New Albany, OH

Very High · 193

Ohio · Population 10,524 · Updated March 2026

$2,134
Median Rent / Month
$232,524
Median Income
$728,200
Median Home Value
$2,978
Owner Costs / Month

Affordability

How far your income goes in New Albany

11.0%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Ohio

State-level tax rates that affect your costs

3.5%
Income Tax (Top Rate)
5.75%
Sales Tax
1.53%
Property Tax Rate

Estimated Annual Costs

$25,608
Annual Rent
$8,138
State Income Tax
$11,141
Property Tax (est.)

Cost of Living Overview

New Albany has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 193 (where 100 equals the national median), New Albany residents can expect to pay median rent of $2,134/month while earning a median household income of $232,524/year.

The median home value in New Albany, OH is $728,200, with typical monthly owner costs around $2,978 including mortgage, insurance, and taxes. The median rent-to-income ratio of 11.0% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Ohio has a moderate income tax rate of 3.5%. Combined with a 5.75% sales tax rate and 1.53% effective property tax rate, the overall tax environment is a factor in the total cost of living in New Albany.

Frequently Asked Questions

Common questions about living costs in New Albany

What is the cost of living in New Albany, OH?
The cost of living index in New Albany, OH is 193 (US average = 100). Median monthly rent is $2,134, median household income is $232,524/year, and the median home value is $728,200.
Is New Albany, OH affordable?
No, New Albany is more expensive than the national average with a cost index of 193. The rent-to-income ratio is 11.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in New Albany, OH?
The median gross rent in New Albany, OH is $2,134 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $25,608.
What is the median household income in New Albany?
The median household income in New Albany, OH is $232,524 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Ohio?
Ohio has a top income tax rate of 3.5%, a sales tax of 5.75%, and an effective property tax rate of 1.53%.