Your home buying budget in Central Ohio is affected by four main costs. Understanding these costs will help you plan wisely for home buying, and for long-term home ownership!

First, we should mention that your mortgage approval is based on your income, down payment, debt obligations, credit worthiness and financial resources. Lenders use this data to determine your ability to repay, and the risk you present as a borrower.

Some of these elements are within your means to adjust. You can pay off debts, you can increase your down payment, and you can improve your credit score. In turn, you could improve the mortgage offers you receive, and possibly qualify for a larger mortgage.

But your purchase power is also affected by real estate market changes and the costs of home ownership. You have little control in these areas. However, there is value in being informed and prepared! This allows you to make comparisons and find the best solutions for your home buying budget. Here are 4 costs every Central Ohio home buyer should know!

1. Mortgage interest rates. The lower the interest rate, the larger the mortgage you can afford. Rates for 30-year, fixed rate Conventional loans averaged 6.69% as of August 5, 2026. Lenders offer the best rates to borrowers with excellent credit and strong down payments.

You can’t do much about the direction of interest rates. But you can get your credit score in the best possible shape, and shop around for your home financing! Rates, fees and other financing costs will vary from one lender to another.

2. Home prices. According to Columbus Business First, median home prices in Central Ohio increased 39% between August 2020 and August 2025. The median price of a Columbus area home was $352,000 as of June 2026. When calculated as an average, the average home sales price was $410,933 as of June 2026. Buyers will face different market conditions from one Central Ohio community to another.

In recent months, home price growth has slowed. Higher interest rates have taken some steam out of the market. Home inventory has improved. Today’s market has better stability than it did a couple years ago, allowing buyers more selection and more time to make decisions.

Finding the ideal home for your needs is best accomplished with an Exclusive Buyer’s Broker! We can show you any home on the market – including homes for sale on the Columbus Regional MLS, homes For Sale by Owner (FSBO) and homes for sale directly by home builders. We also help you compare financing costs, home prices and more!

3. Property taxes. The median property tax bill in Franklin County, Ohio for 2025 is approximately $4,772, based on median home values and an effective tax rate of about 1.6%

As home values rise, tax bills go up, but this is not a dollar-for-dollar match. Your real estate tax bill is based on the local tax rate multiplied by the value of the property. Tax rates vary by community. Local levies and special assessments will impact your tax bill. You can get more information about how taxes are managed by visiting the Franklin County Treasurer website.

If you buy a home with less than 20% down, your lender may require an escrow account with your mortgage. This account is funded through your monthly mortgage payment. The mortgage servicer will pay your tax bill and insurance premium directly from the escrow account. But when taxes or insurance premiums increase, the escrow portion of your mortgage payment will increase too!

New construction presents its own tax bill issues. A newly-built home may not be fully assessed for years after construction has been completed. Buyers of new construction need to be well-prepared for future adjustments.

4. Homeowner’s insurance. The average cost of homeowners insurance in Ohio ranges from $1,265 to $1,752 per year (roughly $105 to $146 per month) for a standard policy with $300,000 in dwelling coverage. Your premium will vary depending on the age and condition of the home, the estimated costs of replacement/repairs and local risk factors.

Obtain your insurance quotes promptly once you have an accepted offer. Shop around for the best value in costs and coverage. Also review the reputation of the insurance company when it comes to paying claims.

To find the best value for your home buying budget, get the expert advice of an Exclusive Buyer’s Broker! Learn how we make a difference by reading our free e-book, “How to Buy a Home like a Pro.” There is no obligation.

As Exclusive Buyer’s Brokers, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest, at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax