Jan 12, 2024 - News
Why Columbus homes are so expensive, in one chart
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Here's a visual that represents the crux of our local housing crisis.
By the numbers: The Columbus metro area was short over 41,000 homes as of 2022, according to figures global developer Hines shared with Axios.
- That number represents nearly 5% of the market's existing inventory.
What's happening: There aren't enough homes being built to keep up with our area's increase in households — and the same is true nationwide, Axios' Sami Sparber reports.
Between the lines: Columbus' chart mirrors the U.S. as a whole, with both illustrating how housing starts have plunged since the 2008 financial crisis.
- Central Ohio's surging population is compounding the problem.
- A planned overhaul of Columbus' zoning code is expected to help.
Meanwhile, high mortgage rates are deterring potential sellers from putting their homes on the market.
- As of early 2022, nearly a fourth of the homes that did sell were being scooped up by investors.