Why Columbus, Ohio is One of the Hottest Real Estate Markets in 2021
Now is the time to buy in Columbus, Ohio! While 2021 has had economic ups and downs, purchasing real estate is an opportunity on which to capitalize. Columbus is in the top 10 recommended American cities for real estate investing. The low cost of homes in Ohio has made purchasing accessible and appealing.
Real Estate Prices in Columbus, Ohio
According to Ohio Realtors, home sales rose from 8,623 in January 2020 to 9,383 in January 2021. The average sales price for a house across the Buckeye State in January 2021 reached $211,050, a 15% boost from the $183,782 average sale price in the same month last year.
A mortgage payment includes principal, interest, tax, and homeowner’s insurance. Ohio’s mortgage interest rates range from 2.0-4.5% and real estate tax is lower than many states. Because of these reasonable rates, more money can go towards the principal. Purchasing power is much higher in Ohio compared to high tax states like California or New York.
What Makes Columbus Standout
Columbus’ population growth is approximately 1.34% yearly, while median household incomes grew by 0.45% this past year. Five Fortune 500 corporation headquarters are located in Columbus, which gives residents numerous job opportunities. These companies include American Electric Power, Cardinal Health, L Brands, Nationwide, and Big Lots.
The number of doctors per capita in Central Ohio is considered abundant. Columbus is proud to be the home of several nationally ranked hospitals, including Nationwide Children’s Hospital which last year was ranked 7th best children’s hospital in the United States. Ohio State Campus is home to the third largest cancer hospital in the United States, The Arthur G. James Cancer Hospital. In 2020, US News and World Report ranked “The James” 30th out of 899 cancer hospitals.
As far as the educational system, there are 26 highly-ranked high schools in Central Ohio. Great school districts are at the top of many home buyers’ “must have” lists.
On a financial note, there is no state tax on earnings from Social Security, state estate, or inheritance tax.
People in Columbus often brag about how quickly and easily one can navigate the city. The commute to work and nightlife range from a 5-30-minute drive. The city bus system, COTA, is a public transport option and Columbus is relatively accommodating to bike riders.
The Extra Curricular Appeal
There are countless fun and unique things to do in Columbus. Whether you enjoy sports, art, dance, music, nightlife and/or participating in family-friendly activities, Columbus has it all.
Sports is a big deal here. The Ohio State Buckeyes are famous for their college football program. They are nationally ranked year after year and have won the National Championship numerous times. OSU is one of only six universities to have won NCAA national championships in both men’s basketball, baseball and football. Columbus Crew games are always fun regardless of whether you are a soccer fan or not. If you happen to be in the Arena District September through June, it’s not unlikely to hear someone yell out “Go Jackets”, as downtown is home to the NHL team, Columbus Blue Jackets.
The arts and special events are certainly more highlights of Central Ohio. Gallery Hop takes place the first Saturday of every month in the eclectic Short North district. This special evening spotlights local artists and their work.
On an international level, Columbus is home to several major events. For a Festival of DanceSport, the Ohio Star Ball offers the largest Pro/Am competition in the world. And if fitness is your “thing” the Arnold Classic, yes as in Arnold Schwarzenegger, is just for you. This yearly event pulls people from all over the world and is well respected throughout the sports and body building community.
Many famous bands and entertainers tour through Columbus performing at venues such as the Schottenstein Center, Nationwide Arena, Newport Music Hall, The Basement, and EXPRESS LIVE! Grab a bite prior to the show at one of the many outstanding bars and restaurants scattered throughout this multi-cultural city.
Family-friendly activities are abundant in Central Ohio. The Columbus Zoo and Aquarium is considered one of the top ten best zoos in the country. The Center of Science and Industry (COSI) is sure to intrigue and fulfill your science-brain. Franklin Park Conservatory is loaded with beautiful plants, flowers, and artwork. During the month of March, the conservatory hosts butterflies of all different species that fly though the walk-in exhibits. Legoland Discovery Center and Anthony-Thomas Candy Factory are hidden family gems as well.
Columbus also has great parks with vast amounts of green spaces. Topiary Park, Park of Roses, Goodale Park and Highbanks are just a few of the serene places to enjoy nature and are dog friendly.
Who is Shopping?
Residents from Detroit and Chicago are the most popular out-of-state individuals seeking homes in Columbus. When it comes to buyers from within Ohio looking at Columbus-area houses, 30% are from Cleveland with another 18% from Akron.
In Summary
The start of 2021 indicates that real estate will continue to boom in Central Ohio with no signs of slowing down soon. With positive price increases and sales continuing to rise, this would be a great time to start looking at homes in Columbus, Ohio. Now is the time to benefit from the historically low-interest rates and achieve the American Dream of buying your own home.
