Columbus Ranked as a Top Affordable Housing Market for Millennials

Courtesy of Columbus Underground:

The Columbus Metro Area is a rapidly growing region with over 20,000 new residents added every year. To accommodate that growth, local private developers are building thousands of new apartment units in dozens of apartment projects targeted primarily at Millennials and Empty Nesters / Baby Boomers who are looking for the flexibility that rentals provide.

But what happens when Millennials decide that it’s time to buy a home rather than rent?

Locally, you’re in luck.

Franklin County was recently rated by RealtyTrac as the 7th most affordable region in the United States for Millennials who want to purchase a home, with an average percentage of median income spent on housing pegged at a mere 15.26%. Columbus was bested on the list only by Augusta GA, Fayetteville NC, Atlanta, Jacksonville FL, Philadelphia, Baltimore and Little Rock.

But if the idea of homeownership doesn’t appeal to you, and you’d rather continue to rent, well, you’re still in luck.

In the same research by RealtyTrac, Columbus was also named the 10th most affordable region in the US for Millennials who want to rent, with the average percentage of income spent on rent at 24.69%. Columbus was topped in this category only by Shreveport, Washington DC, Lincoln NE, Fargo, Charlotte, Baton Rouge, Wilmington NC, Little Rock and Madison.

RealtyTrac’s staff evaluation reports that these affordable rates are already proving to attract more new young residents compared to larger US cities:

“Although many of these counties may not be known as hot spots for hipsters, the most culturally definable segment of millennials, many of them are emerging as attractive to the demographic looking for a less expensive alternative to the high-priced hipster havens on the coasts. The millennial population was up more than 20 percent in markets like Franklin County, Ohio (Columbus) — a bigger increase during the same time period than Kings County, N.Y. (Brooklyn) and Los Angeles, County, Calif.”

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