Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Minnesota and Ohio. Updated for 2026.
Ohio wins 3 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $215K and lower overall costs, Ohio offers meaningful savings compared to Minnesota. Both states offer first-time buyer programs — explore the state pages for full details.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
The monthly payment difference is $819/month — that’s $9,828/year or $295K over the life of a 30-year loan. Buying in Ohio is the more affordable option based on median home prices with identical loan terms.
Based on the 28% debt-to-income rule — your monthly housing payment should not exceed 28% of gross monthly income.
To afford the median home in Minnesota, you need a household income of approximately $108K/year. In Ohio, you need $73K/year — less by $35K/year. That $35K income gap means Ohio is accessible to a significantly wider range of households.
Ohio offers meaningfully lower home prices than Minnesota, with median prices running 36% less ($120K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Minnesota may find Ohio far more accessible, particularly when combined with local down payment assistance programs.
Minnesota has a moderate property tax advantage at 1.12% versus Ohio's 1.56%. While the rate gap of 0.44% may seem small, it translates to an annual difference of approximately $398 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $3K in savings.
Insurance costs favor Ohio at $1,400/year versus $2,100/year in Minnesota, a difference of $700 annually. While not the largest cost factor, this adds up to over $7K over a decade of homeownership. Shop multiple carriers in either state — actual premiums depend on your specific property, coverage level, and claims history.
Both states offer down payment assistance for first-time buyers. Minnesota's Minnesota Housing Start Up provides Up to $18,000 deferred loan, while Ohio's OHFA Your Choice! Down Payment Assistance offers 2.5% or 5% of purchase price. These programs can significantly reduce your upfront costs and make homeownership accessible even if you haven't saved a full 20% down payment. Check eligibility requirements on each state's housing finance agency website — income limits and purchase price caps apply.
The bottom line: Ohio homes cost $120K less than Minnesota on average. That translates to roughly $819 less per month in total housing costs if you choose Ohio. For most buyers, this price gap is the single biggest factor — it affects your loan size, monthly payment, and how quickly you build equity.