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If you're looking to buy a home in Ohio, you'll want to know what the best mortgage rates look like. Shopping around with mortgage lenders will help you determine what rates you might qualify for. Don’t forget, though -- your credit score will also dictate what offers you can get.
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 $80,800, according to Niche. This is impressively low when you compare it with the median home value in all of Ohio (which is $199,403, 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 healthcare, aerospace, and aviation, Dayton is another Ohio city to consider calling home. The median home value in Dayton is $66,800 -- 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 $82,400. 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 $69,600, 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 $138,000, 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.
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
Our Mortgages Experts
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