Published by Kathy Fettke | December 2, 2020
RealWealthNetwork.com
Columbus, OH – #13 Top Best Places to Buy Rental Property in 2020
Columbus is the capital of Ohio, the county seat of Franklin County, and the largest city in the state. In recent years, this city has emerged as one of the nation’s most technologically sophisticated cities — it is home to the Batelle Memorial Institute, the world’s largest private research and development foundation, and Ohio State University, the nation’s third-largest university campus.
Columbus also offers great opportunities for investors today. This is especially true for those who are looking for an affordable investment, strong monthly cash flow, and a good chance for equity growth.
Housing Market Statistics
- Median Sales Price: $183,000
- Median Rent Per Month: $1,310
- Median Household Income: $79,694
- Population: 2.1 M
- 1-Year Job Growth Rate: 0.84%
- 7-Year Equity Growth Rate: 51.24%
- 8-Year Population Growth: 10.49%
- Unemployment Rate: 3.7%
Housing Market Quick Facts
- Columbus is affordable. In 2019, the median price of three bedroom homes in Columbus was $183,000. This is 18% lower than the national average of $222,000.
- It’s possible to rent single-family homes in Columbus for as much as 0.90% of the purchase price. This is well above the national average of 0.75% (2019).
- Columbus is the 14th largest city in the country. Over the last eighth years, Columbus’ metro population has grown over 10%, faster than the national average of 5.76%.
- Realtor.com ranked Columbus as the fourth-hottest housing market in the country.
- Business Week named Columbus among the best cities to live and work in America.
Conclusion: Top 3 Reasons to Invest in the Columbus Real Estate Market in 2020
As mentioned, most of the best real estate investment markets have three factors in common: job growth, population growth and affordability. Columbus is no exception…
Job Growth: Columbus has added over 9,300 new jobs between 2018 and 2019. Although this statistic indicates a slowdown in new jobs, the growth rate continues to hold steady.
Population Growth: Columbus’ population has grown over 10% in the last eight years, faster than the national average of 5.76%, and remains the 14th largest city in the country.
Affordability: In Columbus it is still possible to purchase fully renovated properties in good neighborhoods for around $100,000.
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