How Much House Can I Afford on a 250k Income in Ohio?
With a 250k income, you're well-positioned to purchase a home in Ohio. Financial advisors recommend spending about 3 to 4 times your annual income on a home, suggesting a budget between $750,000 and $1,000,000, depending on factors like your down payment and existing debts.
In Columbus, the median home price is approximately $350,000, which is below your minimum affordability range. This situation opens up a broad selection of homes, potentially allowing you to consider higher-end properties or homes in better neighborhoods.
Other areas such as Cleveland and Dayton offer competitive pricing at around $250,000. Ohio's property tax rate averages 1.45%, adding roughly $5,075 annually on an average home. Coupled with a cost of living significantly below the national average, your income provides ample opportunities for homeownership.