Chicago vs Columbus: Mortgage Cost Comparison
Thinking about buying in Chicago or Columbus? Here's a side-by-side comparison of mortgage costs in both cities.
$2,328
Chicago PITI
$1,815
Columbus PITI
$513/mo
Difference
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? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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Chicago vs Columbus: Full Mortgage Comparison
Buying a home in Columbus is $513/month cheaper based on average home prices and local costs.
| Chicago, IL | Columbus, OH | |
|---|---|---|
| Avg. Home Price | $320,000 | $270,000 |
| Down Payment (20%) | $64,000 | $54,000 |
| Loan Amount | $256,000 | $216,000 |
| Property Tax Rate | 2.1% | 1.48% |
| Annual Property Tax | $6,720 | $3,996 |
| Annual Insurance | $1,800 | $1,400 |
| Monthly P&I | $1,618 | $1,365 |
| Monthly PITI | $2,328 | $1,815 |
| Total Interest (30yr) | $326,514 | $275,496 |
What Drives the Difference?
Home prices are the biggest factor — Chicago’s average home costs $50,000 more than Columbus’s.
Property taxes also favor Columbus — Chicago’s 2.1% rate is higher than Columbus’s 1.48%.
Insurance is $400/year more in Chicago.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Chicago | Columbus | |
|---|---|---|
| Monthly PITI | $2,328 | $1,815 |
| Income needed | $99,775 | $77,783 |
Try Your Own Numbers
The calculator above is pre-filled with Chicago’s averages. Adjust the values to match your situation, or try the Columbus calculator for Columbus-specific numbers.