New Albany is considered moderately expensive in 2025, with average rent for a 2-bedroom apartment at $1,950 and slightly higher grocery and utility costs compared to national averages.
Is the true cost of living in New Albany higher than you think? For those considering a move to this charming Ohio suburb in 2025, it’s crucial to understand the full picture of monthly expenses. From housing and utilities to groceries and taxes, let’s break down what it really takes to live comfortably in New Albany.
Housing Costs in New Albany
Housing is typically the biggest expense for most households, and New Albany offers a range of options to fit different budgets and lifestyles. For renters, a typical 2-bedroom apartment in New Albany averages around $1,950 per month as of 2025. However, prices can vary significantly depending on the neighborhood and property amenities. Newer luxury complexes in desirable areas like Market Square may command rents upwards of $2,300, while older units in more established neighborhoods might start closer to $1,700.
Homebuyers in New Albany can expect median prices around $550,000 for a 3-bedroom single-family home. Again, location plays a big role. Homes in the coveted New Albany Country Club community often sell for over $800,000, with higher-end properties reaching well into the millions. More affordable options can be found in neighborhoods like Planters Grove or Tidewater, where 3-bedroom homes typically range from $450,000 to $600,000.
It’s worth noting that many New Albany neighborhoods have active Homeowners Associations (HOAs). Monthly HOA fees can add anywhere from $100 to $500+ to the cost of homeownership, but often include amenities like community pools, fitness centers, and landscaping services.
Utility Costs in New Albany
Utility costs are another important factor when budgeting for life in New Albany. Residents can expect to pay around $150-200 per month for basic utilities like electricity, gas, water, and trash for a 1,000 square foot apartment. Larger homes will see higher bills, especially in the peak of summer when air conditioning is a must. Plan for cooling costs to potentially double your usual electric bill during July and August.
| Utility | Typical Monthly Cost |
|---|---|
| Electricity | $90 – $150 |
| Gas | $30 – $50 |
| Water/Sewer/Trash | $60 – $80 |
| Internet | $50 – $80 |
Groceries and Food Costs
New Albany residents spend about 5% more on groceries compared to the national average. A single person can expect to budget around $350-400 per month for food, while a family of four typically spends closer to $1,000-1,200. This assumes a mix of dining out and cooking at home.
To give a sense of local prices, here’s what a typical grocery basket might cost in New Albany:
- 1 gallon of milk: $3.50
- Loaf of bread: $2.75
- 1 lb chicken breast: $4.50
- 1 lb bananas: $0.60
- 12 large eggs: $3.00
Dining out will add to the monthly food budget. A meal for two at a mid-range restaurant in New Albany averages $60, while fast food combos are around $8-10.
Taxes and Fees in New Albany
New Albany homeowners pay property taxes to Franklin County, which are assessed at a rate of $2.03 per $1,000 of home value as of 2025. For a $500,000 home, that equates to approximately $1,015 per year or $85 per month.
Ohio’s base sales tax rate is 5.75%, with Franklin County adding an additional 1.25% for a total of 7%. There are also local income taxes to factor in. New Albany has a 2% income tax rate on top of state and federal taxes.
Sample Monthly Budget for New Albany
| Expense Category | Single Person | Couple | Family of 4 |
|---|---|---|---|
| Housing (Rent/Mortgage) | $1,400 | $1,950 | $2,500 |
| Utilities | $200 | $280 | $450 |
| Groceries & Dining Out | $400 | $800 | $1,200 |
| Transportation | $200 | $300 | $500 |
| Healthcare | $250 | $500 | $800 |
| Other Necessities | $250 | $400 | $600 |
| Monthly Total (Pre-Tax) | $2,700 | $4,230 | $6,050 |
Keep in mind these figures represent gross monthly income needs. To live comfortably, a single person would need to earn around $32,400 per year ($2,700/month) before taxes, while a couple should aim for $50,760 ($4,230/month). A family of four would require approximately $72,600 annually ($6,050/month) to cover typical expenses in New Albany.
Lifestyle Considerations in New Albany
Of course, the cost of living is just one piece of the puzzle when choosing where to call home. New Albany offers a high quality of life, with top-rated schools, beautiful parks, and a quaint downtown area. Commuters appreciate the quick 20-minute drive to downtown Columbus via Route 161. However, traffic can be a challenge during peak hours.
New Albany is known for its spacious homes and well-manicured neighborhoods, but this does come at a premium. Those willing to trade a bit of square footage or a newer build for a lower price tag might consider nearby suburbs like Gahanna or Westerville. On the flip side, those craving even more space and privacy may look to custom homes in New Albany’s estate neighborhoods, but should budget accordingly.
Ultimately, living comfortably in New Albany is achievable for many middle and upper-middle class families, but it does require careful budgeting and an understanding of the full scope of expenses. Working with a knowledgeable local real estate agent or financial advisor can help navigate the specific tradeoffs and find the right fit for your lifestyle and budget.
If you’re planning a move to New Albany, be sure to check out our top moving company picks for 2025 to help make your transition as smooth and affordable as possible.
Frequently Asked Questions
- What salary do you need to live in New Albany?
To live comfortably, a single person should aim to earn at least $32,400 per year before taxes, while a couple would need around $50,760. Families of four typically require $72,600 or more to cover New Albany living costs. - Is New Albany cheaper than Columbus?
On average, New Albany is about 10-15% more expensive than Columbus proper. Housing costs tend to be the biggest differentiator, with New Albany homes and apartments commanding higher prices. - Are property taxes high in New Albany?
New Albany’s property tax rate of $2.03 per $1,000 home value is slightly higher than the Franklin County average of $1.95. However, it’s still lower than some nearby suburbs like Dublin ($2.21). - How much do utilities cost per month in New Albany?
Expect to pay $150-$200 per month for basic utilities in a 1,000 square foot apartment, or $280-$450 for larger homes. Summer cooling costs can increase electric bills significantly. - What is the most affordable neighborhood in New Albany?
Tidewater and Planters Grove are among the more budget-friendly neighborhoods in New Albany, with 3-bedroom homes starting in the $400,000s. Renting in established complexes vs. newer builds can also trim costs. - Is New Albany a good place to raise a family?
New Albany is known for its strong school system, safe neighborhoods, and family-friendly amenities like parks and community events. However, the higher cost of living can be a strain for some families. - What is the average commute time from New Albany?
Commuting to downtown Columbus typically takes 20-30 minutes from New Albany via Route 161. However, traffic during peak hours can push drive times closer to 45 minutes.