Total monthly cost of ownership
Cost to Own a Home in Prospect, Ohio
A $162,000 home here costs
$1,482per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $63,500 a year.
A standard mortgage calculator would have told you $883. The real number is $599 higher every month, 68% more than the payment most buyers budget for.
Compare Marion County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Prospect from a five-year rolling sample, and with about 1,330 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Marion County figures are drawn from a far larger sample if you want a steadier number.
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 $164 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
Talk to someone who works this market
These are Prospect averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Prospect every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Prospect I already own here and may sell
Common questions
How much does it cost to own a home in Prospect?
A $162,000 home in Prospect, Ohio costs approximately $1,482 per month with 20% down at 7.24%. That is $883 principal and interest, $172 property tax, $60 homeowners insurance, $232 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 $1,482 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Prospect?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Prospect, Ohio at today's rate takes a household income of roughly $63,500 a year. That covers the full $1,482 monthly cost, not just the mortgage payment.
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.