Costs of Owning a House in Columbus, Ohio 

Columbus, Ohio, has seen steady growth in its housing market over the past few years, attracting potential homeowners and investors. With record-low interest rates and a robust local economy, now might be the right time to ask, “How much salary do you need to buy a house in Columbus?”

While owning a home may seem appealing, it’s essential to understand the costs associated with homeownership. These costs go beyond knowing the average mortgage payment in Ohio, encompassing property taxes, maintenance expenses and insurance premiums. Awareness of these costs is crucial to ensuring your real estate investment is sustainable.

This blog aims to provide potential homeowners with a comprehensive understanding of the costs associated with purchasing and owning a house in Columbus, Ohio. Our goal is to demystify the process and help you make a more informed decision about such a significant investment. 

Upfront Costs of Purchasing a House

Understanding the upfront costs involved is crucial when considering purchasing a home in Columbus. Here’s a breakdown of what you can expect to pay before you get the keys to your new property.

  • Down Payment: The down payment is one of the most significant initial expenses when purchasing a home. Generally, lenders ask for a down payment of 3% to 20% of the home’s purchase price. The specific amount you need to save will depend on the type of loan and the lender’s requirements.
  • Closing Costs: Closing costs are the fees and expenses you must pay to finalize your mortgage. They can amount to 2% to 5% of the home’s purchase price.  
  • Moving Expenses: Once you’ve purchased the house, you must budget for moving expenses. This can include hiring a moving company, renting a moving truck, or purchasing packing supplies. Depending on the distance and the amount of belongings, this could range from a few hundred to several thousand dollars.
  • Initial Maintenance and Repair Costs: Even if the home is in good condition, immediate maintenance and repair costs often occur. These could include anything from painting and minor repairs to major renovations. Therefore, it is wise to set aside at least 1% to 3% of the home’s purchase price for these initial expenses.

Recurring Costs of Homeownership

The costs of owning a house include ongoing expenses beyond the initial purchase. Here’s a detailed breakdown of the recurring costs you should anticipate:

Mortgage Payments

Your mortgage payment is likely the most significant recurring cost. It typically includes:

  • Principal and Interest: This is the repayment of the loan amount and the interest the lender charges. Understanding “how much salary do you need to buy a house” is crucial as it helps determine your ability to handle these payments. The average mortgage payment in Ohio can vary, but as of recent data, it hovers around $1,200 per month.
  • Property Taxes: These are annual taxes assessed by the local government based on the property’s value. In Columbus, property taxes can add several thousand dollars annually to your mortgage payment.
  • Homeowners Insurance: This insurance covers damage to your home and provides liability protection. The cost varies, but homeowners typically pay between $800 and $1,200 annually in Ohio.


Owning a home means being responsible for all utility costs, including:

  • Electricity: Monthly electricity bills can range widely based on the size of your home and usage habits.
  • Water and Sewer: These utilities can cost approximately $50 to $100 monthly.
  • Natural Gas or Heating Oil: Depending on your heating system, expect to pay between $50 and $150 monthly.
  • Trash and Recycling Services: Typically, these services cost around $20 to $40 monthly.
  • Internet and Cable: These services can add another $50 to $150 to your monthly expenses.

Homeowners Association (HOA) Fees

If your property is part of a community with a Homeowner’s Association, you’ll need to pay HOA fees. These can range from $100 to $300 per month and cover community maintenance, amenities and other services.

Understanding the above-mentioned recurring costs is essential for financial planning. The Columbus, Ohio, median income is a critical factor in assessing affordability. With the average house payment in Ohio around $1,200 and additional recurring expenses, it’s vital to ensure that your income can comfortably cover these costs. 

Tips for Estimating and Budgeting for Homeownership Costs

Accurately estimating and budgeting for homeownership costs is essential to ensure that you can comfortably manage your new property. Here are some practical tips to help you plan effectively.

Research Local Property Tax Rates and Average Utility Costs

Property taxes are essential in Columbus and can add up to a substantial annual expense. Research the specific tax rates in your area to get a clear picture. Additionally, look into the average utility costs for electricity, water, sewer, natural gas, and trash services. Knowing these costs upfront will help you answer the question, “How much salary do you need to buy a house?” and maintain it.

Have a Home Inspection Before Purchase

Before finalizing the purchase of a home, it’s crucial to have a professional home inspection. This step can identify potential issues with the property, such as structural problems, outdated systems or necessary repairs. An inspection will clearly understand the home’s condition and help you budget for any immediate and future maintenance needs. 

Establish an Emergency Fund for Unexpected Expenses

Homeownership comes with its share of surprises, from sudden repairs to appliance breakdowns. Establishing an emergency fund is a smart way to prepare for these unexpected costs. Financial experts recommend saving at least three to six months’ worth of living expenses. This will provide a safety net, ensuring you can handle emergencies without financial strain.

Embrace a Hassle-free Selling Experience with Community Home Buyers

With the average house payment in Ohio consistently rising alongside the various costs of owning and maintaining a property, it becomes evident that selling your house can be a wise financial decision. Despite the increase in Columbus, Ohio, median income, fluctuations in the housing market and the downside of property ownership can leave any homeowner feeling overwhelmed.

With Community Home Buyers, you not only ensure a seamless and hassle-free selling experience but also secure a fair deal for your property. Our professional team understands the real estate market, and we are equipped to address your concerns, streamline the process, and provide you with the support you deserve.

Don’t let the stress and financial burdens of homeownership hold you back. Contact Community Home Buyers today.

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We are here to help you find your solution in real estate.

Sell your home fast today!

We are here to help you find your solution in real estate.

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