The city named after Christopher Columbus had a population of 787,033 in 2010 and grew to an estimated 898,553 residents - a 13.9% increase - in 2019. Its popularity always stemmed from its location along major highways and within a 500-mile radius of nearly half of the country's population. It is the home of several old institutions of higher learning, among them Ohio State University, Capital University, Otterbein University, Pontifical College Josephinum, and Columbus College of Art and Design - all of which were founded in the 1800s.
Columbus earned the nickname Cowtown because it had the largest cattle farm in the world at the turn of the 20th century. The city now has a well-rounded economy that includes industries such as wholesale and retail trade, construction and mining, transportation and utilities, financial activities, professional and business services, education and health, leisure and hospitality, and government. None of these sectors are overly dominant over the others. Nationwide, American Electric Power, L Brands, Alliance Data Systems, and Huntington Bancshares are five Columbus-based Fortune 500 companies, and eight Fortune 1000 corporations call this city home.
Columbus, OH is a great place for affordable rent-to-own homes! With a median household income of over $54,902 and a median rent of $989, the Columbus, OH rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Columbus, OH. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Columbus, OH is seeing rapid growth and Columbus, OH's' housing market remains optimal with an average home price that is -26% below the 2023 national average. Columbus, OH is part of Franklin county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Franklin is 1.67% which is above the national average, which is 0.99%.
The overall cost of living in Columbus is 14.5% lower than the national average, and nearly 3% higher than Ohio's average. Cincinnati and Akron are the two closest cities with a population of more than 200,000. Cincinnati is 95 miles from Columbus and its cost of living is 0.9% lower, while Akron is 110 miles away and is 16% lower. But neighboring cities are more expensive than Columbus. For example, Hilliard is slightly more than 16% higher, and Gahanna is 10.7% more costly. For its location and size, Columbus is an affordable place to live.
Columbus might not have the cheapest housing in the state, but it is still very well priced. The median price of a house in the city is $157,700. The national median is $231,200, which is $73,500 more, and the state is $17,000 lower at $140,700. Homes in larger Ohio cities are generally less costly than Columbus. Akron is over $90,000 less at $66,500, and Cincinnati is $13,400 cheaper at $144,300. However, in the Columbus area, the housing markets are generally more expensive. The price of a home in Powell is $374,800, and the median cost in Westerville is $295,800. Considering its economy, popularity, and location, Columbus has a reasonably priced real estate market and is an excellent spot for people looking for rent-to-own homes.
If you're interested in Columbus rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Columbus statistics compared to the U.S. national average.
|Columbus Averages||National Averages|
|One-Way Commute||21.6 minutes||26.4 minutes|
|Income Tax Rate||5.7%||4.6%|
|Median Household Income||$44,774||$53,482|
|Median Property Taxes||$3,100||$2,200|
|Median Home Cost||$157,700||$231,200|
|Median Home Age||37 years||40 years|
Columbus has an excellent transportation system. Its two national airports - John Glenn Columbus and Rickenbacker - conveniently transport passengers to any location in the world. When you land at John Glenn, you can take an AirConnect bus for a 30-minute drive to downtown. It's easy to travel throughout the region thanks to COTA buses that run every 15 minutes, seven days a week. There are many options for getting around downtown. The CBUS and open-air golf cart rides are free of charge, and you can choose the city's bike share or scooter rentals 24/7. You can also use Uber, Lyft, Yellow Cab of Columbus, or Zipcar. All in all, transportation in Columbus is very convenient for anyone who doesn't have a car or prefers not to use one.
Columbus has 29 community centers with programs for children and adults in arts, sports, and health and wellness. Track meets, indoor and outdoor basketball, horseback riding, and a variety of summer camps are all available through the city's Parks and Recreation department. There are nearly 250 parks in Columbus, ranging from small kiddie areas to recreational areas spanning hundreds of acres. Walking trails, camping sites, baseball diamonds, basketball courts - you name it, the city has it.
For a unique experience, check out the 148-acre Whetstone Park. In addition to its fishing, playground, and recreation areas, it features the 13-acre Park of Roses with more than 350 different types of roses and 11,000 roses in total. You'll also find a 5.1-acre native Ohio prairie within the park.
Columbus is a beautiful city. Its government cares about its residents, as is evident by the services they provide. Columbus has an excellent school system, a diverse economy, a great housing market, and a convenient location. Take advantage of the abundance of rent-to-own opportunities available in the city and check out Columbus when you're ready to look at rent-to-own homes - you'll find that there's a lot more to Cowtown than just cattle.