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 truefor 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 rentfor 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.