Ohio Residents with Mortgage Spend the Least of their Income on Housing Costs
By: Kevin Pryor July. 06, 2018
Ohio residents with a mortgage spend 27.8 percent of their income on housing costs, which is less than the national value of 30.9 percent. This information was produced in a recent study conducted by Gavop using statistics by the United States Census Bureau.
The study aimed at estimating the debt people owe to their homes as a percentage of income spent on housing costs. Gavop categorized main expenses related to housing under mortgage payments, real estate taxes, home insurance, and utilities.
Other primary influences on income amount allocated to housing costs are individual income, home value, and annual home maintenance costs. Homeowners with a mortgage in Ohio earn a median income of $52,334 and live in homes with a median value of $140,100. The statewide annual housing costs for such homes is $14,532.
The following table compares housing costs at the state and national levels. Overall, Ohio reports lower values for all categories compared to the national statistics.
| Location | Income Spent on Housing by Homeowners with Mortgages (%) | Annual Housing Costs for Homeowners with Mortgages | Median Income | Median Home Value |
|---|---|---|---|---|
| Ohio | 27.8 | $14,532 | $52,334 | $140,100 |
| United States | 30.9 | $17,832 | $57,617 | $205,000 |
The numbers also highlight that mortgage-holding residents in Medina County spend the least of their income on housing costs (22.9 percent).
Miami County reports the second lowest housing costs as a percentage of income at 23 percent, followed by Delaware County with 23.4 percent, Geauga County with 23.8 percent, and Lake County with 23.9 percent. In median value, residents in the five counties with the least housing costs spend less than one-fourth of their income.
Counties with the Lowest Housing Costs as a Percentage of Income
| Rank | County | Income Spent on Housing by Homeowners with Mortgages | Annual Housing Costs for Homeowners with Mortgages | Median Income | Median Home Value | Number of Housing Units |
|---|---|---|---|---|---|---|
| 1 | Medina | 22.9% | $16,608 | $72,618 | $185,000 | 71,706 |
| 2 | Miami | 23.0% | $13,812 | $60,170 | $149,100 | 44,165 |
| 3 | Delaware | 23.4% | $23,760 | $101,693 | $296,200 | 71,420 |
| 4 | Geauga | 23.8% | $18,168 | $76,384 | $228,300 | 36,904 |
| 5 | Lake | 23.9% | $14,796 | $61,870 | $150,900 | 102,463 |
By contrast, mortgage holders in Athens County spend 34.8 percent of their income on housing costs, which is the highest in Ohio. Scioto County reports the second highest proportion at 33.0 percent, followed by Cuyahoga County with 32.4 percent, Lucas County with 31.1 percent, and Ashtabula with 30.1 percent.
Counties with the Highest Housing Costs as a Percentage of Income
| Rank | County | Income Spent on Housing Costs by Homeowners with Mortgages | Annual Housing Costs for Homeowners with Mortgages | Median Income | Median Home Value | Number of Housing Units |
|---|---|---|---|---|---|---|
| 1 | Athens | 34.8% | $12,600 | $36,193 | $108,400 | 26,339 |
| 2 | Scioto | 33.0% | $12,948 | $39,210 | $100,300 | 34,126 |
| 3 | Cuyahoga | 32.4% | $15,096 | $46,601 | $126,700 | 617,533 |
| 4 | Lucas | 31.1% | $13,860 | $44,534 | $115,100 | 202,434 |
| 5 | Ashtabula | 30.1% | $12,936 | $42,965 | $111,400 | 45,790 |
This table lists income spent on housing costs for all Ohio counties, arranged from the highest to lowest in percentage.
| County | Median Costs for Homeowners with Mortgages as a Percentage of Income | Median Costs for Homeowners with Mortgages (Annual) | Median Income | Median Home Value | Total Homes |
|---|---|---|---|---|---|
| Athens | 34.8% | $12,600 | $36,193 | $108,400 | 26,339 |
| Scioto | 33.0% | $12,948 | $39,210 | $100,300 | 34,126 |
| Cuyahoga | 32.4% | $15,096 | $46,601 | $126,700 | 617,533 |
| Lucas | 31.1% | $13,860 | $44,534 | $115,100 | 202,434 |
| Ashtabula | 30.1% | $12,936 | $42,965 | $111,400 | 45,790 |
| Muskingum | 29.8% | $12,960 | $43,422 | $125,400 | 37,651 |
| Portage | 29.7% | $14,736 | $49,695 | $150,700 | 68,457 |
| Hamilton | 29.6% | $15,744 | $53,229 | $150,100 | 377,743 |
| Franklin | 29.3% | $16,440 | $56,055 | $162,300 | 549,417 |
| Montgomery | 29.3% | $13,752 | $46,936 | $113,700 | 254,265 |
| Mahoning | 28.6% | $12,108 | $42,295 | $100,700 | 111,124 |
| Ross | 28.0% | $12,984 | $46,422 | $118,300 | 31,675 |
| Richland | 27.9% | $12,300 | $44,073 | $104,100 | 54,001 |
| Summit | 27.4% | $14,256 | $52,036 | $141,900 | 245,176 |
| Lorain | 27.3% | $14,904 | $54,504 | $146,400 | 129,900 |
| Hancock | 26.9% | $14,220 | $52,810 | $145,400 | 33,767 |
| Clermont | 26.8% | $16,284 | $60,661 | $169,600 | 82,193 |
| Licking | 26.8% | $15,720 | $58,685 | $163,400 | 70,224 |
| Allen | 26.7% | $12,708 | $47,592 | $112,000 | 44,804 |
| Wood | 26.2% | $15,792 | $60,166 | $160,200 | 53,431 |
| Trumbull | 26.2% | $11,952 | $45,552 | $106,400 | 95,215 |
| Greene | 26.0% | $16,104 | $62,018 | $168,500 | 69,568 |
| Erie | 25.9% | $12,696 | $48,949 | $123,900 | 37,671 |
| Stark | 25.8% | $13,164 | $50,994 | $129,800 | 165,966 |
| Marion | 25.8% | $11,052 | $42,826 | $88,200 | 27,762 |
| Tuscarawas | 25.6% | $12,900 | $50,440 | $126,600 | 39,856 |
| Butler | 25.5% | $16,164 | $63,273 | $168,400 | 150,649 |
| Clark | 25.2% | $11,796 | $46,811 | $109,500 | 61,032 |
| Wayne | 25.0% | $13,344 | $53,434 | $139,600 | 46,173 |
| Jefferson | 24.4% | $10,800 | $44,257 | $87,400 | 32,326 |
| Fairfield | 24.3% | $15,864 | $65,316 | $173,500 | 60,273 |
| Belmont | 24.0% | $11,592 | $48,220 | $99,500 | 31,999 |
| Columbiana | 24.0% | $11,496 | $47,864 | $110,000 | 46,407 |
| Warren | 24.0% | $19,260 | $80,207 | $216,700 | 85,634 |
| Lake | 23.9% | $14,796 | $61,870 | $150,900 | 102,463 |
| Geauga | 23.8% | $18,168 | $76,384 | $228,300 | 36,904 |
| Delaware | 23.4% | $23,760 | $101,693 | $296,200 | 71,420 |
| Miami | 23.0% | $13,812 | $60,170 | $149,100 | 44,165 |
| Medina | 22.9% | $16,608 | $72,618 | $185,000 | 71,706 |
ABOUT THE AUTHOR
Kevin Pryor
Kevin Pryor currently works as a data analyst and public relations associate where he takes pride in analyzing data and sharing the amazing insights it presents to various target audiences. Kevin graduated from the University of Connecticut with a bachelor’s degree in communication and has a passion for the results that can come from effective communications. While at school, he interned with Total Mortgage, Stafford Motor Speedway and UConn Community Outreach. In his free time, Kevin enjoys outdoor activities, cinema, traveling, and spending time with friends and family.
