In most of central Ohio, renting is cheaper than buying a home

Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 58% of the U.S., a new report says.

• That’s true for the majority of counties in Ohio, but not Franklin County, according to real estate database company ATTOM.

Context: Central Ohio follows a nationwide trend in which renting is cheaper in major metropolitan areas but more expensive in rural areas and suburbs where property prices are lower, Axios’ Jennifer A. Kingson reports.

• Monthly rent for a three-bedroom apartment is $1,372, per ATTOM.

By the numbers: In most areas of the U.S., home prices are rising faster than wages.

• The Columbus area’s median home sale price increased 12% between 2020 and 2021, from $232,000 to $260,000, according to Columbus Realtors.
• In five years, the median price has risen 43%.

The bottom line: Everyone’s financial situation is different, market conditions constantly change and all real estate is local, so studies like these are more of an interesting reference point than a true buyer’s guide.