2006 is a banner year for the Columbus housing market. “For Sale” signs are not staying up in front yards for very long because interest rates are favoring buyers. Experts also believe that homes are exceeding sale expectations because of the variety in the market. Every price bracket currently offers a variety of homes to choose from. So if you are thinking about buying a home in Columbus Ohio, stop thinking and start looking. It’s a perfect time to buy.
Quick Columbus Housing Facts
Percent of Homeowners in Columbus: 69.1%
Percent of Renters in Columbus: 30.9%
Median Columbus Household Income: $38,819
Average Columbus Credit Score: 683
Best Areas to Live in Ohio: Powel, Solon, Uniontown, Canfield
Median Columbus Home Value: $ $103,700
How Much Real Estate Can I Afford in Columbus?
Since we don’t snoop through your checkbook and pay stubs while you’re not looking, we can’t tell you exactly what kind of a house you can afford to buy in Columbus. But the good news is that we can give you some tips so you can determine where you fit in the Columbus housing market yourself. First, we suggest that you ponder the following questions:
- What kind of mortgage payments am I willing to make each month? Be sure to be realistic when budgeting your mortgage payments. It is better to be honest now than to find yourself in an undesirable situation later.
- What kind of payment plan will work for me? Read up on the different types of payment plans. Check out Fixed Rate Mortgages and Adjustable Rate Mortgages first because they are very popular, but also be sure to check out other plans.
- What are the current mortgage interest rates in Columbus?
- What are property taxes like in Columbus)?
Once you’ve considered those questions, check out our online mortgage calculators. Once you’ve done some number crunching, you should have a pretty good idea of where you stand in the Columbus housing market.
Refinancing in Columbus
Although you probably won’t need to refinance if you buy in Columbus right now, it is always comforting to know that you have the option. People refinance when market interest rates go down or when their credit scores improve enough to qualify them for a lower rate.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.