Ohio
More Americans need a 6-figure income to afford a house, study finds. But not in Ohio
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Americans in about half the states in the U.S. need a six-figure income to afford a typical home, according to a recent study. But that’s not true in Ohio.
A combination of high mortgage rates, rising home prices and low housing inventory over the past two years is pushing the dream of owning a home further out of reach for many, especially first-time buyers, according to a new analysis from Bankrate. Nationwide, the median price of a home is $402,343. To afford that, Americans need an annual income of $110,871, the study says, a nearly 50% increase in the past four years.
At the state level, the site’s analysis found Americans need to earn six figures to afford a median-priced home in 22 states and the District of Columbia. Four years ago, only six states and the District of Columbia required a salary that high.
Where does Ohio rank for home affordability?
Ohio is one of the most affordable places in the country to own a home, coming in at No. 2 on Bankrate’s analysis. On average, Ohioans need to earn $64,071 per year to afford a median-priced home of $215,300. That income is up 41.1% from $45,397 in January 2020, but the median price for a home in Ohio is the lowest in the nation, according to Bankrate. Iowa ($223,500) ranks second for median home price.
Only Mississippi needs less income for homeownership, at $63,043. The Buckeye State is followed by Arkansas at $64,714, Indiana at $65,143 and Kentucky at $65,186. In general, aspiring homeowners in the South and Midwest need the least income to afford a typical home, the study says.
Which states require the most income to own a home?
Aspiring homeowners in the West and Northeast need the most income to afford a typical home, according to the study. The places that need the highest annual salary to afford a typical home include:
- California, $197,057
- Hawaii: $185,829
- District of Columbia: $167,871
- Massachusetts: $162,471
- Washington: $156,814
Renting is tough, too: Akron and Cleveland among the worst places to rent in the US, according to recent study
Rising house prices mean more income needed to afford a home, but wages aren’t keeping pace
Would-be homeowners need to make $110,871 annually to afford a median-priced home ($402,343 per Redfin) in the U.S., according to Bankrate’s calculations.
That’s almost a 50% increase since January 2020, when potential homebuyers only required an annual income of $76,191 to afford a typical home. However, wages only grew 23% between the fourth quarter of 2019 and November 2023, according to a Center for American Progress analysis of Bureau of Labor Statistics data.
Also, a surge in mortgage rates has caused the income needed to afford a home to increase nationwide. Mortgage rates jumped more than three full percentage points in the last few years. In January 2020, the average 30-year fixed rate was 3.68%, compared to 7.07% as of March 20, according to Bankrate’s survey of large lenders.
American families have to contend not only with elevated home prices and high mortgage rates but also with a shortage of houses. Many homeowners who locked in ultra-low low mortgage rates during the pandemic are staying put to avoid today’s soaring mortgage rates, thereby shrinking the pool of available homes for sale.
States where income required to afford a home grew the most
People looking to buy in Montana have to earn 77.7% more than four years ago to afford a median-priced home there — the biggest percent increase across all states. Homebuyers in Montana must earn $131,357 annually to afford the state’s typical monthly mortgage payment of $3,065. The median home price in Montana was $507,100 as of January 2024, compared to $299,300 in January 2020.
Ohio’s 41.1% increase in the income needed to buy a home beats the national average of 45.5%.
Utah has experienced the second-biggest increase since January 2020 in income required to purchase a median-priced home, at 70.3%. People looking to buy in Utah must earn $133,886 annually to afford the state’s typical monthly mortgage payment of $3,124. The median home price in Utah was $525,500 as of January 2024, compared to $345,200 in January 2020.
The income required to purchase a typical home has increased by over 65% in three other states since the start of 2020: Tennessee ($94,371), South Carolina ($96,600) and Arizona ($110,271).
Ryan Day explained the hiring process that led to former Falcons head coach and NFL assistant Arthur Smith becoming the offensive coordinator of Ohio State football.
Appearing as a guest on “The Jim Rome Show” March 3, Day emphasized the importance of hiring a someone with an extensive body of work to coach the Buckeyes’ offense.
“When Brian [Hartline] moved on to South Florida [we] wanted to go bring in somebody with great experience,” Day said.
Day said the Buckeyes first looked at coaches with collegiate coordinator experience, then the NFL. Smith’s three-year tenure as a head coach in the NFL, along with his extensive time with the Tennessee Titans as an assistant and offensive coordinator, made him stand out as a candidate, Day said.
“…[I] had a chance myself to sit down and talk with him. It was excellent,” Day said. “He’s a great communicator, very intelligent, and really loves the game of college football. When you hear a story about growing up and how much time he spent around college football, you could just see it in his eyes.”
Day added that the new role has been almost “refreshing” to Smith when given the chance to work with college players and young talent.
Smith has spent the majority of his coaching career in the NFL. He served a year as a graduate assistant at North Carolina, his alma mater, and brief stint with Ole Miss as an administrative assistant.
Smith was then hired by his hometown Titans in 2011 and spent the the rest of the decade with them, rising from quality control coach to assistant offensive line coach to tight ends coach. Promoted to offensive coordinator in 2019, he led Mike Vrabel’s Titans to proficient offensive seasons with running back Derrick Henry.
Day said hiring Smith will allow him to take a back seat on the offense.
“It was great to have Matt [Patricia] on defense, and Brian [Hartline] did a great job as well, but I think this year will allow me to even step back even more and try to do as much as I can from the head coaching seat,” Day said.
After Hartline accepted the South Florida head coaching job, Day stepped in to call plays during the Cotton Bowl against Miami. Ohio State lost 24-14.
Smith joins Buckeyes defensive coordinator Matt Patricia as an Ohio State coordinator hire with previous NFL head coaching experience. Smith went 21-30 as the head coach of the Falcons for three years.
Ohio
Woman dies after saving grandchild playing in driveway from out-of-control car, Ohio officials say
A woman in Pickaway County, Ohio, died after moving a child out of the way of an out-of-control car, authorities said.
The Pickaway County Sheriff’s Office said in a post on Facebook that 52-year-old Laura J. Hammond of Mt. Sterling was fatally struck by the vehicle on Feb. 27 on Walnut Creek Pike in Circleville.
The sheriff’s office said officials were called to the area for a report of a crash around 10 a.m. At the scene, investigators learned that the driver of a Nissan Sentra was headed southbound on Walnut Creek Pike when they went off the west side of the road. The car then careened through two yards before hitting a Chevrolet Equinox parked in the driveway of a home, officials said.
The Nissan, at the same time that it smashed into the Chevrolet, hit Hammond, pinning her between the two vehicles. Before being hit, the sheriff’s office said Hammond moved a child out of the way, which “more than likely saved his life.” CBS affiliate WBNS reported that the young child Hammond saved was her grandson.
“Laura actually picked up the child and tossed him. At the end of the day, it saved his life,” Pickaway County Sheriff’s Office Capt. John Strawser told the news outlet. “And when Laura tossed him, very unfortunately, she took the brunt of the vehicle.”
Hammond was taken to a local hospital, where she was pronounced dead. The young child was taken to a local hospital and treated for non-life-threatening injuries.
The driver of the vehicle was also taken to a local hospital with non-life-threatening injuries.
The Pickaway County Sheriff’s Office and the Ohio State Highway Patrol are investigating the crash. The sheriff’s office did not release any additional information about the crash.
First Brands closing corporate office in Cleveland, three other Ohio facilities amid bankruptcy. Its CEO is facing federal fraud charges
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A major auto parts supplier is laying off more than a thousand workers and closing four facilities around Ohio, including its corporate offices in Cleveland.
First Brands, whose founder and former CEO is facing charges in multi-billion dollar fraud scheme, notified the state in late February of its intent to permanently close the facilities by April 30. The layoffs created by these closures are also permanent, according to the Worker Adjustment and Retraining Notification Act notices filed with Ohio Job and Family Services.
The company — which supplies Fram oil filters and Anco wiper blades, among others — filed for Chapter 11 bankruptcy in September 2025. In January, First Brands had started winding down some of its operations in North America while seeking a buyer, according to Reuters. However, several potential buyers “have suddenly and unexpectedly withdrawn or narrowed their bids” according to one of the recent WARN notices.
Which facilities are closing? And how many jobs are being lost? Here’s what to know.
First Brands closing four Ohio locations, cutting more than 1,200 jobs
According to WARN notices, First Brands is closing the following facilities:
- Corporate Office, 127 Public Square, Suite 5300, Cleveland. In the first round of layoffs here, 146 workers were cut on Feb. 23, according to a WARN notice sent that date. A second notice dated Feb. 27 for this address advises that the facility will close on April 30, and the remaining 110 workers will be laid off.
- FRAM facility, 851 Jackson St., Greenville. According to a WARN notice sent Feb. 27, this facility will close April 30 and 302 jobs will be lost.
- TMD facility, 1441 N. Maule Road, Tiffin. All 407 employees will be terminated when this facility is permanently closed on April 30, according to a Feb. 27 WARN notice.
- TMD facility, 515 E. Gypsy Lane Road, Bowling Green. First Brands will also close this facility on April 30, laying off 302 workers, according to another Feb. 27 WARN notice.
In total, First Brands is laying off 1,267 workers in these four closures.
Indictment alleges Cleveland auto supplier CEO, VP defrauded lenders. Both plead not guilty
First Brands Group founder and former CEO Patrick James and his brother, Edward, a senior vice president, are accused of defrauding lenders out of billions of dollars before the auto parts supplier fell into bankruptcy according to an indictment made public Jan. 29 in Manhattan federal court.
The nine-count indictment includes charges of running a continuing financial crimes enterprise, bank fraud, wire fraud and money laundering conspiracy. Both pleaded not guilty on Feb. 4, Reuters reports. A trial is set in July. Both could face decades in prison if convicted.
Prosecutors said the defendants “perpetrated a series of fraudulent schemes” against First Brands’ lenders and financing partners, Reuters reported, including allegedly inflating invoices, double- and triple-pledging loan collateral, falsifying financial statements and concealing substantial liabilities.
“It is very much Mr. James’ intent to go into court and proclaim his innocence,” said Scott Hartman, a lawyer for Patrick James, according to Reuters.
Patrick James and Edward James are Malaysian-born U.S. citizens.
Seth DuCharme, a lawyer for Edward James, told Reuters that his client is not going to “run off to Southeast Asia where he allegedly has all this money.”
What is First Brands Group? Company filed for bankruptcy in September
First Brands, founded in 2013, was one of the world’s largest suppliers of auto parts such as brakes, filters and lighting systems, according to Reuters. It had $5 billion in sales last year.
Prosecutors say First Brands borrowed billions to finance its growth. Those loans were secured by inventory and physical assets like plants and equipment. Reuters reports that this left First Brands vulnerable to cash flow issues and dependent on its access to the capital from those loans.
The company filed for bankruptcy in September 2025. Patrick James stepped down as CEO that October, according to Crain’s Detroit Business.
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