Columbus, OH

Rent vs buy in Columbus

Median home $274,300. A 1 bedrooms rents for $1,174 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,174; per month
Own the median home: $1,936; P&I, tax, insurance, upkeep
Owning costs extra: $762; per month, same metro

What a purchase actually costs

20% down payment$54,860
Mortgage at 6.5%$1,387
Property tax (1.30% of value)$297/mo · $3,566/yr
Insurance and upkeep (1.1%/yr)$251
Total monthly ownership$1,936

Census ACS 2023: 41.8% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,646 left over a month, it takes about 21 months (1.8 years) to save $54,860 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.