Columbus, Ohio

Columbus is the 14th largest city in the US, with a population of 906,528 (source: US census bureau) and is the capital city of Ohio. Located in Central Ohio, Columbus is the second-largest city in the Midwest (behind Chicago). Situated midway between Cleveland and Cincinnati, Columbus is a thriving city with strong economic and population growth, making it a great place to invest. 

The Columbus Region is home to 17 Fortune 1,000 companies, representing a diverse group of industries. The Columbus Region economy boasts a highly diversified base of companies with no industry representing more than 18% of employment. It is also home to five Fortune 500 companies, including Nationwide, Wendy’s, AEP, L Brands, and Cardinal Health. Top employers in Columbus include Ohio State University, Ohio Health, The State of Ohio, JP Morgan Chase, and Nationwide. In addition, Intel is investing $20 billion in a semiconductor plant in the region.

Population Growth

The population of Columbus has surged by over 15% since 2010, about 7 times more than Ohio overall. This has created a greater demand for housing in Columbus. Even its suburbs have experienced record growth. Six of the city’s suburbs’ populations have increased at a rate that exceeds the growth of Columbus.

Columbus has a city population of nearly 906,000 residents, with more than 2.1 million people living in the metro area.

The population has grown over 15% since 2010

Median household income in Franklin County is $62,352 (source: US Census Bureau) and 7.3% higher than Ohio.

Columbus is within a one-day drive or one-hour flight to 41% of the U.S. population, 80% of the corporate headquarters in the U.S., 43% of U.S. manufacturing, and 29% of the Canadian population.

Colleges and Universities

Columbus, Ohio has one of the most educated and diverse talent pools in the country. The Columbus Region is home to over 50 colleges and universities, including Ohio State University. The region has one of the highest concentrations of college students in the US, many of whom remain in the city long after graduation. 

• Ohio State University, located in Columbus, has a total enrollment of 65,795
• The Columbus Region has a total enrollment of 136,000 college and graduate students
• There are more than 20,000 annual graduates
• Nearly 92% of the people in Columbus have a high school diploma or greater, while almost 38% hold an undergraduate or advanced degree.
  

Job market

Over the last 10 years, the unemployment rate in Columbus has dropped considerably. According to the BLS, the current unemployment rate in Columbus is 3.3% (September 2022) vs. 7.5% in January 2012. The job market in Columbus remains resilient due to the diversity of the economy. Main industries include education and government, banking and insurance, steel and logistics, and medical research and technology. Columbus’ job market to growth by 3.58% while still maintaining a cost of living that’s 5% below the national average.

• GDP of Columbus is over $137 billion, an increase of over 50% in the last ten years
• Employment growth in Columbus is 3.58% year over year
• Five Fortune 500 companies are headquartered in Columbus: American Electric Power, Cardinal Health, L Brands, Nationwide, and Big Lots.
• Columbus has also been ranked as one of the 10 rising cities for startups
• High tech plays a major role in the Columbus economy, including Intel’s recent announcement of a $20 billion semiconductor fabrication plant in Columbus suburb New Albany
  

Real estate market

According to Realtor.com, Columbus is one of the top 10 housing markets best positioned for growth in 2022. The Zillow Home Value Index (ZHVI) for Columbus is $243,452 through September 2022 (+13.0% year over year).

Key Market Stats:

• Home values in Columbus increased by 17.3% over the last year.
• Over the past five years home values in Columbus have increased by more than 85%.
• Median sold price for a single-family home in Columbus is $206,000.
• Median listing price per square foot for a home in Columbus is $163.
  

Strong renters’ market

Columbus is one of the best cities for renters, according to a recent report from WalletHub. The rental market in Columbus receives high rankings for activity in the marketplace, affordability of rental property, and overall quality of life. Columbus is an attractive market for real estate investors, with nearly half of the people in the metro area rent rather than own.

Key Market Stats:

• Median rent in Columbus is $1,650 per month for a 3-bedroom home, based on the most recent research from Zumper (June 2022).
• Rents in Columbus increased 6% year-over-year.
• Over the past 3 years, rent for a 3-bedroom place in Columbus has grown by about 22%.
• Renter-occupied housing units in Columbus make up 52% of the occupied housing units in the metropolitan area.
  

Quality of life

Columbus ranks as the 28th-best place for business and careers, in the top 74 for job growth, and the top 55 for education. Job growth is strong, unemployment is low, and the cost of living is 5% below the national average in the U.S.

Key Market Stats:

• Columbus is great for active lifestyles, having invested $20 million to develop a growing system of bike and fitness trails that connect the suburbs and river trails to downtown's $44 million riverfront park system restoration.
• Shopping, entertainment and fine dining include the Arena District, Easton Town Center, Polaris Fashion Place and Tuttle Mall.