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).
Before Ohio State snapped a four-game losing streak to archrival Michigan with a 27-9 win on Nov. 29, it made a series of changes to the week of preparation.
It began with moving the marching band’s visit to practice to an idle week in October to taking a flight to Ann Arbor. The Buckeyes had ridden busses to southeast Michigan unlike most of their destinations in the Big Ten.
Buckeyes coach Ryan Day sought for the leadup to The Game to mirror a typical week in the regular season. The stakes of the rivalry had been high enough for his players.
“You want to make sure you’re doing everything you can to keep the routine the routine,” Day said. “There’s enough emotion that goes into that game. I felt like that was important.”
It wasn’t the first time Day had tinkered with the script to Michigan week, which has included the Thanksgiving holiday since 2010. In 2022, he pushed back Senior Tackle, the tradition in practice in which seniors hit a blocking sled for the last time, to the postseason.
But this year’s changes were the most significant as Day weighed the makeup of his team and their recent setbacks in the rivalry.
The stunning upset loss to the Wolverines last season marked a tipping point as they made adjustments off the field to a week that never lacked for festivities.
“There were just a lot of things that were different and may have thrown us off on our routine,” Day said. “We’re a routine-oriented culture, and I felt like it was the best thing to do. Was that the difference in the end? Who knows. But everything matters.”
Joey Kaufman covers Ohio State football for The Columbus Dispatch. Email him at jkaufman@dispatch.com and follow along on Bluesky, Instagram and X for more.
Conventional wisdom has top-ranked Ohio State and No. 2 Indiana both earning first-round byes in the College Football Playoff regardless of what happens in Saturday night’s Big Ten Championship Game.
Indiana coach Curt Cignetti is not buying that for one second.
“The way you play should mean something. It will be the last thing you put on the field. I don’t expect any handouts,” Cignetti said during a Zoom call on Sunday. “We’ve earned everything up to this point and we’ve got to earn it on Saturday.”
If this had been last year, the winner would get the first-round bye and the loser likely the No. 5 seed and a first-round game since the top four ranked conference champions got the top four seeds in the first year of the 12-team field.
However, the rules were adjusted this year where the top four teams — even if they are from the same conference — receive the byes.
Ohio State coach Ryan Day is of the opposite opinion, pointing out that if a team is already seeded highly, it shouldn’t get dinged for playing this Saturday.
“You’re not supposed to be penalized for playing in the conference championship,” he said. “So yeah, both teams deserve to get a first round bye.”
Indiana head coach Curt Cignetti looks on during the first half of an NCAA college football game against Purdue, Friday, Nov. 28, 2025, in West Lafayette, Ind. Credit: AP/Doug McSchooler
Day though also knows that a win on Saturday would lock up the top seed as Ohio State tries to become the first team since Georgia to win two straight national titles.
“I think it’s important to win this game and be the one seed. It’s going to help your chances. Everything matters,” Day said.
Both teams are 12-0 and unbeaten in nine Big Ten games.
Indiana started its preparations after a 56-3 romp of Purdue on Friday night. Ohio State snapped a four-game losing streak to Michigan with a 27-9 victory.
The Buckeyes coaching staff started watching film in Ann Arbor on Saturday night as the plane was delayed from taking off due to a snowstorm.
This will be only the third time there has been a matchup between the top two ranked teams in a conference championship game. The previous times were in the Southeastern Conference when Alabama faced Florida.
Both times the No. 2 team won the matchup. Florida beat Alabama 31-20 in 2008 and the Crimson Tide returned to get revenge the following year with a 32-13 victory.
Cignetti was an assistant at Alabama during those two matchups.
The Buckeyes are 3-2 as the top-ranked team when facing No. 2. The last time was in the 2007 BCS title game when they lost to LSU 38-24.
Indiana comes into the game with the nation’s second-highest scoring offense, averaging 44.3 points per game. Ohio State leads the nation in scoring defense, allowing only 7.8 points per game.
It will also be a chance for both quarterbacks to make their final case for the Heisman Trophy.
Indiana’s Fernando Mendoza is considered the favorite with 2,758 passing yards, 32 touchdowns and five interceptions.
Ohio State’s Julian Sayin leads the nation with a 78.9% completion rate and has thrown for 3,065 yards, 30 touchdowns and five interceptions.
Heisman ballots from voters are due on Dec. 8.
ANN ARBOR, Mich. — Jeremiah Smith broke away from the coverage.
Smith had made a double move on Michigan cornerback Zeke Berry, leaving him open along the sideline for quarterback Julian Sayin.
As the pass landed in his grasp, Smith tumbled into the south end zone at Michigan Stadium for a 35-yard touchdown.
The early sequence in Ohio State’s 27-9 win at archrival Michigan sparked a moment of controversy. Officials reviewed whether Smith had maintained possession while crossing the goal line before upholding the call.
It instead endured as a turning point, allowing the Buckeyes to take control early in the second quarter of the 121st edition of The Game. After gaining a 10-6 lead, they never fell behind.
Smith was a vital piece of their offense as he and fellow star wide receiver Carnell Tate returned from unspecified injuries to provide deep threats.
Their chemistry with Sayin was evident. Buckeyes coach Ryan Day said the play call that led to Smith’s touchdown catch on fourth-and-5 was one they had hardly practiced in the days leading up to kickoff.
Smith, who sat out last week’s win over Rutgers, had been limited in practices, leaving them to largely rep the play in walkthroughs.
“Some of the things you can practice,” Day said, “but some of them you can’t. That wasn’t a play we had a ton of practice at all. But we talked about it, we walked through it, and we have to give our guys credit.
“We felt like it was an aggressive call that we wanted to make in that moment, so we did, and they put on the field in a big way.”
Tate, who had been sidelined for three straight games, left his mark in the middle of the third quarter when he got over the top to catch a 50-yard touchdown to help put the game away.
During the Buckeyes’ four-game losing streak to Michigan, their vertical passing game had come and gone. The longest touchdown pass in Ohio State’s two most recent losses was 14 yards. Only once in four losses had they completed a pass for a touchdown of at least 30 yards.
It made the return of Smith and Tate, who had been listed as questionable on the pregame availability report, critical for the Buckeyes to end the Wolverines’ recent run of dominance in the series, tapping into an explosive element.
“Just having those guys back is just awesome,” Sayin said, “because they’re such elite receivers.”
Tate led the Buckeyes with five catches for 82 yards and one touchdown, which was his sixth this year to come on a deep ball, as defined by Pro Football Focus of at least 20 yards. Smith finished with three receptions for 40 yards and a touchdown.
Day praised athletic trainers Shaun Barnhouse and Adam Stewart for their roles in helping the receivers in their rehabs, as well the resilience of Smith and Tate.
“If you really know how much work they put in to get on the field, how gutsy they are,” Day said, “I’m sure the fans and everybody would just appreciate what they did going out there and putting it on the line.”
Joey Kaufman covers Ohio State football for The Columbus Dispatch. Email him at jkaufman@dispatch.com and follow along on Bluesky, Instagram and X for more.
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