Owning property and being able to call your home your own is something of a dream for many of us. But with one of the most affordable costs of living in the U.S., what are your odds of being able to buy a home in Ohio, and how do your chances here compare to neighboring states?
To determine your odds of owning property in the Buckeye State, we considered a series of factors including the state’s income-house value ratio, Ohio house price growth, the number of households here per 1,000 people, and the home ownership rate across the state.
Ranking each US state for each factor, we were able to reveal where Ohio places among the easiest regions to purchase property.
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According to our research, with an overall index score of 60.7 out of 100, Ohio is among the easiest states to buy property in, ranking eighth. If this were comparing Ohio sportsbook apps, this would make for a favorite.
However, the state does fall behind nearby West Virginia (77.3), Michigan (65.3), and Indiana (61.8).
Ohio’s high ranking is helped in-part by the favorable income-house value rate – 36.93% - which is greater the U.S. average 27.49% and places the state above Kentucky (36.59%), Indiana (34.77%), Michigan (34.47%), and Pennsylvania (32.62).
To work this out, we considered the average income across the state ($78,797) and the average house value ($213,360).
Notably, there’s also a significant number of households per 1,000 Ohio residents – just under four for every ten people. However, the state’s large population potentially contributes to its home ownership rate of just 67.00% - lower than the national average of 68.34%.
In addition to this, house prices across Ohio are rising more slowly than the average rate (58.62%), with the typical property here worth 57.80% more in 2022 than five years ago.
This places the state just outside the top 20, with slower acceleration than Indiana (61.00%) and Michigan (59.50%), among others.
While Ohio is far from the easiest state to buy a home, ranking among the bottom half with a home ownership rate of 67.00%, you have a stronger likelihood here than in the likes of Illinois (66.80%), North Carolina (64.00%), and New York (54.60%).
In addition, your chances of becoming an Ohio homeowner are generally favorable, with moneyline odds of -203. This means, statistically, you’re much more likely to be able to afford property here than not!
For even more expert insight like this, check out the latest on BetOhio, also your home to all of the new Ohio sports betting sites.
To determine the how easy it is to buy property in Ohio, we considered four different factors for each U.S. state:
• Income-house value ratio: The average household income divided by the average house value.
• House price growth: The percentage increase in price of an average house over the past 5 years.
• Households per 1,000 people: Calculated by dividing the number of households by the population, and then multiplying by 1,000.
• Home ownership rate: The percentage of homes in each state that are owner-occupied.
Data for these factors was collected and normalized, to give each factor an indexed value between 0 and 1. These values were then summed, to provide a total score out of four for each state. The states were then ranked from highest to lowest based on this score.
To determine your odds of owning a home in Ohio, we looked at the home ownership implied percentage and equivalent moneyline odds.
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