property
Columbus Suburbs Where Buying Is Now Cheaper Than Renting
Monthly ownership costs have dipped below rents in several outlying neighbourhoods as home prices stabilise and rates ease.
How we reported this
Monthly costs for new buyers in parts of Dublin and Worthington now run below what tenants pay for comparable three-bedroom homes, according to June figures from the Franklin County Auditor.
The shift follows a six-month stretch of flat list prices and a half-point drop in 30-year mortgage rates that reached 6.4 percent by the end of last month. Local property taxes and insurance remain steady, which has narrowed the gap between carrying a mortgage and signing a lease in neighbourhoods where inventory has risen since March.
Where the numbers flip
Along Sawmill Road in Dublin, a 1,900-square-foot ranch listed at $412,000 carries a principal-and-interest payment of $2,050 plus $380 in taxes and insurance, for a total near $2,430. The same floor plan rents for $2,650 on average through listings tracked by the Columbus Association of Realtors. In Worthington, homes near the intersection of High Street and Worthington-Galena Road show ownership costs averaging $2,310 against rents of $2,580.
Franklin County Auditor records list 47 closed sales in those two zip codes during June at a median of $398,000, down $7,000 from January. Average rents in the same census tracts climbed $110 over the same period, according to data compiled by the Mid-Ohio Regional Planning Commission.
Next steps for local households
Buyers considering a move should run current quotes through lenders tied to the Ohio Housing Finance Agency programs, which offer down-payment assistance capped at $25,000 for households under 80 percent of area median income. Checking recent comparable sales on the Franklin County Auditor website gives the clearest picture before making an offer. Agents at the Columbus Association of Realtors open house this Saturday at the Easton Town Center pavilion can walk through the latest listings in both suburbs.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.