,068 86,074 -6 -0.01%
20 456 Chillicothe 77,000 78,064 -1,064 -1.36%
21 460 Portsmouth 76,088 79,499 -3,411 -4.29%
22 461 Findlay 75,872 74,782 1,090 1.46%
23 463 Sandusky 75,107 77,079 -1,972 -2.56%
24 495 Athens 66,186 64,757 1,429 2.21%
25 500 Marion 65,096 66,501 -1,405 -2.11%
26 522 Mount Vernon 60,814 60,921 -107 -0.18%
27 526 Marietta 60,610 61,778 -1,168 -1.89%
28 531 Fremont 59,330 60,944 -1,614 -2.65%
29 537 Norwalk 58,439 59,626 -1,187 -1.99%
30 546 Point Pleasant, WV-OH Micro Area 56,840 58,258 -1,418 -2.43%
31 553 Tiffin 55,353 56,745 -1,392 -2.45%
32 568 Ashland 53,652 53,139 513 0.97%
33 582 Greenville 51,778 52,959 -1,181 -2.23%
34 603 Sidney 48,623 49,423 -800 -1.62%
35 628 Wapakoneta 45,894 45,949 -55 -0.12%
36 642 Bellefontaine 45,165 45,858 -693 -1.51%
37 672 Bucyrus 42,083 43,784 -1,701 -3.88%
38 673 Wilmington 41,902 42,040 -138 -0.33%
39 682 Celina 40,909 40,814 95 0.23%
40 686 Port Clinton 40,636 41,428 -792 -1.91%
41 709 Cambridge 39,063 40,087 -1,024 -2.55%
42 711 Urbana 38,747 40,097 -1,350 -3.37%
43 721 Defiance 38,158 39,037 -879 -2.25%
44 745 Coshocton 36,602 36,901 -299 -0.81%
45 793 Jackson 32,505 33,225 -720 -2.17%
46 828 Washington Court House 28,676 29,030 -354 -1.22%
47 829 Van Wert 28,362 28,744 -382 -1.33%

Favored Cities in Ohio

Statewide Prices

The fastest growing area in the Buckeye State is the Columbus metro area. The region has experienced an annual population increase of 9%, according to the Census Bureau. It is able to accomplish this largely because of its strong and robust economy, which provides jobs in many sectors.

Some of the cheapest housing prices can be found in Mansfield. Located in between Cleveland and Columbus along I-71, the city is a county seat, which is a major employer. Other employers include a local hospital, Kroger, and CenturyLink.

The Ohio Association of Realtors estimates the average sales price of new and existing condos and single-family homes is $114,000. With a median household income from the Census Bureau of $33,000, we arrive at a ratio of 3.5, which is pretty good.

Cincinnati

Cincinnati Skyline With John A. Roebling Suspension Bridge.

Cincinnati lies in the southwest portion of the state. As the third largest city, it boasts a population of roughly 300,000. USA Today estimated in 2015 that the metro area has the fastest growing economy in the Midwest. This economic growth is based on business and professional services, which include engineering, advertising, and accounting.

Data from the Ohio Association of Realtors pinpoints Cincinnati's average sales price to be roughly $203,000, a good figure for such an active economy. With a median household income of $34,000, we arrive at a price-to-income ratio of 5.97, which is fairly high.

Columbus

Columbus, Ohio Skyline.

The largest city in Ohio is Columbus, which is also a county seat and the state's capital. Obviously there is a large government sector in the area's economy. Corporations that are headquartered in the city include American Electric Power and Big Lots. The local economy also has significant defense, aviation, and health care sectors. The population of the city is close to 900,000. The metro area includes ten counties, and has more than two million people.

According to Columbus Realtors, a local property group, the median sales price in the city is $185,000, with an average price of $218,000. On a square-foot basis, the average price is $118. This is lower than the national median list per-square-foot price of $139. The U.S. Census Bureau reports a median household income in Columbus of roughly $46,000. Judged against the median sales price, we see a price-to-income ratio of 4.0.

Cleveland

Cleveland.

Cleveland has shrank drastically from its glory days, with an estimated population in 2016 of 385,809 being less than half of the 1950 population of 914,808. Numerous corporations are headquartered in the local economy including Applied Industrial Technologies, NACCO Industries, Sherwin-Williams Company and KeyCorp. The town is known for its die-hard sports fans & has professional baseball, football & basketball teams. The city had a long drought until the Cavs won the 2015-2016 NBA championship in a 7-game series. The Cleveland Clinic is a highly reputed hospital.

Local real estate is still well below the housing bubble peak with the median home valued at $59,400 & the median price of homes listed for sale at $72,316. Real estate in the broader metro area sells at a significant premium to the city, with the price per square foot reaching $99 compared against $59 in the city.

Ohio Census Data

As of July 1, 2016 the state of Ohio has an estimated population of 11,614,373 across 40,860.69 mi² yielding a population density of 284.24 people per mi² across the state.

The following table highlights the July 1, 2016 populations of cities, villages & Census Designated Places (CDP) with over 5,000 residents based on United States Census Bureau estimates. For Census Designated Places (CDP) where there was no population estimate available for 2016, the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Columbus Franklin, Fairfield & Delaware 860,090 787,033 73,057 9.28% 217.17 3,960.45
2 Cleveland Cuyahoga 385,809 396,815 -11,006 -2.77% 77.7 4,965.37
3 Cincinnati Hamilton 298,800 296,943 1,857 0.63% 77.94 3,833.72
4 Toledo Lucas 278,508 287,208 -8,700 -3.03% 80.69 3,451.58
5 Akron Summit 197,633 199,110 -1,477 -0.74% 62.03 3,186.09
6 Dayton Montgomery 140,489 141,527 -1,038 -0.73% 55.65 2,524.51
7 Parma Cuyahoga 79,425 81,601 -2,176 -2.67% 20.02 3,967.28
8 Canton Stark 71,323 73,007 -1,684 -2.31% 25.46 2,801.37
9 Youngstown Manoning & Trumbull 64,312 66,982 -2,670 -3.99% 33.96 1,893.76
10 Lorain Lorain 63,730 64,097 -367 -0.57% 23.67 2,692.44
11 Hamilton Butler 62,127 62,477 -350 -0.56% 21.6 2,876.25
12 Springfield Clark 59,087 60,608 -1,521 -2.51% 25.29 2,336.38
13 Kettering Montgomery & Greene 55,306 56,163 -857 -1.53% 18.68 2,960.71
14 Elyria Lorain 53,715 54,533 -818 -1.50% 20.57 2,611.33
15 Lakewood Cuyahoga 50,279 52,131 -1,852 -3.55% 5.53 9,092.04
16 Cuyahoga Falls Summit 49,206 49,652 -446 -0.90% 25.65 1,918.36
17 Newark Licking 49,134 47,573 1,561 3.28% 20.88 2,353.16
18 Middletown Butler & Warren 48,813 48,694 119 0.24% 26.18 1,864.51
19 Euclid Cuyahoga 47,360 48,920 -1,560 -3.19% 10.63 4,455.32
20 Mentor Lake 46,732 47,159 -427 -0.91% 26.64 1,754.20
21 Mansfield Richland 46,678 47,821 -1,143 -2.39% 30.87 1,512.08
22 Beavercreek Greene 46,376 45,193 1,183 2.62% 26.4 1,756.67
23 Dublin Franklin, Delaware & Union 45,568 41,751 3,817 9.14% 24.44 1,864.48
24 Cleveland Heights Cuyahoga 44,633 46,121 -1,488 -3.23% 8.11 5,503.45
25 Strongsville Cuyahoga 44,631 44,750 -119 -0.27% 24.63 1,812.06
26 Fairfield Butler & Hamilton 42,617 42,510 107 0.25% 20.94 2,035.20
27 Findlay Hancock 41,422 41,202 220 0.53% 19.13 2,165.29
28 Warren Trumbull 39,898 41,557 -1,659 -3.99% 16.13 2,473.53
29 Lancaster Fairfield 39,848 38,780 1,068 2.75% 18.84 2,115.07
30 Grove City Franklin 39,721 35,575 4,146 11.65% 16.2 2,451.91
31 Westerville Franklin & Delaware 38,985 36,120 2,865 7.93% 12.47 3,126.30
32 Delaware Delaware 38,643 34,753 3,890 11.19% 18.95 2,039.21
33 Huber Heights Montgomery, Miami & Greene 38,019 38,101 -82 -0.22% 22.27 1,707.18
34 Reynoldsburg Franklin, Licking & Fairfield 37,449 35,893 1,556 4.34% 11.16 3,355.65
35 Lima Allen 37,414 38,771 -1,357 -3.50% 13.56 2,759.14
36 Marion Marion 36,310 36,837 -527 -1.43% 11.74 3,092.84
37 Upper Arlington Franklin 34,997 33,771 1,226 3.63% 9.84 3,556.61
38 Gahanna Franklin 34,956 33,248 1,708 5.14% 12.43 2,812.23
39 Hilliard Franklin 34,905 28,435 6,470 22.75% 13.17 2,650.34
Boardman CDP Mahoning 34,794 35,376 -582 -1.65% 15.12 2,301.19
40 Brunswick Medina 34,756 34,255 501 1.46% 12.92 2,690.09
41 Stow Summit 34,711 34,837 -126 -0.36% 17.09 2,031.07
42 Fairborn Greene 33,780 32,352 1,428 4.41% 13.16 2,566.87
43 Mason Warren 33,037 30,712 2,325 7.57% 18.63 1,773.32
44 North Ridgeville Lorain 32,983 29,465 3,518 11.94% 23.44 1,407.12
45 Westlake Cuyahoga 32,293 32,729 -436 -1.33% 15.93 2,027.18
46 Massillon Stark 32,258 32,149 109 0.34% 18.58 1,736.17
47 North Olmsted Cuyahoga 31,817 32,718 -901 -2.75% 11.67 2,726.39
48 Bowling Green Wood 31,588 30,028 1,560 5.20% 12.56 2,514.97
49 North Royalton Cuyahoga 30,247 30,444 -197 -0.65% 21.31 1,419.38
50 Kent Portage 30,071 28,904 1,167 4.04% 9.17 3,279.28
Austintown CDP Mahoning 28,759 29,677 -918 -3.09% 11.63 2,472.83
51 Garfield Heights Cuyahoga 27,905 28,849 -944 -3.27% 7.23 3,859.61
52 Shaker Heights Cuyahoga 27,448 28,448 -1,000 -3.52% 6.28 4,370.70
53 Wooster Wayne 27,023 26,119 904 3.46% 16.31 1,656.84
54 Medina Medina 26,261 26,678 -417 -1.56% 11.57 2,269.75
55 Xenia Greene 26,238 25,719 519 2.02% 13.28 1,975.75
56 Barberton Summit 26,120 26,550 -430 -1.62% 9.04 2,889.38
57 Troy Miami 25,770 25,058 712 2.84% 11.72 2,198.81
58 Green Summit 25,673 25,699 -26 -0.10% 32.06 800.78
59 Zanesville Muskingum 25,465 25,487 -22 -0.09% 11.77 2,163.55
60 Athens Athens 25,341 23,832 1,509 6.33% 9.83 2,577.92
61 Sandusky Erie 25,006 25,793 -787 -3.05% 9.73 2,569.99
62 Riverside Montgomery 24,981 25,201 -220 -0.87% 9.72 2,570.06
63 Trotwood Montgomery 24,331 24,431 -100 -0.41% 30.49 798.00
64 Centerville Montgomery & Greene 23,817 23,999 -182 -0.76% 10.78 2,209.37
65 Avon Lake Lorain 23,659 22,581 1,078 4.77% 11.13 2,125.70
66 Marysville Union 23,406 22,094 1,312 5.94% 16.27 1,438.60
67 Wadsworth Medina 23,136 21,567 1,569 7.28% 10.62 2,178.53
68 Solon Cuyahoga 23,003 23,348 -345 -1.48% 20.36 1,129.81
69 Avon Lorain 22,805 21,193 1,612 7.61% 20.81 1,095.87
70 Willoughby Lake 22,769 22,268 501 2.25% 10.25 2,221.37
71 Maple Heights Cuyahoga 22,478 23,138 -660 -2.85% 5.17 4,347.78
72 Oxford Butler 22,341 21,371 970 4.54% 6.68 3,344.46
73 Hudson Summit 22,251 22,262 -11 -0.05% 25.6 869.18
74 Alliance Stark & Mahoning 21,900 22,322 -422 -1.89% 8.92 2,455.16
75 Chillicothe Ross 21,725 21,901 -176 -0.80% 10.43 2,082.93
76 South Euclid Cuyahoga 21,658 22,295 -637 -2.86% 4.65 4,657.63
77 Perrysburg Wood 21,592 20,623 969 4.70% 11.51 1,875.93
78 Piqua Miami 20,906 20,522 384 1.87% 11.62 1,799.14
79 Lebanon Warren 20,651 20,033 618 3.08% 12.96 1,593.44
80 Sidney Shelby 20,564 21,229 -665 -3.13% 12.02 1,710.82
81 Ashland Ashland 20,489 20,362 127 0.62% 11.17 1,834.29
82 Portsmouth Scioto 20,422 20,226 196 0.97% 10.73 1,903.26
83 Rocky River Cuyahoga 20,264 20,213 51 0.25% 4.74 4,275.11
84 Parma Heights Cuyahoga 20,123 20,718 -595 -2.87% 4.19 4,802.63
85 Pickerington Fairfield & Franklin 20,069 18,291 1,778 9.72% 9.74 2,060.47
86 Oregon Lucas 20,040 20,291 -251 -1.24% 29.98 668.45
87 Miamisburg Montgomery 19,968 20,181 -213 -1.06% 12.18 1,639.41
88 Norwood Hamilton 19,876 19,207 669 3.48% 3.15 6,309.84
89 Painesville Lake 19,691 19,563 128 0.65% 6.28 3,135.51
90 Broadview Heights Cuyahoga 19,197 19,400 -203 -1.05% 13.05 1,471.03
91 Sylvania Lucas 18,909 18,965 -56 -0.30% 6.48 2,918.06
92 Twinsburg Summit 18,877 18,795 82 0.44% 13.77 1,370.88
93 Berea Cuyahoga 18,859 19,093 -234 -1.23% 5.72 3,297.03
94 Whitehall Franklin 18,736 18,062 674 3.73% 5.26 3,561.98
95 Mayfield Heights Cuyahoga 18,731 19,155 -424 -2.21% 4.17 4,491.85
96 Brook Park Cuyahoga 18,691 19,212 -521 -2.71% 7.53 2,482.20
97 Forest Park Hamilton 18,671 18,720 -49 -0.26% 6.48 2,881.33
White Oak CDP Hamilton 18,664 19,167 -503 -2.62% 6.17 3,024.96
98 Niles Trumbull 18,458 19,266 -808 -4.19% 8.61 2,143.79
99 Springboro Warren & Montgomery 18,452 17,409 1,043 5.99% 9.36 1,971.37
100 Ashtabula Ashtabula 18,311 19,124 -813 -4.25% 7.73 2,368.82
101 Eastlake Lake 18,134 18,577 -443 -2.38% 6.39 2,837.87
102 Steubenville Jefferson 18,072 18,659 -587 -3.15% 10.54 1,714.61
103 Tiffin Seneca 17,545 17,963 -418 -2.33% 6.76 2,595.41
104 Tallmadge Summit & Portage 17,534 17,537 -3 -0.02% 14 1,252.43
105 New Philadelphia Tuscarawas 17,462 17,288 174 1.01% 8.22 2,124.33
106 North Canton Stark 17,365 17,488 -123 -0.70% 6.4 2,713.28
107 East Cleveland Cuyahoga 17,220 17,843 -623 -3.49% 3.09 5,572.82
108 Norwalk Huron 16,838 17,012 -174 -1.02% 8.87 1,898.31
109 Defiance Defiance 16,676 16,494 182 1.10% 11.62 1,435.11
110 Mount Vernon Knox 16,620 16,990 -370 -2.18% 9.41 1,766.21
111 Fairview Park Cuyahoga 16,332 16,826 -494 -2.94% 4.68 3,489.74
112 Fremont Sandusky 16,309 16,734 -425 -2.54% 8.35 1,953.17
113 Streetsboro Portage 16,272 16,028 244 1.52% 23.46 693.61
114 Aurora Portage 15,876 15,548 328 2.11% 22.92 692.67
115 Middleburg Heights Cuyahoga 15,608 15,946 -338 -2.12% 8.06 1,936.48
116 Pataskala Licking 15,458 14,962 496 3.32% 28.62 540.11
117 Bay Village Cuyahoga 15,328 15,651 -323 -2.06% 4.57 3,354.05
118 Vandalia Montgomery 15,058 15,246 -188 -1.23% 12.34 1,220.26
119 Worthington Franklin 14,528 13,575 953 7.02% 5.54 2,622.38
120 New Franklin Summit 14,149 14,227 -78 -0.55% 25.04 565.06
121 Washington Court House Fayette 14,144 14,192 -48 -0.34% 8.74 1,618.31
122 Willowick Lake 14,087 14,171 -84 -0.59% 2.54 5,546.06
123 Circleville Pickaway 13,902 13,314 588 4.42% 6.64 2,093.67
124 Maumee Lucas 13,874 14,286 -412 -2.88% 9.89 1,402.83
125 Sharonville Hamilton & Butler 13,761 13,560 201 1.48% 9.83 1,399.90
126 Bexley Franklin 13,669 13,057 612 4.69% 2.43 5,625.10
127 Marietta Washington 13,650 14,085 -435 -3.09% 8.43 1,619.22
Bridgetown CDP Hamilton 13,628 14,407 -779 -5.41% 4.32 3,154.63
128 Lyndhurst Cuyahoga 13,605 14,001 -396 -2.83% 4.43 3,071.11
129 Englewood Montgomery 13,502 13,465 37 0.27% 6.55 2,061.37
130 Monroe Butler & Warren 13,473 12,442 1,031 8.29% 15.87 848.96
131 Brecksville Cuyahoga 13,425 13,656 -231 -1.69% 19.57 686.00
132 Fostoria Seneca, Hancock & Wood 13,279 13,441 -162 -1.21% 7.54 1,761.14
133 Warrensville Heights Cuyahoga 13,236 13,542 -306 -2.26% 4.13 3,204.84
134 Bellefontaine Logan 13,172 13,370 -198 -1.48% 10.04 1,311.95
135 Clayton Montgomery 13,160 13,209 -49 -0.37% 18.51 710.97
136 University Heights Cuyahoga 13,126 13,539 -413 -3.05% 1.82 7,212.09
137 West Carrollton Montgomery 12,935 13,143 -208 -1.58% 6.44 2,008.54
138 Dover Tuscarawas 12,843 12,826 17 0.13% 5.68 2,261.09
139 Greenville Darke 12,836 13,227 -391 -2.96% 6.6 1,944.85
140 Powell Delaware 12,810 11,500 1,310 11.39% 4.93 2,598.38
141 Trenton Butler 12,762 11,869 893 7.52% 4.56 2,798.68
142 Loveland Hamilton, Clermont & Warren 12,732 12,081 651 5.39% 4.93 2,582.56
143 Conneaut Ashtabula 12,708 12,841 -133 -1.04% 26.36 482.09
144 Wickliffe Lake 12,689 12,750 -61 -0.48% 4.64 2,734.70
145 Bedford Cuyahoga 12,665 13,074 -409 -3.13% 5.35 2,367.29
Monfort Heights CDP Hamilton 12,454 11,948 506 4.24% 5.91 2,107.28
146 Wilmington Clinton 12,425 12,520 -95 -0.76% 10.89 1,140.96
Finneytown CDP Hamilton 12,366 12,741 -375 -2.94% 4.06 3,045.81
147 Blue Ash Hamilton 12,228 12,114 114 0.94% 7.58 1,613.19
148 Amherst Lorain 12,078 12,021 57 0.47% 7.06 1,710.76
149 Norton Summit & Wayne 12,011 12,085 -74 -0.61% 20.16 595.78
150 Salem Columbiana & Manoning 11,947 12,303 -356 -2.89% 6.42 1,860.90
151 Bucyrus Crawford 11,903 12,362 -459 -3.71% 7.42 1,604.18
152 Macedonia Summit 11,899 11,188 711 6.36% 9.71 1,225.44
153 Franklin Warren 11,780 11,771 9 0.08% 9.17 1,284.62
154 Beachwood Cuyahoga 11,707 11,953 -246 -2.06% 5.33 2,196.44
155 Seven Hills Cuyahoga 11,655 11,804 -149 -1.26% 4.91 2,373.73
156 Ravenna Portage 11,533 11,724 -191 -1.63% 5.63 2,048.49
157 Urbana Champaign 11,425 11,793 -368 -3.12% 7.75 1,474.19
Mack CDP Hamilton 11,213 11,585 -372 -3.21% 9.27 1,209.60
158 Springdale Hamilton 11,205 11,223 -18 -0.16% 4.96 2,259.07
159 Coshocton Coshocton 11,189 11,216 -27 -0.24% 8.08 1,384.78
160 Harrison Hamilton 11,048 9,897 1,151 11.63% 4.92 2,245.53
Dent CDP Hamilton 11,043 10,497 546 5.20% 5.93 1,862.23
161 Ironton Lawrence 10,891 11,129 -238 -2.14% 4.16 2,618.03
162 Brooklyn Cuyahoga 10,828 11,169 -341 -3.05% 4.25 2,547.76
163 East Liverpool Columbiana 10,743 11,195 -452 -4.04% 4.56 2,355.92
164 Van Wert Van Wert 10,728 10,846 -118 -1.09% 7.32 1,465.57
165 Heath Licking 10,625 10,310 315 3.06% 10.92 972.99
166 Montgomery Hamilton 10,582 10,251 331 3.23% 5.29 2,000.38
167 Bedford Heights Cuyahoga 10,555 10,751 -196 -1.82% 4.53 2,330.02
Northbrook CDP Hamilton 10,545 10,668 -123 -1.15% 1.95 5,407.69
Forestville CDP Hamilton 10,535 10,532 3 0.03% 3.72 2,831.99
168 Cambridge Guernsey 10,433 10,635 -202 -1.90% 6.35 1,642.99
169 Richmond Heights Cuyahoga 10,421 10,546 -125 -1.19% 4.44 2,347.07
170 Vermilion Lorain & Erie 10,409 10,594 -185 -1.75% 10.66 976.45
171 New Albany Franklin & Licking 10,360 7,724 2,636 34.13% 11.56 896.19
172 Celina Mercer 10,324 10,400 -76 -0.73% 4.98 2,073.09
173 Reading Hamilton 10,317 10,385 -68 -0.65% 2.89 3,569.90
174 Struthers Mahoning 10,293 10,713 -420 -3.92% 3.64 2,827.75
175 London Madison 10,158 9,904 254 2.56% 8.45 1,202.13
176 Galion Crawford, Morrow & Richaland 10,143 10,512 -369 -3.51% 7.61 1,332.85
177 Tipp City Miami 9,918 9,689 229 2.36% 7.53 1,317.13
178 Wapakoneta Auglaize 9,816 9,867 -51 -0.52% 6.21 1,580.68
179 Willoughby Hills Lake 9,482 9,485 -3 -0.03% 10.73 883.69
180 Girard Trumbull 9,477 9,958 -481 -4.83% 5.88 1,611.73
Lincoln Village CDP Franklin 9,417 9,032 385 4.26% 1.84 5,117.93
181 Louisville Stark 9,356 9,186 170 1.85% 5.49 1,704.19
182 North College Hill Hamilton 9,322 9,397 -75 -0.80% 1.83 5,093.99
183 Madeira Hamilton 9,049 8,726 323 3.70% 3.38 2,677.22
184 Shelby Richland 9,030 9,317 -287 -3.08% 6.35 1,422.05
185 Sheffield Lake Lorain 9,004 9,137 -133 -1.46% 2.48 3,630.65
186 Oakwood Montgomery 8,999 9,202 -203 -2.21% 2.19 4,109.13
North Madison CDP Lake 8,961 8,547 414 4.84% 3.91 2,291.82
Blacklick Estates CDP Franklin 8,960 8,682 278 3.20% 1.89 4,740.74
187 Olmsted Falls Cuyahoga 8,890 9,024 -134 -1.48% 4.12 2,157.77
Beckett Ridge CDP Butler 8,825 9,187 -362 -3.94% 4.8 1,838.54
Perry Heights CDP Stark 8,553 8,441 112 1.33% 2.86 2,990.56
188 Wyoming Hamilton 8,517 8,428 89 1.06% 2.87 2,967.60
189 Orrville Wayne 8,505 8,380 125 1.49% 5.74 1,481.71
190 Napoleon Henry 8,457 8,749 -292 -3.34% 6.19 1,366.24
191 Bryan Williams 8,434 8,545 -111 -1.30% 5.53 1,525.14
192 Highland Heights Cuyahoga 8,397 8,345 52 0.62% 5.15 1,630.49
193 Oberlin Lorain 8,331 8,286 45 0.54% 4.92 1,693.29
194 Cheviot Hamilton 8,283 8,375 -92 -1.10% 1.17 7,079.49
195 St. Marys Auglaize 8,230 8,332 -102 -1.22% 4.59 1,793.03
196 Eaton Preble 8,211 8,407 -196 -2.33% 6.19 1,326.49
197 Kenton Hardin 8,202 8,262 -60 -0.73% 5.04 1,627.38
198 Bellevue Sandusky, Huron & Erie 7,973 8,202 -229 -2.79% 6.14 1,298.53
199 Campbell Mahoning 7,923 8,235 -312 -3.79% 3.71 2,135.58
200 Canal Winchester Franklin & Fairfield 7,905 7,101 804 11.32% 7.47 1,058.23
Dry Run CDP Hamilton 7,887 7,281 606 8.32% 4.67 1,688.87
Northgate CDP Hamilton 7,677 7,377 300 4.07% 2.53 3,034.39
201 Grandview Heights Franklin 7,628 6,536 1,092 16.71% 1.33 5,735.34
202 Hubbard Trumbull 7,579 7,874 -295 -3.75% 3.9 1,943.33
203 Fairlawn Summit 7,466 7,437 29 0.39% 4.48 1,666.52
204 Wauseon Fulton 7,395 7,332 63 0.86% 5.17 1,430.37
205 Mentor-on-the-Lake Lake 7,371 7,443 -72 -0.97% 1.61 4,578.26
206 Canfield Mahoning 7,284 7,515 -231 -3.07% 4.58 1,590.39
Northridge CDP Clark 7,161 7,572 -411 -5.43% 3.05 2,347.87
207 Bellbrook Greene 7,128 6,943 185 2.66% 3.13 2,277.32
Withamsville CDP Clermont 7,116 7,021 95 1.35% 3.12 2,280.77
208 Independence Cuyahoga 7,114 7,133 -19 -0.27% 9.54 745.70
209 Logan Hocking 7,085 7,152 -67 -0.94% 4.79 1,479.12
Portage Lakes CDP Summit 7,038 6,968 70 1.00% 3.95 1,781.77
Groesbeck CDP Hamilton 7,026 6,788 238 3.51% 2.94 2,389.80
210 Delphos Allen & Van Wert 6,995 7,101 -106 -1.49% 3.44 2,033.43
Landen CDP Warren 6,985 6,782 203 2.99% 2.03 3,440.89
211 Huron Erie 6,977 7,149 -172 -2.41% 4.84 1,441.53
Kenwood CDP Hamilton 6,906 6,981 -75 -1.07% 2.3 3,002.61
212 Milford Clermont & Hamilton 6,906 6,709 197 2.94% 3.73 1,851.47
213 Cortland Trumbull 6,880 7,104 -224 -3.15% 4.25 1,618.82
Howland Center CDP Trumbull 6,812 6,351 461 7.26% 4.04 1,686.14
214 Kirtland Lake 6,773 6,866 -93 -1.35% 16.67 406.30
215 Martins Ferry Belmont 6,756 6,915 -159 -2.30% 2.33 2,899.57
Covedale CDP Hamilton 6,623 6,447 176 2.73% 2.8 2,365.36
216 Union Montgomery & Miami 6,606 6,419 187 2.91% 7.05 937.02
217 Rittman Wayne & Medina 6,593 6,491 102 1.57% 6.43 1,025.35
218 Hillsboro Highland 6,580 6,605 -25 -0.38% 5.43 1,211.79
219 Rossford Wood 6,570 6,293 277 4.40% 5.02 1,308.76
220 Upper Sandusky Wyandot 6,539 6,596 -57 -0.86% 7.01 932.81
Champion Heights CDP Trumbull 6,494 6,498 -4 -0.06% 8.37 775.87
221 Belpre Washington 6,461 6,441 20 0.31% 3.48 1,856.61
222 Moraine Montgomery 6,353 6,307 46 0.73% 9.25 686.81
223 Jackson Jackson 6,320 6,397 -77 -1.20% 8.23 767.92
224 Columbiana Columbiana & Manoning 6,257 6,384 -127 -1.99% 6 1,042.83
225 Grafton Lorain 6,223 6,636 -413 -6.22% 4.71 1,321.23
226 Clyde Sandusky 6,221 6,325 -104 -1.64% 5.04 1,234.33
227 Pepper Pike Cuyahoga 6,198 5,979 219 3.66% 7.06 877.90
Wheelersburg CDP Scioto 6,181 6,437 -256 -3.98% 5.8 1,065.69
Fort Shawnee CDP Allen 6,143 3,726 2,417 64.87% 7.21 852.01
228 Ontario Richland 6,079 6,225 -146 -2.35% 11.08 548.65
229 Willard Huron 6,060 6,236 -176 -2.82% 3.55 1,707.04
230 Mount Healthy Hamilton 6,030 6,098 -68 -1.12% 1.41 4,276.60
231 Geneva Ashtabula 6,016 6,215 -199 -3.20% 4.14 1,453.14
232 Port Clinton Ottawa 5,945 6,056 -111 -1.83% 2.08 2,858.17
233 Brookville Montgomery 5,895 5,884 11 0.19% 3.82 1,543.19
234 The Village of Indian Hill Hamilton 5,823 5,785 38 0.66% 18.55 313.91
235 Granville Licking 5,771 5,646 125 2.21% 4.68 1,233.12
236 Deer Park Hamilton 5,674 5,736 -62 -1.08% 0.87 6,521.84
237 New Carlisle Clark 5,649 5,785 -136 -2.35% 2.74 2,061.68
238 Ada Hardin 5,607 5,952 -345 -5.80% 2.08 2,695.67
239 Wellston Jackson 5,554 5,663 -109 -1.92% 6.97 796.84
240 Groveport Franklin 5,552 5,363 189 3.52% 8.56 648.60
241 Waterville Lucas 5,519 5,523 -4 -0.07% 4.69 1,176.76
242 Germantown Montgomery 5,486 5,547 -61 -1.10% 4.26 1,287.79
Apple Valley CDP Knox 5,466 5,058 408 8.07% 6.01 909.48
243 Canal Fulton Stark 5,433 5,479 -46 -0.84% 3.26 1,666.56
244 Northwood Wood 5,394 5,265 129 2.45% 8.52 633.10
245 Uhrichsville Tuscarawas 5,377 5,413 -36 -0.67% 2.81 1,913.52
246 Carlisle Warren & Montgomery 5,329 4,915 414 8.42% 3.53 1,509.63
247 Nelsonville Athens 5,299 5,392 -93 -1.72% 4.89 1,083.64
248 Chardon Geauga 5,192 5,148 44 0.85% 4.58 1,133.62
Delhi Hills CDP Hamilton 5,172 5,259 -87 -1.65% 1.49 3,471.14
Summerside CDP Clermont 5,167 5,083 84 1.65% 2.09 2,472.25
Miami Heights CDP Hamilton 5,154 4,731 423 8.94% 3.5 1,472.57
249 St. Clairsville Belmont 5,109 5,184 -75 -1.45% 2.42 2,111.16
250 Munroe Falls Summit 5,052 5,012 40 0.80% 2.72 1,857.35
New Burlington CDP Hamilton 4,881 5,069 -188 -3.71% 3.07 1,589.90
Turpin Hills CDP Hamilton 4,741 5,099 -358 -7.02% 2.98 1,590.94

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Qualifying for a Home Loan

Conforming Mortgages

A variety of home loans are available in the Buckeye State. Fixed-rate loans are very common. These mortgages offer an APR that does not change during the lifetime of the loan (that's why it's called fixed). There are also adjustable-rate mortgages—called ARM's—which do have interest rates that can fluctuate. Typically, the APR stays the same for the first few years of the mortgage's life, such as 3, 5, 7, or 10 years; then the interest rate can change, either up or down, once per year or sometimes more frequently. These products usually have rate caps to prevent the monthly home payments from increasing too much.

The most commonly used mortgage in Ohio is the 30-year home loan. Using this financial vehicle produces the lowest possible monthly payment because the loan's balance is spread across a longer term. Shorter terms are available, such as the less common 15-year mortgage. This loan has a lower APR, but monthly payments will be higher because the loan is paid back in a shorter period of time.

To qualify for a 30 year fixed loan, one must have a credit score in good standing and have solid employment history. Mortgage underwriters prefer debt-to-income ratios to be below 40%, but other factors are considered on the loan application.

The mortgage lenders that offer these loans typically want a down paymen of at least 20%, though as of 2016 only about 35% of homebuyers who use financing put that much money down. Loans with smaller down payments will have fees that increase as the down payment decreases. Paying less than 20% upfront will require monthly private mortgage insurance premiums, which obviously will increase the cost of home ownership. On top of the PMI, banks also frequently charge higher interest rates for loans that have down payments under 20%.

The piggyback loan can eliminate the need for private mortgage insurance by covering 80% of the home's value with the first loan, while the second loan helps to pay for part of the down payment. This mortgage is a good way to avoid the standard 20% down payment, which is required by most private banks.

As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. With the state of Ohio having below average median home prices, the $424,100 limit applies statewide. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, which varies based on credit market conditions.

Government Programs

If you don't want to put 20% down and don't want to pay private mortgage insurance, you should check out the Veteran Administration's home loan program. You'll have to be a former member of the military for this, but if you qualify, you can get a mortgage with 0% down and no mortgage insurance premiums. The VA does charge a funding fee, however, which ranges from 1.25% to 3.3%.

The Federal Housing Administration also offers mortgages. These loans require just 3.5% down with a 580 credit score, a fabulous deal. Private mortgage insurance is required here, however.

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.

The Buckeye State offers a variety of housing assistance programs. The Ohio Housing Finance Agency helps first-time homebuyers find affordable properties. There are also services for renters and senior citizens. During the Great Recession, the Buckeye State began Save the Dream Ohio, a foreclosure prevention program. It still is in operation today.

Natural Disasters

Homeowner's insurance policies typically cover financial damages from most natural disasters other than earthquakes and flooding.

Most the state has a very low earthquake risk, with the risk only rising to low in Geauga county.

The state has a very low risk of wildfires.

Flood Insurance

Much of the state of Ohio has a substantial flooding risk. Here are the counties where the risk of flooding is above very low.

  • Low risk: Allen, Ashland, Butler, Champaign, Clinton, Fulton, Huron, Lorain, Madison, Mercer, Miami, Perry, Preble, Ross, Seneca, Shelby, Trumbull, Union, Wayne, Wood
  • Moderate risk: Adams, Belmont, Brown, Carroll, Darke, Defiance, Erie, Fairfield, Greene, Hancock, Jefferson, Knox, Lawrence, Licking, Lucas, Marion, Monroe, Sandusky, Scioto, Tuscarawas, Warren
  • High risk: Athens, Morgan, Noble, Washington
  • Very high risk: Gallia, Ottawa

Homeowner's insurance policies typically do not cover flooding.

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Typically, homes built after 2002, when building code regulations tightened, are subject to lower insurance rates than older homes. On the other hand, homes without hurricane straps, with roofs that do not meet current standards for wind, with older plumbing or with outdated electrical systems may be difficult €“ or very expensive €“ to insure.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Tornadoes

Most of the state has a very low to low tornado risk. The northern portion of the state is considered to have a moderate tornado risk across the following counties: Allen, Auglaize, Mercer, Paulding, Putnam, Van Wert & Wood.

A basic homeowners policy should cover financial damages from tornadoes.

Hail

Hail damage is common across the state, with most of the state having a low to moderate risk of damage from hail. This risk rises to high across the following counties: Hamilton, Portage, Summit.

Damage from hail is typically covered by home insurance policies.

Laws Particular to the Buckeye State

Property Taxes

Properties in Ohio are appraised and assessed at the county level once every six years. Each county has its own method, so assessed values can vary quite a bit. The demographics website SmartAsset estimates Ohio's effective real estate tax rate for residential homes to be roughly 1.5%. This places the state above the national average, but lower than some of its neighboring states. Cuyahoga County, home to Cleveland, has the state's highest effective rate at 2.23%. Lawrence County, a small region in the south, has the lowest rate at 0.87%.

The average property tax payment across the state was $2,616 in 2016, with that payment rising to $3,636 in Columbus. The national average property tax rate is 1.24% for a cost of $3,313 per year.

Foreclosures

Foreclosures in the Buckeye State follow the judicial protocol, meaning that they take place within the state's court system. Under a nonjudicial system, which some states use, the foreclosure process bypasses the county courthouse.

In Ohio, missing three consecutive mortgage payments will result in the lender filing a lawsuit in county court. There are some methods available to avoid a default judgment, such as mediation. If the judge rules on behalf of the plaintiff, the local sheriff's office schedules an auction for the home.

Mortgages in the Buckeye State can be either recourse or nonrecourse. Under the recourse model, lenders can pursue borrowers for any outstanding mortgage balance that a home auction doesn't completely cover. This legal right includes the ability to seize bank accounts and other personal assets borrowers own. Under a nonrecourse format, a mortgage underwriter can only pursue the collateral that is stated in the loan. Typically, this will be the home itself. The loan agreement should state whether a mortgage is recourse or nonrecourse.

What follows are some of the most important rules and procedures. This is in no way a comprehensive list, and those facing foreclosure are encouraged to consult an expert.

  1. Lenders in Ohio are limited to judicial foreclosure. This means that, as a lien state, in order to foreclose and move against the property, a lender must file the case with a court. This provides the borrower with a degree of protection because it controls the pace of the process.
  2. Foreclosed homes in Ohio are sold at a sheriff’s auction, but the sale price is required to be at least two-thirds of the home appraised value. This protects borrowers by preventing lenders from selling a home at a drastically reduced price just to satisfy the loan’s principal balance. This approach is viewed as punitive and is prohibited. As a recourse state, however, if the home is sold for less than the value of the principal balance on the loan, the lender can still move against the borrower to recover the rest of the money from alternate sources.
  3. After a home is sold at auction, the borrower has eight days until the sale is considered confirmed. During this period prior to confirmation, the borrower may redeem the loan by paying off all liens against the property, including the cost that the lender has incurred during the foreclosure process and any interest that would have accrued. If this is done, the sale is cancelled and the borrower retains ownership of the home.
  4. After a sale is confirmed in Ohio, the borrower has no recourse to redeem the loan or recovery the property. He or she may file with the court to receive any excess proceeds that resulted from the sale, but this is the extent of the remaining rights.

As in all states, the right of borrowers are lenders are considered to protect both and ensure the orderly operation of the system.

Community Property

Ohio is a community property state. This means that all salaries, properties, and debts incurred by a couple after marriage belong to both spouses. Furthermore, the VA and FHA will run credit reports on both spouses, even if just one spouse's name will be on the mortgage. However, neither agency will use a non-borrowing spouse's credit score. If the two spouses apply together, however, both credit scores will be considered.

Debts from a non-borrowing spouse must also be considered on a loan application in the state of Ohio. One way around this policy is to secure a home loan through Freddie Mac or Fannie Mae because neither agency will consider a non-borrowing spouse's credit history.

Learn More

The Buckeye State has below average home prices, which is a major advantage of course. While the state overall has recovered from the housing crisis of 2007, some areas are still trying to get back to pre-Recession levels. Most regions of the state have good price-to-income levels, which means Ohio is affordable for many buyers. For more information on the state's property market, check out the following links: