Axios Columbus

May 09, 2022
Happy Monday! Prove 'em wrong this week like Rich Strike did at the Kentucky Derby.
☀️ Today's weather: Sunny, beautiful, high of 75 degrees. Cue the Hallelujah Chorus.
🎵 Sounds like: "Aquarius/Let the Sunshine In" by The Fifth Dimension.
Today's newsletter is 901 words — a 3.5-minute read.
1 big thing: Funding future schools
Illustration: Sarah Grillo/Axios
Columbus City Schools officials may ask voters to increase their property taxes this fall to fund a slate of new school buildings.
- The election plans being considered come at a time when the number of Ohio school ballot issues are at a record low, a likely ripple effect of the pandemic.
Why it matters: This would be Columbus' first tax increase toward new buildings in 14 years.
- Approving it would get the district back on track with its long-term facilities planning.
Driving the news: The school board sent proposals to the Franklin County auditor last week to determine potential costs, the first step required to get an issue on the ballot.
Zoom in: The district is considering three proposals:
- A $305 million bond issue for five new buildings, completed by 2027.
- A $680 million bond for 10 buildings by 2029.
- A 4.7-mill tax levy for long-term capital needs such as building maintenance, buses and laptops. This could be voted on by itself or combined with another bond for a single vote.
By the numbers: Here's the additional annual cost for a $100,000 home, per the auditor's office:
- Smaller bond issue: $46, 35 years
- Larger one: $103, 35 years
- Levy: $164.50, continuing
Context: The owner of a $100,000 home currently pays $1,172 in yearly school taxes.
What they're saying: "There's never a 'right time' to go on the ballot … but it's essential for the future of our district," board President Jennifer Adair tells Axios.

Yes, but: Economic uncertainty has many districts seemingly holding off on big ballot proposals.
- November 2021 saw the lowest number of school levy proposals since Ohio's current method of funding schools was established in 1976, per reports from school funding expert Howard Fleeter.
Flashback: Columbus, for example, originally considered placing bond items on the November 2020 ballot.
What's next: This is just the first step. A new facilities plan calls for 19 new buildings overall and closure of existing ones amid years of declining enrollment.
- The "which buildings will close" conversation hasn't happened yet — and it's never popular. In 2018, board members dismissed a proposal to consolidate.
The bottom line: The current board must first decide what to ask voters for this year, if anything. The deadline to place issues on the Nov. 8 ballot is Aug. 10.
2. Surging mortgages hit homebuyers
Illustration: Annelise Capossela/Axios
Mortgage rates have surpassed 5% — their highest in more than a decade, according to data shared by Freddie Mac.
Why it matters: Low mortgage rates made buying houses in a sellers' market more affordable in the pandemic.
- In March 2022, median home sale values in Columbus were up 13.7% year over year. Now, borrowing money is also more expensive.
- Already fatigued buyers could be priced out of the market.


By the numbers: A year ago, mortgage rates were at 2.97%. In late April 2022, they were at 5.11%.
- If you took out a $300,000 30-year mortgage loan in April 2021, your monthly principal and interest would be around $1,260, according to numbers shared by Freddie Mac.
- Your monthly payment on the same loan in April 2022 would be $1,631.
- That's $371 more per month; $4,452 a year; and $133,560 more over the life of your loan.
What's next: Mortgage rates are expected to rise throughout the year, averaging 4.6% for 2022 and 5% for 2023, according to Freddie Mac's trend forecast.
- If demand cools because of rising rates, housing prices could stabilize.
- But we're still in a supply crunch, so inventory would have to catch up to the remaining demand for prices to actually cool.
3. The student loan debt problem
Illustration: Aïda Amer/Axios
Another barrier making it more difficult to afford a home? Mountains of student loan debt.
The big picture: Tens of millions of Americans have college debt. (The average amount is $37,000.)
State of play: Federal loan repayments have been frozen since the beginning of the pandemic and President Biden recently extended the pause through Aug. 31.
- His administration is still considering proposals to forgive this debt, Axios' Jacob Knutson writes.
- The president has pledged to sign legislation to this end, while other Democrats have called on Biden to act on his own with an executive order.
💭 Tyler's thought bubble: I paid off the last of my $30,000 in student loan debt last Friday and feel like a massive weight is lifted from my shoulders.
- The early payments after graduation took up so much of my income it created a zero-sum financial game that forced me to put off certain life milestones like homeownership and having kids.
- But I won't be bitter if the government eventually forgives student loan debt — maybe it means others can better afford their life milestones and dreams as I now can.
- My celebratory steak at Hyde Park in Upper Arlington tasted so good.
📬 How has student loan debt impacted your life? We want to hear from those still paying and advice from those who have paid theirs off.
4. Nutshells: Your local news roundup
Illustration: Brendan Lynch/Axios
Two OSU students died from overdoses amid reports of circulating fentanyl-laced Adderall pills. (WCMH-TV)
🍴 A Jimmy Hoffa-themed bar and kitchen — yes, you read that right — opens next month in Dublin. (614 Magazine)
⚙️ President Biden highlighted 3D technology during a visit to a Cincinnati-area factory. (AP)
💥 Last week's Tesla crash into the Greater Columbus Convention Center caused an estimated $350,000 in damages. (Columbus Dispatch)
🥃 Mad Moon Craft Cidery unveiled a CBD-infused non-alcoholic drink with help from High Street CBD. (Columbus Business First)
On the job hunt?
👀 Check out who’s hiring on our Job Board.
- Director of Development at Equality Ohio.
- Automation Engineer at Columbus Regional Airport Authority.
- Communications Manager at First Congregational United Church of Christ.
Want more opportunities? Check out our Job Board.
Hiring? Post a Job.
5. 1 record-holding sprinter to go
Abby Steiner, second from left, is a Dublin Coffman graduate now running for the Kentucky Wildcats. The senior is the American indoor record-holder in the 200-meter dash and a two-time NCAA champion in that distance. Photo: Andy Hancock/NCAA Photos via Getty Images
🐎 Tyler is practicing sound financial management by putting his life savings in the next Triple Crown race longshot.
😴 Alissa is staycationing till Thursday.
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