5 affordable places to live in Ohio
Ohio is home to a number of affordable cities that are great for first-time and seasoned home buyers alike. Here are five cities where you might find a great deal on a place of your own.
Near the Michigan border, Toledo is home to a bustling economy, shops, and restaurants, and its waterfront area is a big draw for locals and visitors alike. The median home value in Toledo is $79,900, according to Niche. This is impressively low when you compare it with the median home value in all of Ohio (which is $153,593, according to Zillow). Property taxes in Lucas County average 1.65% of a home’s assessed value, as reported by Tax-Rates.org. That’s slightly above the average rate for Ohio as a whole — which sits at 1.36%.
Home to a thriving economy centering on health care, aerospace, and aviation, Dayton is another Ohio city to consider calling home. The median home value in Dayton is $66,500 — well below the median home value statewide and nationwide. However, property taxes in Montgomery County are a little high for the state, averaging 1.75% of a home’s value.
Known as the Rubber Capital of the World, Akron actually features a path paved with rubber. The many bars, coffee shops, and parks in Akron are a draw for young professionals and families. It’s a city that’s easy on the wallet housing-wise — the median home value is $81,400. Property taxes are relatively reasonable, too. The average property tax rate in Summit County is 1.53%.
Home to the Rock and Roll Hall of Fame, Cleveland is a city loaded with sports, culture, and entertainment. Despite that, home prices haven’t skyrocketed. The median home value in Cleveland is $68,500, well below the median statewide. Property taxes, however, are somewhat high. The average property tax rate in Cuyahoga County, where Cleveland is located, is 1.93% of a home’s value.
About 30 minutes from the Indiana border, Cincinnati is home to a number of Fortune 500 companies. The city is also known for its exciting food scene. The median home value in Cincinnati is $129,100, while the average property tax rate in Hamilton County is 1.53% of a home’s assessed value.
In addition to researching the best mortgage rates in Ohio, you should also put yourself in the strongest position to land a great offer. You can do that by paying off some existing debt, paying all of your incoming bills on time, securing a steady job, and checking your credit report for errors that might work against you. Taking these steps before you apply for a mortgage is a good way to help ensure that you wind up happy with the rate you lock in.
View more information: https://www.fool.com/the-ascent/mortgages/rates/OH/