Mortgage payment estimates, closing cost breakdowns, and homebuying data for Newark, Ohio.
Median Home Price
$185K
Population
50K
Avg Monthly Rent
$920
Property Tax Rate
1.56% *
* Property tax shown is the Ohio state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Newark.
Newark vs Ohio Median
The median home price in Newark is $185,000, which is 14% below the Ohio state median of $215,000.
Mortgage Calculator — Newark, OH
Pre-filled with Newark median home price and Ohio tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $185K home using Ohio's 1.56% tax rate and $1,400/yr insurance.
5% Down
$1,571/mo
Down: $9,250
Loan: $176K
P&I: $1,111
Tax: $241
Insurance: $117
PMI: $103
10% Down
$1,507/mo
Down: $18,500
Loan: $167K
P&I: $1,052
Tax: $241
Insurance: $117
PMI: $97
20% Down (No PMI)
$1,293/mo
Down: $37,000
Loan: $148K
P&I: $935
Tax: $241
Insurance: $117
Income needed (28% rule): $55K/year with 20% down, $65K/year with 10% down.
Rent vs Buy in Newark
Rent
$920/mo
vs
Buy (10% down)
$1,507/mo
Price-to-rent ratio: 16.8 — A ratio between 15-20 means the rent vs buy decision in Newark depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Newark is $185,000, 14% below the Ohio state median of $215,000. With a population of 49,934, Newark is a smaller market where home prices tend to be more accessible than in many parts of Ohio.
Property taxes in Ohio average 1.56% annually. This higher-than-average tax rate means a $185,000 home in Newark would carry roughly $241/month in property taxes alone — plan accordingly. Homeowners insurance in Ohio runs approximately $1,400 per year. This is within the normal range nationally.
Average rent in Newark is $920/month. The price-to-rent ratio in Newark is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Newark offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Ohio's OHFA Your Choice! Down Payment Assistance program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Newark.