Sep 6, 2022 - News

Rising Columbus home prices outpace buyer incomes

Growth in median <span style="color: #00ab58; font-weight: 900;">homebuyer income</span> and <span style="color: #ff942f; font-weight: 900; white-space: nowrap;"> home price</span>
Data: Redfin analysis of HMDA data; Chart: Kavya Beheraj and Skye Witley/Axios

Columbus homebuyers make more money than they did pre-pandemic.

Yes, but: It's still not enough to cover a significantly larger spike in home prices over the past two years.

By the numbers: Columbus' 5% increase in homebuyer income between 2019-2021 is the nation's 64th-largest, per a Redfin analysis of mortgage data in the 100 most populous U.S. metros.

  • That's slightly below a national average of nearly 7%.
  • Our median home price, meanwhile, rose 29%, identical to the national average.

Between the lines: Remote workers have been moving in from pricey coastal job centers during the pandemic and intensifying competition with their higher salaries in many previously inexpensive cities.

  • A Columbus local has an average maximum mortgage budget of about $376,000, compared to a transplant's $456,000 (21.4% higher), Redfin reported in February.
  • That gap in home-buying power ranks No. 6 nationwide.
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