There’s one more reason to move to Columbus: home affordability. As one of the staple “American Dreams,” home ownership across the nation has been hugely diversified. Cities like San Francisco and New York continue to be a dream for many middle-class home buyers, while other metropolitan areas have surprisingly popped up as affordable areas to live in (regarding real estate). Taking the reign with 6 affordable cities, Ohio is one of the best places to move to when considering housing costs. And ninth on that list is Columbus, OH.
From a recent market analysis by Trulia’s chief economist, Jed Kolko, 82% of homes for sale are affordable for the middle class. Affordability was based on a comparison between the number of homes for sale and whether the total monthly payment for that home was less than 31% of the area’s median household income. An example Jed gives is this, “For a middle-class family in Chicago, where the median household income is $58,911, homes under $254,000 are within reach based on the 31% guideline.”
Home Affordability Trends in Columbus, OH
Though Columbus is ranked among the most affordable cities to live in, recent data is showing a clear trend across all areas in the nation: affordability is decreasing. Just last year, 86% of homes were affordable to the middle class in Columbus. Now, it’s down to 82%. The same goes for almost every metropolitan area surveyed by Jed Kolko. So, what does this mean for the future of real estate?
In a lot of ways, it reveals a strengthening real estate market for Columbus. As home inventory continues to decrease, home sellers begin to have the prime advantage when it comes to making a deal. Home values are on the rise — just as the economy and nation is recovering from the real estate bubble in 2007-08. What home buyers could benefit from is a return investment on their home. For example, if you were to buy a home today (at its current affordable rate), in a few years, your property could be worth more than the original investment. This might be the moment to buy a home in Columbus — right when values are beginning to increase.
Buying a Home in Columbus, OH
Finding an affordable home while still getting all the luxuries you’ve dreamed of is easy in Columbus. If you’re looking to buy a home in the area and would like more information, feel free to contact us or search our available listings: