Total monthly cost of ownership
Cost to Own a Home in Prospect, Ohio
A $162,000 home here costs
$1,444per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $833. The real number is $611 higher every month — 73% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Prospect against Marion County and Ohio
| Measure | Prospect | Marion County |
|---|---|---|
| Median home value | $162,100 | $146,200 |
| Median property tax | $2,065 | $1,432 |
| Effective tax rate | 1.274% | 0.979% |
| Median gross rent | $1,102 | $850 |
| Population | 1,330 | 65,145 |
The weather behind that power bill
Prospect sits in Marion County, which averages a high of 83.7°F in its hottest month and a low of 17.9°F in its coldest, with 39.43" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 799 cooling and 6,015 heating degree days, which is what sets the $175 electricity line above.
See the full climate breakdown for Marion County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Marion County
Common questions
How much does it cost to own a home in Prospect?
A $162,000 home in Prospect, Ohio costs approximately $1,444 per month with 20% down at 6.66%. That is $833 principal and interest, $172 property tax, $60 homeowners insurance, $243 utilities and $135 set aside for maintenance.
What is the property tax rate in Prospect?
Prospect has an effective property tax rate of 1.274%, based on a median home value of $162,100 and median real estate taxes of $2,065. That is higher than the Marion County average of 0.979%.
What is the average home price in Prospect?
The median owner-occupied home value in Prospect, Ohio is $162,100, against $146,200 across Marion County.
Is it cheaper to rent or buy in Prospect?
Median gross rent in Prospect is $1,102 a month, against $1,444 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Prospect — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Ohio.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.