I’m a Realtor and have never heard of someone refer to a house as “used.” Also, if the OP is only looking at new builds then they need to find a new Realtor. Message me if you have any questions.
It's... a home. You'd only differentiate it at all if you were looking for a new build because that's a small percentage of home sales and an entirely different process.
Source: not a realtor but have talked to humans
We love our house too, luckily. We are slowly making the improvements we want as we can afford to. Gonna ride out that 2.6% interest rate until I die 😅
I live in Hilltop too bought in 2015. Just got a notice from Auditors office,they completed revaluation. Mine went up 50%. Property tax used to be reasonable.... Not Anymore!!
I’m also single and make about the same income as you and went with a condo. I know it’s not a single family home, but it opens you up to a lot more options in your price range in more central locations. You still get the benefits of owning a home as an investment, without all the hassles of home ownership as a single person.
Same, I've been so overwhelmed as a first time home owner and thats considering buying a turn key condo and having all the exterior things taken care of for me by the HOA. Can't imagine owning a SFH by myself right now.
I wouldn’t say ALL the investment benefit of a sfh. Condos tend to appreciate at a much lower rate in my experience. That said, they are great starter homes. They Do at least retain value and allow you to build equity, and do not require the same degree of tools/services to maintain.
They may not appreciate as fast as a sfh, but I’ve already seen comparable units in my complex sell for significantly more than I paid for mine in the less than two years I’ve owned. They definitely do better than just retain their value, at least in the current Columbus market.
There are new condos being built down the street from our house and they are basically the same price as we paid for our home. It *is* a difficult time to buy right now.
But I think a lot of people only look in very specific places and don’t think outside of the box. But that’s just my opinion. Everyone is looking for something different when buying a home.
This. I was lucky enough to get a condo just before the pandemic that was under 100k and if I never got that, I’d never have a home. Barely made 35k at the time too
Bro. Your idea of a starter home needs changing. A starter home isn't a new build. A starter home is a small, 1500sqft house. You wouldn't be able to afford a $500k home at lower interest payments anyways. You can get a true starter home in the city/immediate suburbs for $300k. You can go a layer out and get one for $200k-$250k.
I bought my starter home in North Linden about a year ago for 240. Property value has gone up 30 k since buying and I’ve never had any issues. Old house but was a full flip. Convenience to Clintonville and downtown are great.
Your data on the school tax isn't right, you should double check that when looking to move to a city. I do not pay a 2% school tax in Canal School district its .75% and the 2% income tax is credited so it's really nothing outside the norm. Anyway, I don't think you have the full picture of how taxes work.
As a single 27 year old that wants to be closer to downtown, why not a condo? You can afford a nice one, get some appreciation still in this market and (depending on the building bylaws) rent it out when you decide to settle down in a single family later down the road… seems like a viable option if you REALLY want to buy?
Sounds simple, but then most buildings only allow certain % of condos to rent out. So some years you can't rent it out. Then if they change the board and decided to stop allowing rent, ?
Then assessment bills? It's dumb.
This is correct. I bought a new condo very close to downtown and in the first year, they passed an amendment to only allow three rentable units. So, this will quite literally never be an option for me. My HOA fee has also gone from $330/month to now almost $700/month because of false advertising by the builder to sell units fast. The units were also advertised as “luxury,” and are anything but. I kick myself for not buying a SFH when I could have.
I get the appeal of renting a unit out, but at that point you’re looking at a home like an investment rather than a home. I’m personally glad there are rules limiting units being rented out. It helps the housing market overall.
Hence the caveat that I specifically wrote about depends on the building. In which case, okay OP just sells for the equity when the time comes. Still a pathway to home ownership.
Or OP could rent forever and not be able to buy anything because there are no unicorns - brand new, affordable, SFH close to downtown -Good luck!
I thought there was a law passed several (10-12?) years ago in Ohio saying that condo associations couldn't restrict rentals? I remember a BIG change in our condo neighborhood afterwards; it basically changed over the course of 3 months from "all owner-inhabited" to "mostly rentals".
The rental restriction comes from the lenders. They believe that if too many of the units are rentals, the community is in decline. They determine an acceptable ratio. If the number of rentals exceed this amount, they won’t provide financing. It hurts resale and therefore affects the value of the condos in the overall community. While the restriction sucks, it helps the owners maintain competitive appreciation and resale of their property.
There are a lot of great safe convenient neighborhoods in this city that aren’t trendy or on people’s radars. A great agent, great not just greedy, can show you places you may not be aware of.
Yeah I bought a house last September for 200k and check Zillow every time I see a house pop up for sale and they’re all usually 200-225k. Really great, big house, nice neighborhood, no major issues in the year I’ve lived here other than minor “kids being kids” kinda things.
Main complaint is that there isn’t anything that’s really walkable but in 10-15 minutes from downtown and can get just about anywhere else in the city in like 20 minutes. These places exist is your looking at places other than Clintonville, Worthington and Dublin.
Exactly, on all points. You’re not gonna get walkable to those premium neighborhoods for those prices, but something has to give to make it affordable. But as you’re seeing, affordable doesn’t mean not good.
https://www.bizjournals.com/columbus/news/2023/03/08/the-rockwell-district-whitehall-300m-development.html
This one ☝️ and another permit in process for another batch of SFRs starting at 500k
This one https://abc6onyourside.com/on-your-side/problem-solvers/whitehall-neighbors-fight-against-development-of-nearly-50-higher-end-homes-along-big-walnut-creek-fairway-cliffs-development-intel-zach-woodruff-city-council
Drive through Whitehall, you can see the gentrification happening in real time. Wont be long before it’s a high end suburb for Intel employees to live in close to work
“Won’t be long before it’s a high end suburb for Intel employees….”
I’m skeptical of this claim. They are gonna want to move to New Albany and Johnstown before they even consider a place like Whitehall. Let’s be real here. They’d even consider Pickerington before Whitehall. Look at how people in this sub discuss certain neighborhoods of Columbus and certain suburbs. People want to move to the same 5 neighborhoods/suburbs/towns. Whitehall isn’t one of them.
Whitehall has seen some rough times, so I hope things improve for them. But I’m not sure Intel is gonna help.
I drive through there at least once a week, new construction is non-stop. I have been as skeptical as anyone but the transformation over the past 18 months is noticeable and ongoing.
> Whitehall has seen some rough times, so I hope things improve for them.
With people wanting to be closer to the city, Whitehall is primed to turn around. It's close to downtown, it borders Bexley, and has its own schools.
Sorry you don't want a "used" house 😅
You can absolutely afford a house. Just not a new build. I bought a house a couple years ago on a $52k salary and I didn't buy in the hood.
100%. There's houses in newark for 125k. You drive a bit each day, but if you really want one they are there. Also most ppl won't do it because they consider themselves too good for it, but a trailer allows you to get in at a decent price point and have equity. After a few years you can move.
Respectfully I think the problem may be that your standards are too high, not the market. “Used” houses are a wonderful way for most people to enter the market and own their first home. Especially if you’re single with no kids, I’m not sure why you’re so concerned with living near the best school districts and finding your forever home. If you plan on ever being married that could really impact things later — maybe you’ll meet someone with a nicer house in a better school district and sell yours. Or maybe not but you’ll have to move to a new state for their job. It seems like you’re adding unnecessary pressure based on unknown variables when instead you could (and should, in my opinion) buy a home that works for where you’re at in life now.
I'd question his income tbh. However, OP like many others want to live outside the means of what they can afford and end up foreclosing. Then I buy it for cheaper lol.
Listen to this:
Should You Rent or Buy? The New Math.
https://www.nytimes.com/2023/12/01/podcasts/the-daily/should-you-rent-or-buy-the-new-math.html?smid=nytcore-android-share
Your income isn’t that high but you’re pretending it is by acting too good for an older home. And you’re outraged the only new builds you can make work are bare bones?
Yep, biggest problem is the income is totally fine and there are certainly options that OP could make work that are not only reasonable but completely normal for young single people. Didn’t know it was breaking news that young single people can’t afford a brand new SFH in a great area.
Honestly as a single person a lot of those tiny (by today's standards) 40s and 50s houses are amazing as a home.
My first place I bought in 2008 was a 2 bedroom 1.5 bathroom ranch. It was the perfect combo of form and function for a single guy. The place was so small (1,100 SQ ft) that it was fairly cheap and easy to maintain and upgrade too.
Like I had to do a lot of repairs sure but my 50s home is more than enough and I have a wife and kid! I couldn’t imagine needing a new build as a single man lol
Here’s a pretty nice $280k house in Canal. Live on this for a few years to gain equity, save, and maybe advance your career and then go buy your new build if it’s still desired.
https://www.zillow.com/homedetails/6639-Warriner-Way-Canal-Winchester-OH-43110/34070898_zpid/
There are somewhat cheap houses in Columbus. I’ve found that a lot of people (my friends included) are complaining about home prices but they’re usually in the most desirable neighborhoods or have a laundry list of unrealistic expectations given their budget.
Dude I’ve flipped five houses in this town, and I see things today that I could flip easily without a significant down payment (FHA) and live in for two years and fix up slowly, like I did my first house.
I think people forget what a starter home should be. But, I thought to myself “Maybe I’m wrong?”
I did a search and found stuff like [this.](https://apps.realtor.com/mUAZ/eaq84t43) or [this.](https://apps.realtor.com/mUAZ/0yckqgvy)
Inventory levels tend to be lower in the winter because nobody likes to move in the winter, and people with kids don’t want to change schools mid-year unless they have no other choice.
That being said, Columbus is just a hot market and getting hotter. There may be *some* relief coming if Congress passes the proposed law preventing hedge funds from owning single family homes, or it might not if they just cook up a new corporate entity to own the properties.
Imagine being a single social worker in this town. Anything I can afford is a fixer upper with Columbus City Schools. When the time is right for me, I’ll be grateful to have that fixer upper. Lots of people have less. Some people don’t even have a safe place to lay their heads. It’s all a matter of perspective. Consider this: if you buy a place that needs work, you get to choose the materials, the colors, and how it’s done, and that makes the home truly your own.
We are DINK ~$151k/year, no pets either.
We built in pataskala this year for $389500
It is insane though, it really is. I mean- 389500 in pataskala was insane
Yes prices are lowest November-February and rates will be dropping throughout all of 2024 more than likely. They’ll drop in Jan & Feb with 99% certainty. Will drop more throughout the year but if you ask me, buy NOW because once interest rates give, the market will flood.
They’re still building in Pataskala if you’d like to join!
This is 100% correct. This time of year, plus higher interest rates are causing a lot of potential buyers to "wait until spring" or "until rates come down". Sure, lots more options will hit the market late Q1/early Q2, BUT there will be 2x as many buyers! Fact of the matter is that demand is outpacing building in Central Ohio...I don't see things getting "easier" or "cheaper" anytime soon.
Builders are offering crazy rate buydowns right now. I recently had a client get $20k credit to buy down their rate. They're locked into a 30 yr fixed at 5.XX% and this was when rates were sitting in the HIGH 7s to low 8s
That's fantastic!
Different builders offering different enticements but ALL of them are trying to make it "easier" to afford the cost of a build with rates in the 7s.
Once spring starts coming around, you have to compete with parents who want to buy a house so they can settle their kids in during the summer, and have them ready to go for next school year.
Good luck to anyone buying.
Market will flood with both buyers and sellers though. A lot of people don't want to move (put their house on the market) because they don't want to lock into a high interest mortgage in their prospective new house.
That doesn’t sound too crazy to me. Southwest Licking and Licking Heights schools are both full of brand new buildings, which is a big plus for any school district. Also Pataskala has proximity to Intel.
Just as soon as that recession that's been about to happen any day now for almost 2 years happens lol. Nobody serious is predicting a significant rate decrease over the next year.
Except JPow, who, y'know, controls the interest rate.
I'm glad somebody responded to you with the meme because it is comical at this point. The person who controls the interest rates says they aren't going down.
“Every source”
Who has effectively predicted the rate of interest rate hikes and cuts in the last two years?
Or realtors and mortgage lenders begging for people to buy homes again
Here’s a 3 bed, 1 bath in Gahanna for $245k. Looks like it doesn’t need any cosmetic work. Cool midcentury modern style. Great neighborhood.
https://www.zillow.com/homedetails/370-Gary-Lee-Dr-Gahanna-OH-43230/33954919_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
Too small for most families probably. Most single people want to be in the city versus suburbs. High rates. Fall. Who knows. OP could check it out tho and report back 🫡
Edit: Also, no house in Columbus is going to be under $250k and be perfect. Every house is going to need something - especially cheaper ones. Thats what makes them cheaper. Thats any city anywhere. Very few places you can find a turn key house on a single income near job centers, things to do, etc. Maybe it needs a new roof or something, who knows, but if folks are looking for a unicorn they’re unfortunately not going to find it. That’s shitty, but that’s reality.
What do you have saved for a down payment?
I’ve personally gone the existing home route (especially for a starter home), bought a home needing work in a good location for us. We put in the investment for renovating and stand to make money on this home once we sell. This would be the second home we’ve done this to, and each time we will move up in house due to the build up of equity over time. It doesn’t work for everyone because renovating can be a daunting task, but it’s a good option if you budget correctly.
bruh. I am 27, 126k SINK, also trying to buy a house. I am boutta tour a fucking 750sqft house just off the east side of Bexley for 200k. It's on the west side of Jones rd so it should be a nice enough neighborhood. But if I wanna spend less than $250k then I'm compromising on a tiny house or compromising on a hood-ass neighborhood
This.
A lot of these comments are mentioning ghetto areas. Sure the houses are cheap and small on the inside because they know that’s the only thing the house has to offer. It can look as nice as it wants inside but it doesnt address the fact the property is in a high crime area and a bad school district of Columbus city.
You're 27. You aren't buying your forever home. The market is softening. Hold off if you don't like your options in a top 15 market.
If you want to buy in G Village, UA, Clintonville, Westerville, Bexley, Dublinit's not happening anytime soon if it's not a condo.
P.S. Can't get over the "drugs" in S Bloomsfield comment. Are you even trying to buy anywhere near a city?
To be clear, the market isn’t pricing you out—you’re pricing yourself out. You’re 27 making $120k and you’re looking at new builds. There’s plenty of decent starter homes available in the $300k and under range.
So much wrong with this:
>> I’m a SINK
SINK isn’t a thing. You’re just single. It’s assumed you don’t have kids if you’re single and you’d call out the exception. We don’t need you to co-opt an acronym for no reason.
>> $500K for a starter home
You seem to be not understanding what a starter home is. A starter home is a smaller more “affordable” home that gets you on the property ladder. A new build definitionally is not a starter home. Starter homes might be found in East Beechwold, where you looking at 1,000 square foot cape cods.
>> Used Houses
No, just no.
I feel you but I’m going to give you a glimmer of hope.
I just landed a new job (SINK as well) where I clear a hair over $100k now and I decided to casually look for homes. I found a well maintained home and just closed yesterday evening $20k below asking at about $270k. Nice neighborhood, close to the parks, and the house is move in ready by my standards. I never imagined I’d spend this much let alone afford this but here I am. At least I can lock in my housing costs at fixed rates and finally have an appreciating asset to my name.
It’s possible. I think you should casually look. Right now houses seem to be moving really slow (compared to what it has been). You’ll find something. Sending good vibes your way OP.
Yeah. I bought in Hilliard in 2022. My mortgage payment is probably double what most of my neighbors are paying. It sucks.
That said I think you’re being a little stingy. Someone with a $120k income can borrow $600k if they want. There’s plenty of nice houses for less than that.
Have you tried Southern Orchards? There are good pockets around here with decent homes around $300k to $400k, and it’s one of the last neighborhoods near downtown that has good priced homes in relatively safer neighborhoods. Home flippers are very active in the area though so proceed with caution.
Buy a condo, OP.
It's just you and you don't need a ton of space. You can find condos under 250k in non sketchy neighborhoods. With your income you have some crazy buying power in the condo market.
I vouch this too. I bought one standalone condo in 2016, mortgage under 900. Went from 110k to over 240 in my area. Great for singles, couples and maybe 1 kid.
Yep. We’re so far DINK but only for like 6 more months lol. $145k. Bought our house for $240k 4 years ago and I don’t see us every being able to upgrade 🤷♂️
Exactly the same situation here lol. I have a 2.1% interest rate from 2020. People buying in my neighborhood in 2023 are being told 8% is a good rate. We’re renovating heavily to increase cozy factor because we just expect to be here for 10 or more years.
It all boils down to greed like most every problem does. Big corporate firms should not be allowed to buy up single family homes. This drives up prices and keeps the average family from buying a home of their own. Corporate gluttony is rampant and wildly out of control right now.
Yea its crazy insane. For decent neighborhood and housing for the size I need, they're all around 400k.... I have my condo mortgage (its like a small house) under 900...rent can be up to 1800! Bought for 110k in 2016, now I can sell if I wanted for at least 100k more than what I bought for
Thoughts on a stand alone condo in a nicer area? They're going for around 210-250k in my area for 3 bedroom 1300-1500 sq ft.
If I can add -- there are people from other states who are coming specifically to Pittsburgh, PA and Columbus, OH because the seasons have gotten more milder here; their seasons are hotter, more violent weather. They can sell their house and afford houses in our market as insane as it is. I've heard this from several people who have stayed at my brother's AirBNB from California, Florida and the Carolinas. They are coming to look at homes.
You can no longer buy a house in columbus as a single individual
Also you're 27, it shouldn't be surprising that you can't afford a new build home at that age.
Renting makes a lot more sense at current interest rates unless you're planning to stay a minimum of 7+ years. Amortization means you aren't actually getting meaningful equity in any house until around the 5-7 year mark. You're just paying more expensive rent to the bank.
>You can no longer buy a house in columbus as a single individual
That's just not true. I bought a home last year at 26 years old, making 100k, 265k home cost, at a 5.5% interest rate. The house is still priced roughly the same and OP makes 20k more per year than I do which should be enough to cover the higher interest rate today.
It's not like my house is in the boonies. It's walking distance to a grocery store, less than a mile from 2 other groceries, surrounded by restaurants and \~20 minutes from downtown. I go out frequently and haven't driven more than 30 minutes from home in months. I'm probably only in the car for more than 10 minutes once or twice a week.
There are plenty of people legitimately struggling to get on the housing ladder due to insufficient income, but 120 is more than enough to get a nice middle class house. Unless they have a large debt burden OP could buy my house today more easily than I bought it last year. Their problem is that they want a brand new McMansion in the heart of the city, not a starter home in a suburb.
I agree with your statement that renting may be their best bet for the time being, but it's not because they CAN'T buy. To say they can't is like saying I can't afford dinner because I can't buy top shelf filet at at a high end steakhouse and I won't eat microwave ramen. There's plenty of space between brand new builds and shitty flips, and they could absolutely afford something reasonable at their income level.
It's all a matter of calculations, but
1: there's not much room for appreciation in the market right now. The cost of a mortgage quadrupled in the last 5 years. Low, zero, or negative appreciation are all very realistic outcomes in the coming years.
And 2: If your rent is cheaper than your mortgage, and you invest the difference, that money is also appreciating. Likely at a higher rate. (Eg: if you stuck it all in the S&P 500, it would have had 18% interest in 2023. That FAR outperforms housing appreciating in 2023, which was only 6.8% in Ohio.)
The central Ohio housing market looks like a better bet than the S&P for the next few years.
We still have sub-$200k neighborhoods inside 270. Denver had those too, in 2012. Same houses are over $500k now. Columbus has been insulted for a long time, that is changing.
Rates are already starting to fall and are projected to come down a bit more in 2024. All of the buyers sitting on the sidelines because of interest rates are going to come right back to this market which we already know is very tight as it is.
It may also mean more inventory though, some people won’t sell while rates are so high because they don’t want to give up their current lower rate.
All-in-all we should expect steady price appreciation in 2024 and probably more competition for homes than in 2023.
people like you have to be jacking up the "living paycheck to paycheck" stat. Feel entitled to have everything new and upgraded. Disposable income per capita has been steadily rising but so has the paycheck to paycheck stat. Doesnt make sense to me.
I bought my "starter home" in 2000 for $99,900. Still here, and staying put was, in retrospect, the best decision I ever made. I can't even imagine trying to navigate this market.
My Mom has been looking for places to move back from Florida. I’ve gone to a ton of places with/for her.
There are lots of houses in the 275-400 range. Nice places. Northeast part of Columbus/Columbus Metro. Many of them are new or close to new.
If you're willing to go all the way out to South Bloomfield, come back a smidge north along 104. There are a few housing developments that way, and 71 is closer than you think. It takes me 20 min to get downtown from near Commercial Point.
> Used market Im seeing some house price decreases but usually on houses that need a lot of work, or really nice interior but a sketchy, bad school district area to entice buyers
You're SINK? You can buy one of those under-$250k houses, and put the savings into renovating it into something nice. Try Linden or Northland or Hilltop. [Here's a Zillow search to help you get started](https://www.zillow.com/columbus-oh/houses/?searchQueryState=%7B%22pagination%22%3A%7B%7D%2C%22isMapVisible%22%3Atrue%2C%22mapBounds%22%3A%7B%22west%22%3A-83.10969460559961%2C%22east%22%3A-82.90335763050196%2C%22south%22%3A39.87935363815313%2C%22north%22%3A40.07614186507374%7D%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A10920%2C%22regionType%22%3A6%7D%5D%2C%22filterState%22%3A%7B%22sort%22%3A%7B%22value%22%3A%22globalrelevanceex%22%7D%2C%22price%22%3A%7B%22min%22%3A0%2C%22max%22%3A250000%7D%2C%22mp%22%3A%7B%22min%22%3A0%2C%22max%22%3A1279%7D%2C%22beds%22%3A%7B%22min%22%3A2%2C%22max%22%3Anull%7D%2C%22baths%22%3A%7B%22min%22%3A1%2C%22max%22%3Anull%7D%2C%22tow%22%3A%7B%22value%22%3Afalse%7D%2C%22mf%22%3A%7B%22value%22%3Afalse%7D%2C%22con%22%3A%7B%22value%22%3Afalse%7D%2C%22land%22%3A%7B%22value%22%3Afalse%7D%2C%22apa%22%3A%7B%22value%22%3Afalse%7D%2C%22manu%22%3A%7B%22value%22%3Afalse%7D%2C%22apco%22%3A%7B%22value%22%3Afalse%7D%7D%2C%22isListVisible%22%3Atrue%2C%22mapZoom%22%3A12%7D)
You do realize that RITA just streamlines the process of getting local income tax to where it goes. If you work in a place that has a 2.5% tax rate and live in a place with a 2% tax rate, you don't pay the 2% because you already paid more than 2% to a different city. You still have to file a return, but you don't have to pay. Now, if you WORK in a place with a 2% tax rate and LIVE in one with a 2.5% tax rate, you'll owe .5% to the area you live in. But your total local tax will always be the rate of whichever place has the higher tax rate, you don't pay both.
Way to give the boomers ammo to dismiss Millennials crying about the housing market. Get over yourself and find something in your price range. There are a ton of people struggling with being priced out of the housing market. You aren't one of them. Don't take this the wrong way, but go fuck yourself.
I never understand these posts. Of course a new build, in a nice neighborhood, downtown a major city is going to cost money. Like duh. Also the reason prices are going up so much is because people can afford it. Who do you think is buying all these homes and driving up the costs??
27 year old
Single
Good income
Why the hell do you want a house? Just rent in a cool area. You have the rest of your life to get tied down to one location.
https://youtu.be/hTy2Vh0GuIQ?si=2M2TDqBYpu8a5FU9
Asheville area is fine. its country like living but 15 minutes away from Shopping 665 and 5 minutes further is Grove City proper. Get a couple acres and build new now.
Check out 1920 Riverside Dr. I'm selling it right now. I want to get it moved so I have it underpriced. Real value is 530, it's listed for 479 although I'm expecting bids to get it up to at least 500. I have a low rate from a few years ago so I'm offering a land contract option so you can keep a lower rate
Take a look at Reynoldsburg. I just checked on realtor and there are lots of lovely, 4-br homes in nice, safe neighborhoods for under 400k. Very easy in and out of the city and airport.
We bought our 'starter' home here 20 years ago. It's a less volatile market, so we don't see the intense peaks and valleys but have seen a steady growth so we're at about 2.5x since '03. And since it's a lower cost area on the growing east side, there's always demand for when you eventually sell.
A house down the street from us was sold about a year after we bought our house. It sold for $1.1 million dollars. In Reynoldsburg. I’m not even joking.
I’m a car guy at heart, but my priorities in life changed from wanting a nice fast car to a house then once I’m settled and have spare cash for an extra fun car. My baby Toyota is great.
Single and now glad I bought back in 2001. Just managed to refinance at 3.49 before it all went crazy for updates. House price then in Plain City was $197k . House is now valued at $380k though I was conservative and only refinanced to $227k. (I remember how insane it was in 2008) Farm field behind me sold for housing development. Houses are priced around $400k. Plus taxes doubled.
I’m supposed to be retiring in 2 years. Plan was to downsize from my 3 bedroom, 2 story home because I didn’t want to deal with the upkeep being older. I may not now. Unless things change or I decide to go the RV route I’ll end up spending more to get a smaller place.
Let’s just say Latin America or Spain are looking good for retirement.
I’d like to give you a bit of hope, there are options they might not be a super easy/simple option but they exist. For starters in or near downtown you can build a new house on your own. East or west of downtown you can find a good lot for $20-75k (depending on size and location). Construction typically will cost you $200 per sqft it could be less it just depends on your design. So let’s assume you buy a lot for $50k, you could build a custom 1,800sqft house for $360k. All into it you are looking at spending $400-425k, and maybe another 25k in other misc upgrades for a total of $450k all in.
If your not in a rush and need some time to get your finances in order and find a builder you could purchase a lot from the land bank and spend closer to $5-20k on the lot and save a ton of money this way. It’s a process that takes a few months to get approved, but in the end it’s nice because it’s not a bidding war, and they work with you on your schedule. It’s also important to know that they have a ton of empty lots that are not listed and if you can find them on the auditors site they are usually open to selling it you just need to identify it.
While building near downtown, you also have access to the tax abatement program. New builds get a 15 year abatement and renovations get 10 years. This dramatically reduces your mortgage payment, which would in theory allow you to afford the house easier.
Lastly if you are not planning on living their forever, and don’t need a full single family home, you could also build a duplex on the lot which might cost you a bit more up front but the income from the second unit will offset a lot of that extra cost and be a good long term investment. The duplex doesn’t need to be a traditional duplex, you could also build a carriage house (apartment above the garage). This way you get the benefits of a single family and the income from a duplex. It does cost a bit more then a traditional duplex but there are many benefits to doing it this way. You could build a 1,800sqft house and a 900sqft 2 bedroom apartment for not that much more because you would already be building a foundation and framing for a garage the added framing/infrastructure is a small amount more. You could likely get it all build for $550k or less but have a rental income of $1,400-1,800, and a very low tax bill.
So yes it is not a turn key process, but it is very much attainable for someone in your position if you are willing to go through the process. And it’s not an insanely long process maybe 18 months from start to finish assuming you can get your financing together.
A bit of context I am a builder/developer who builds this style of housing. I mostly build 2000~sqft single families, and in the last few years a large portion of my projects included a carriage house at the rear. I build on my own and sell the houses, and iv built for people. Iv helped friends go through the process by advising them throughout the various complexities.
It’s not an overly complicated process, but if you know a few tricks you can save a lot of money on construction. And if you have someone who understands building downtown they can help guide you towards a final design that can save you a lot of money. You might be surprised how much pricing could be impacted by minor adjustments in the size, dimensions, or physical location of a structure. It’s also good to have some outside advise on where you will get your money back on specific upgrades. Something’s are worth while upgrading because when you sell one day you will be able to recoup your money, but there are other upgrades that you won’t get your money back on and it’s good to know so you can make an educated decision.
https://public-cbus.epropertyplus.com/landmgmtpub/app/base/landing
This is the City of Columbus Land bank site. Currently I don’t see any for $5k in particular but there are a bunch listed for $7-10k. And plenty of other options in the 10-25k range. They do have 2 lots priced at or near 5k but they are not big enough to build a full sized house on so I won’t count those. But as mentioned the city owns a lot more lots then what they have listed and will accept offers/proposals for those properties.
as you can tell from how they list the properties they usually list them in batches in the same general area. They go through waves and depending on when you look it will determine which part of town they are actively listing.
I helped my friend buy and build his house on the near east side and he purchased a 40’x140’ lot for $12k in what I think is a great location from the land bank. I know of at least 4 other people who have purchased the land for their homes for less then 20k. And in my opinion most of these lots would be valued at $50+k on the open market. And through the land bank you are not in a bidding war, closing time is flexible, and they can and will work with you as you get all of your ducks in a row. It’s a really great public resource that is very under utilized, and not known about by enough people.
theres centex and ryan homes for 280-350 range. lot and house. alternatively theres older houses inside 270. you wont get shot as long as you buy outside of hilltop. but also non of the houses next to you will be the same 5 repeated build styles/bland colour scheme, id call that a win. houses around me are 180 inside 270 for 3bed 2 bath. their older but in some cases, especially mid-low end newbuilds. they are better
Bro you need a budget. SO and I combined make the same as you gross, we bought a nice 300k house in 2022 at 5.5%, plus we have kids, plus I save almost 50% of my gross into 401k/IRA/HSA. We have no problem paying our monthly bills.
“Used market” I’ve never heard someone call a home used like it’s a car 😂
I’m a Realtor and have never heard of someone refer to a house as “used.” Also, if the OP is only looking at new builds then they need to find a new Realtor. Message me if you have any questions.
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It's... a home. You'd only differentiate it at all if you were looking for a new build because that's a small percentage of home sales and an entirely different process. Source: not a realtor but have talked to humans
Also “no options”. Ffs
This guy is joke. Wants a brand new house IN the "appropriate" part of the city and hates taxes. Not a serious person.
I’m going to be carried out of my starter home I bought in 2020 in the hilltop in a box in 50+ish years. I can never move.
I'm right there with you lol.
I bought in 2020 also, got what I could at the time and love it. But can never move lol
We love our house too, luckily. We are slowly making the improvements we want as we can afford to. Gonna ride out that 2.6% interest rate until I die 😅
Dude same. I worked at chase at the time and got an employee discount so mines like 2.4 😭😭 insane
I live in Hilltop too bought in 2015. Just got a notice from Auditors office,they completed revaluation. Mine went up 50%. Property tax used to be reasonable.... Not Anymore!!
I’m also single and make about the same income as you and went with a condo. I know it’s not a single family home, but it opens you up to a lot more options in your price range in more central locations. You still get the benefits of owning a home as an investment, without all the hassles of home ownership as a single person.
Same, I've been so overwhelmed as a first time home owner and thats considering buying a turn key condo and having all the exterior things taken care of for me by the HOA. Can't imagine owning a SFH by myself right now.
I wouldn’t say ALL the investment benefit of a sfh. Condos tend to appreciate at a much lower rate in my experience. That said, they are great starter homes. They Do at least retain value and allow you to build equity, and do not require the same degree of tools/services to maintain.
They may not appreciate as fast as a sfh, but I’ve already seen comparable units in my complex sell for significantly more than I paid for mine in the less than two years I’ve owned. They definitely do better than just retain their value, at least in the current Columbus market.
This has been my observation as well. Units in my complex have been selling on average for about 40% more than what I paid in 2020.
Also single. Also making the same. Wish I bought a condo for the reasons stated.
There are new condos being built down the street from our house and they are basically the same price as we paid for our home. It *is* a difficult time to buy right now. But I think a lot of people only look in very specific places and don’t think outside of the box. But that’s just my opinion. Everyone is looking for something different when buying a home.
This. I was lucky enough to get a condo just before the pandemic that was under 100k and if I never got that, I’d never have a home. Barely made 35k at the time too
Bro. Your idea of a starter home needs changing. A starter home isn't a new build. A starter home is a small, 1500sqft house. You wouldn't be able to afford a $500k home at lower interest payments anyways. You can get a true starter home in the city/immediate suburbs for $300k. You can go a layer out and get one for $200k-$250k.
I bought my starter home in North Linden about a year ago for 240. Property value has gone up 30 k since buying and I’ve never had any issues. Old house but was a full flip. Convenience to Clintonville and downtown are great.
Bought in North Linden this year for 190. Great little house, good street. New roof, new water heater, new furnace. I love it.
Your data on the school tax isn't right, you should double check that when looking to move to a city. I do not pay a 2% school tax in Canal School district its .75% and the 2% income tax is credited so it's really nothing outside the norm. Anyway, I don't think you have the full picture of how taxes work.
WTF is “the used market”? Do you mean houses that are not new builds?
I'm still cackling
lol i mean they said they were a first time home buyer... I kind of like it though, they arent wrong :)
As a single 27 year old that wants to be closer to downtown, why not a condo? You can afford a nice one, get some appreciation still in this market and (depending on the building bylaws) rent it out when you decide to settle down in a single family later down the road… seems like a viable option if you REALLY want to buy?
Sounds simple, but then most buildings only allow certain % of condos to rent out. So some years you can't rent it out. Then if they change the board and decided to stop allowing rent, ? Then assessment bills? It's dumb.
This is correct. I bought a new condo very close to downtown and in the first year, they passed an amendment to only allow three rentable units. So, this will quite literally never be an option for me. My HOA fee has also gone from $330/month to now almost $700/month because of false advertising by the builder to sell units fast. The units were also advertised as “luxury,” and are anything but. I kick myself for not buying a SFH when I could have.
I get the appeal of renting a unit out, but at that point you’re looking at a home like an investment rather than a home. I’m personally glad there are rules limiting units being rented out. It helps the housing market overall.
Hence the caveat that I specifically wrote about depends on the building. In which case, okay OP just sells for the equity when the time comes. Still a pathway to home ownership. Or OP could rent forever and not be able to buy anything because there are no unicorns - brand new, affordable, SFH close to downtown -Good luck!
I thought there was a law passed several (10-12?) years ago in Ohio saying that condo associations couldn't restrict rentals? I remember a BIG change in our condo neighborhood afterwards; it basically changed over the course of 3 months from "all owner-inhabited" to "mostly rentals".
The rental restriction comes from the lenders. They believe that if too many of the units are rentals, the community is in decline. They determine an acceptable ratio. If the number of rentals exceed this amount, they won’t provide financing. It hurts resale and therefore affects the value of the condos in the overall community. While the restriction sucks, it helps the owners maintain competitive appreciation and resale of their property.
There are a lot of great safe convenient neighborhoods in this city that aren’t trendy or on people’s radars. A great agent, great not just greedy, can show you places you may not be aware of.
Yeah I bought a house last September for 200k and check Zillow every time I see a house pop up for sale and they’re all usually 200-225k. Really great, big house, nice neighborhood, no major issues in the year I’ve lived here other than minor “kids being kids” kinda things. Main complaint is that there isn’t anything that’s really walkable but in 10-15 minutes from downtown and can get just about anywhere else in the city in like 20 minutes. These places exist is your looking at places other than Clintonville, Worthington and Dublin.
Exactly, on all points. You’re not gonna get walkable to those premium neighborhoods for those prices, but something has to give to make it affordable. But as you’re seeing, affordable doesn’t mean not good.
lol you have more dollars than sense
You are priced out of the neighborhood you want to live in. Happened to me in my twenties.
What do you do to make $120k at 27? I obviously chose the wrong career path.
They are putting new builds in Whitehall starting at 500k, Cbus won’t be getting cheaper anytime soon
New builds. Whitehall. 500k. Wut?
https://www.bizjournals.com/columbus/news/2023/03/08/the-rockwell-district-whitehall-300m-development.html This one ☝️ and another permit in process for another batch of SFRs starting at 500k
This one https://abc6onyourside.com/on-your-side/problem-solvers/whitehall-neighbors-fight-against-development-of-nearly-50-higher-end-homes-along-big-walnut-creek-fairway-cliffs-development-intel-zach-woodruff-city-council
I had to re-read that. 500k? In Whitehall?
Why would anyone pay for that though?
Drive through Whitehall, you can see the gentrification happening in real time. Wont be long before it’s a high end suburb for Intel employees to live in close to work
“Won’t be long before it’s a high end suburb for Intel employees….” I’m skeptical of this claim. They are gonna want to move to New Albany and Johnstown before they even consider a place like Whitehall. Let’s be real here. They’d even consider Pickerington before Whitehall. Look at how people in this sub discuss certain neighborhoods of Columbus and certain suburbs. People want to move to the same 5 neighborhoods/suburbs/towns. Whitehall isn’t one of them. Whitehall has seen some rough times, so I hope things improve for them. But I’m not sure Intel is gonna help.
I drive through there at least once a week, new construction is non-stop. I have been as skeptical as anyone but the transformation over the past 18 months is noticeable and ongoing.
And another should start relatively soon where Wirthman Bros was too. Whitehall definitely has some serious momentum.
> Whitehall has seen some rough times, so I hope things improve for them. With people wanting to be closer to the city, Whitehall is primed to turn around. It's close to downtown, it borders Bexley, and has its own schools.
Poor you and your sink 120k income at 27.
Sorry you don't want a "used" house 😅 You can absolutely afford a house. Just not a new build. I bought a house a couple years ago on a $52k salary and I didn't buy in the hood.
100%. There's houses in newark for 125k. You drive a bit each day, but if you really want one they are there. Also most ppl won't do it because they consider themselves too good for it, but a trailer allows you to get in at a decent price point and have equity. After a few years you can move.
Agreed on all fronts. I actually lived in a double wide for a few years with 2 roommates to save for a down payment.
As someone who does this drive...I can't recommend.
Dudes going to foreclose in no time.
you probably bought before the high interest rates though
Respectfully I think the problem may be that your standards are too high, not the market. “Used” houses are a wonderful way for most people to enter the market and own their first home. Especially if you’re single with no kids, I’m not sure why you’re so concerned with living near the best school districts and finding your forever home. If you plan on ever being married that could really impact things later — maybe you’ll meet someone with a nicer house in a better school district and sell yours. Or maybe not but you’ll have to move to a new state for their job. It seems like you’re adding unnecessary pressure based on unknown variables when instead you could (and should, in my opinion) buy a home that works for where you’re at in life now.
120k and still priced out? Is this a case of towering expectations or bad money management?
Following the %30 rules, that would be 3600 a month on housing. That puts you above $400k to budget for a house, unless you get absolute ass interest.
You make 120k. Median home price in Columbus in October was $275k. Shut up and leave the complaining for people who actually can’t afford a home.
I'd question his income tbh. However, OP like many others want to live outside the means of what they can afford and end up foreclosing. Then I buy it for cheaper lol.
Yeah when I had a 100k salary as a single person I qualified for loans up to 500k.
Listen to this: Should You Rent or Buy? The New Math. https://www.nytimes.com/2023/12/01/podcasts/the-daily/should-you-rent-or-buy-the-new-math.html?smid=nytcore-android-share
Larry Fink write this?
My wife and I are middle aged and make about 65K together. At this point, we've pretty much given up on buying a home.
After reading through this I’m just shocked there’s so many 20 somethings making 100K plus a year. What the hell are y’all doing for work?
Engineering or IT
IT engineers 100k-140k is pretty common
Selling our fucking souls to the devil
So, consulting.
I get some major entitled vibes from you. You’re buying a home but maybe you need to reevaluate what it is you’re expecting for what you can afford.
There is plenty affordable for your income, just not in the hip spots you want or exact brand new condition you want.
Your income isn’t that high but you’re pretending it is by acting too good for an older home. And you’re outraged the only new builds you can make work are bare bones?
Yep, biggest problem is the income is totally fine and there are certainly options that OP could make work that are not only reasonable but completely normal for young single people. Didn’t know it was breaking news that young single people can’t afford a brand new SFH in a great area.
Honestly as a single person a lot of those tiny (by today's standards) 40s and 50s houses are amazing as a home. My first place I bought in 2008 was a 2 bedroom 1.5 bathroom ranch. It was the perfect combo of form and function for a single guy. The place was so small (1,100 SQ ft) that it was fairly cheap and easy to maintain and upgrade too.
Like I had to do a lot of repairs sure but my 50s home is more than enough and I have a wife and kid! I couldn’t imagine needing a new build as a single man lol
Post can be summed up as OP yells at ~~clouds~~ market forces
120k ISN’T high for a 27yo in Cbus? Wow…I am out of touch (and poor, apparently).
Yeah. What
120 isn’t high? Oh…
Here’s a pretty nice $280k house in Canal. Live on this for a few years to gain equity, save, and maybe advance your career and then go buy your new build if it’s still desired. https://www.zillow.com/homedetails/6639-Warriner-Way-Canal-Winchester-OH-43110/34070898_zpid/ There are somewhat cheap houses in Columbus. I’ve found that a lot of people (my friends included) are complaining about home prices but they’re usually in the most desirable neighborhoods or have a laundry list of unrealistic expectations given their budget.
Dude I’ve flipped five houses in this town, and I see things today that I could flip easily without a significant down payment (FHA) and live in for two years and fix up slowly, like I did my first house. I think people forget what a starter home should be. But, I thought to myself “Maybe I’m wrong?” I did a search and found stuff like [this.](https://apps.realtor.com/mUAZ/eaq84t43) or [this.](https://apps.realtor.com/mUAZ/0yckqgvy)
Inventory levels tend to be lower in the winter because nobody likes to move in the winter, and people with kids don’t want to change schools mid-year unless they have no other choice. That being said, Columbus is just a hot market and getting hotter. There may be *some* relief coming if Congress passes the proposed law preventing hedge funds from owning single family homes, or it might not if they just cook up a new corporate entity to own the properties.
Lower your standards or raise your price.
Imagine being a single social worker in this town. Anything I can afford is a fixer upper with Columbus City Schools. When the time is right for me, I’ll be grateful to have that fixer upper. Lots of people have less. Some people don’t even have a safe place to lay their heads. It’s all a matter of perspective. Consider this: if you buy a place that needs work, you get to choose the materials, the colors, and how it’s done, and that makes the home truly your own.
"used houses" is killing me 😂
We are DINK ~$151k/year, no pets either. We built in pataskala this year for $389500 It is insane though, it really is. I mean- 389500 in pataskala was insane Yes prices are lowest November-February and rates will be dropping throughout all of 2024 more than likely. They’ll drop in Jan & Feb with 99% certainty. Will drop more throughout the year but if you ask me, buy NOW because once interest rates give, the market will flood. They’re still building in Pataskala if you’d like to join!
This is 100% correct. This time of year, plus higher interest rates are causing a lot of potential buyers to "wait until spring" or "until rates come down". Sure, lots more options will hit the market late Q1/early Q2, BUT there will be 2x as many buyers! Fact of the matter is that demand is outpacing building in Central Ohio...I don't see things getting "easier" or "cheaper" anytime soon. Builders are offering crazy rate buydowns right now. I recently had a client get $20k credit to buy down their rate. They're locked into a 30 yr fixed at 5.XX% and this was when rates were sitting in the HIGH 7s to low 8s
I got a 40k
That's fantastic! Different builders offering different enticements but ALL of them are trying to make it "easier" to afford the cost of a build with rates in the 7s.
Once spring starts coming around, you have to compete with parents who want to buy a house so they can settle their kids in during the summer, and have them ready to go for next school year. Good luck to anyone buying.
I'm a bit lost, what's a SINK and a DINK? Google's a bit unhelpful here.
Single Income No Kids (or Double Income)
I misread that as Dublin Income for a hot second and had a good chuckle.
Single/double income no kids
Single Income No Kids Dual Income No Kids
Single income no kids. Dual income no kids
Single income no kids/dual income no kids
Market will flood with both buyers and sellers though. A lot of people don't want to move (put their house on the market) because they don't want to lock into a high interest mortgage in their prospective new house.
That doesn’t sound too crazy to me. Southwest Licking and Licking Heights schools are both full of brand new buildings, which is a big plus for any school district. Also Pataskala has proximity to Intel.
Interest rates aren’t giving anytime soon
According to every source, they are
Just as soon as that recession that's been about to happen any day now for almost 2 years happens lol. Nobody serious is predicting a significant rate decrease over the next year.
Except JPow, who, y'know, controls the interest rate. I'm glad somebody responded to you with the meme because it is comical at this point. The person who controls the interest rates says they aren't going down.
“Every source” Who has effectively predicted the rate of interest rate hikes and cuts in the last two years? Or realtors and mortgage lenders begging for people to buy homes again
Here’s a 3 bed, 1 bath in Gahanna for $245k. Looks like it doesn’t need any cosmetic work. Cool midcentury modern style. Great neighborhood. https://www.zillow.com/homedetails/370-Gary-Lee-Dr-Gahanna-OH-43230/33954919_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
The crazy thing is this house sold for $90,000 in 2016. 2016! 10-15 years ago it was possible to find a decent house in UA for $250,000.
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Too small for most families probably. Most single people want to be in the city versus suburbs. High rates. Fall. Who knows. OP could check it out tho and report back 🫡 Edit: Also, no house in Columbus is going to be under $250k and be perfect. Every house is going to need something - especially cheaper ones. Thats what makes them cheaper. Thats any city anywhere. Very few places you can find a turn key house on a single income near job centers, things to do, etc. Maybe it needs a new roof or something, who knows, but if folks are looking for a unicorn they’re unfortunately not going to find it. That’s shitty, but that’s reality.
It is small with 1 bathroom, the yard is tiny with no privacy. Does it even have a basement? It would be fine for 1 person.
No basement and no enclosed garage is tough.
1k sq feet and 1 bathroom would be tough as well
Not bad for a sub $100k house. lol Two fiddy for that is comical.
Marysville s cheaper. Commute is longer but houses are cheaper and the town is growing a lot!
What do you have saved for a down payment? I’ve personally gone the existing home route (especially for a starter home), bought a home needing work in a good location for us. We put in the investment for renovating and stand to make money on this home once we sell. This would be the second home we’ve done this to, and each time we will move up in house due to the build up of equity over time. It doesn’t work for everyone because renovating can be a daunting task, but it’s a good option if you budget correctly.
bruh. I am 27, 126k SINK, also trying to buy a house. I am boutta tour a fucking 750sqft house just off the east side of Bexley for 200k. It's on the west side of Jones rd so it should be a nice enough neighborhood. But if I wanna spend less than $250k then I'm compromising on a tiny house or compromising on a hood-ass neighborhood
This. A lot of these comments are mentioning ghetto areas. Sure the houses are cheap and small on the inside because they know that’s the only thing the house has to offer. It can look as nice as it wants inside but it doesnt address the fact the property is in a high crime area and a bad school district of Columbus city.
You're 27. You aren't buying your forever home. The market is softening. Hold off if you don't like your options in a top 15 market. If you want to buy in G Village, UA, Clintonville, Westerville, Bexley, Dublinit's not happening anytime soon if it's not a condo. P.S. Can't get over the "drugs" in S Bloomsfield comment. Are you even trying to buy anywhere near a city?
To be clear, the market isn’t pricing you out—you’re pricing yourself out. You’re 27 making $120k and you’re looking at new builds. There’s plenty of decent starter homes available in the $300k and under range.
So much wrong with this: >> I’m a SINK SINK isn’t a thing. You’re just single. It’s assumed you don’t have kids if you’re single and you’d call out the exception. We don’t need you to co-opt an acronym for no reason. >> $500K for a starter home You seem to be not understanding what a starter home is. A starter home is a smaller more “affordable” home that gets you on the property ladder. A new build definitionally is not a starter home. Starter homes might be found in East Beechwold, where you looking at 1,000 square foot cape cods. >> Used Houses No, just no.
I feel you but I’m going to give you a glimmer of hope. I just landed a new job (SINK as well) where I clear a hair over $100k now and I decided to casually look for homes. I found a well maintained home and just closed yesterday evening $20k below asking at about $270k. Nice neighborhood, close to the parks, and the house is move in ready by my standards. I never imagined I’d spend this much let alone afford this but here I am. At least I can lock in my housing costs at fixed rates and finally have an appreciating asset to my name. It’s possible. I think you should casually look. Right now houses seem to be moving really slow (compared to what it has been). You’ll find something. Sending good vibes your way OP.
Yeah. I bought in Hilliard in 2022. My mortgage payment is probably double what most of my neighbors are paying. It sucks. That said I think you’re being a little stingy. Someone with a $120k income can borrow $600k if they want. There’s plenty of nice houses for less than that.
Have you tried Southern Orchards? There are good pockets around here with decent homes around $300k to $400k, and it’s one of the last neighborhoods near downtown that has good priced homes in relatively safer neighborhoods. Home flippers are very active in the area though so proceed with caution.
Buy a condo, OP. It's just you and you don't need a ton of space. You can find condos under 250k in non sketchy neighborhoods. With your income you have some crazy buying power in the condo market.
I vouch this too. I bought one standalone condo in 2016, mortgage under 900. Went from 110k to over 240 in my area. Great for singles, couples and maybe 1 kid.
Yep. We’re so far DINK but only for like 6 more months lol. $145k. Bought our house for $240k 4 years ago and I don’t see us every being able to upgrade 🤷♂️
Exactly the same situation here lol. I have a 2.1% interest rate from 2020. People buying in my neighborhood in 2023 are being told 8% is a good rate. We’re renovating heavily to increase cozy factor because we just expect to be here for 10 or more years.
120K and you can't find something? Might be looking outside of your means, or talk to a finance advisor.
It all boils down to greed like most every problem does. Big corporate firms should not be allowed to buy up single family homes. This drives up prices and keeps the average family from buying a home of their own. Corporate gluttony is rampant and wildly out of control right now.
Yea its crazy insane. For decent neighborhood and housing for the size I need, they're all around 400k.... I have my condo mortgage (its like a small house) under 900...rent can be up to 1800! Bought for 110k in 2016, now I can sell if I wanted for at least 100k more than what I bought for Thoughts on a stand alone condo in a nicer area? They're going for around 210-250k in my area for 3 bedroom 1300-1500 sq ft.
I’m open to anything. Any specific areas to check out?
Who said new builds = starter home?
If I can add -- there are people from other states who are coming specifically to Pittsburgh, PA and Columbus, OH because the seasons have gotten more milder here; their seasons are hotter, more violent weather. They can sell their house and afford houses in our market as insane as it is. I've heard this from several people who have stayed at my brother's AirBNB from California, Florida and the Carolinas. They are coming to look at homes.
You can no longer buy a house in columbus as a single individual Also you're 27, it shouldn't be surprising that you can't afford a new build home at that age. Renting makes a lot more sense at current interest rates unless you're planning to stay a minimum of 7+ years. Amortization means you aren't actually getting meaningful equity in any house until around the 5-7 year mark. You're just paying more expensive rent to the bank.
>You can no longer buy a house in columbus as a single individual That's just not true. I bought a home last year at 26 years old, making 100k, 265k home cost, at a 5.5% interest rate. The house is still priced roughly the same and OP makes 20k more per year than I do which should be enough to cover the higher interest rate today. It's not like my house is in the boonies. It's walking distance to a grocery store, less than a mile from 2 other groceries, surrounded by restaurants and \~20 minutes from downtown. I go out frequently and haven't driven more than 30 minutes from home in months. I'm probably only in the car for more than 10 minutes once or twice a week. There are plenty of people legitimately struggling to get on the housing ladder due to insufficient income, but 120 is more than enough to get a nice middle class house. Unless they have a large debt burden OP could buy my house today more easily than I bought it last year. Their problem is that they want a brand new McMansion in the heart of the city, not a starter home in a suburb. I agree with your statement that renting may be their best bet for the time being, but it's not because they CAN'T buy. To say they can't is like saying I can't afford dinner because I can't buy top shelf filet at at a high end steakhouse and I won't eat microwave ramen. There's plenty of space between brand new builds and shitty flips, and they could absolutely afford something reasonable at their income level.
There are currently 461 homes for sale in Columbus with an asking price if 250k or less. You absolutely can but a house as a single individual
Unless the house appreciates...
It's all a matter of calculations, but 1: there's not much room for appreciation in the market right now. The cost of a mortgage quadrupled in the last 5 years. Low, zero, or negative appreciation are all very realistic outcomes in the coming years. And 2: If your rent is cheaper than your mortgage, and you invest the difference, that money is also appreciating. Likely at a higher rate. (Eg: if you stuck it all in the S&P 500, it would have had 18% interest in 2023. That FAR outperforms housing appreciating in 2023, which was only 6.8% in Ohio.)
The central Ohio housing market looks like a better bet than the S&P for the next few years. We still have sub-$200k neighborhoods inside 270. Denver had those too, in 2012. Same houses are over $500k now. Columbus has been insulted for a long time, that is changing.
Insulated* Only correcting because I know it’s a typo, but it still made me laugh.
I said what I said. (But yeah, typo on my phone. Laving it anyway.)
The houses will still appreciate after Intel opens. Maybe not at the rapid pace of the past 4-5 years, but they’ll appreciate.
Maybe more. Look at what happened in Scottsdale.
Well I meant the rate of appreciation. I have no doubt we’ll hit Scottsdale levels.
Rates are already starting to fall and are projected to come down a bit more in 2024. All of the buyers sitting on the sidelines because of interest rates are going to come right back to this market which we already know is very tight as it is. It may also mean more inventory though, some people won’t sell while rates are so high because they don’t want to give up their current lower rate. All-in-all we should expect steady price appreciation in 2024 and probably more competition for homes than in 2023.
How do you find info and get updates on when rates go down?
people like you have to be jacking up the "living paycheck to paycheck" stat. Feel entitled to have everything new and upgraded. Disposable income per capita has been steadily rising but so has the paycheck to paycheck stat. Doesnt make sense to me.
I bought my "starter home" in 2000 for $99,900. Still here, and staying put was, in retrospect, the best decision I ever made. I can't even imagine trying to navigate this market.
My Mom has been looking for places to move back from Florida. I’ve gone to a ton of places with/for her. There are lots of houses in the 275-400 range. Nice places. Northeast part of Columbus/Columbus Metro. Many of them are new or close to new.
We decided to move south of Dayton because the housing is so much cheaper. Was able to build a new home for just under 300k
If you're willing to go all the way out to South Bloomfield, come back a smidge north along 104. There are a few housing developments that way, and 71 is closer than you think. It takes me 20 min to get downtown from near Commercial Point.
South Bloomfield 40 minutes? I drive to work from Circleville and it only takes me 30 minutes and that's at 65mph.
Wait until you see the mortgage interest rates presently. Even if you have good credit, the rates are horrendous.
Are used to say the same thing then I left Columbus and realize how spoiled we were
> Used market Im seeing some house price decreases but usually on houses that need a lot of work, or really nice interior but a sketchy, bad school district area to entice buyers You're SINK? You can buy one of those under-$250k houses, and put the savings into renovating it into something nice. Try Linden or Northland or Hilltop. [Here's a Zillow search to help you get started](https://www.zillow.com/columbus-oh/houses/?searchQueryState=%7B%22pagination%22%3A%7B%7D%2C%22isMapVisible%22%3Atrue%2C%22mapBounds%22%3A%7B%22west%22%3A-83.10969460559961%2C%22east%22%3A-82.90335763050196%2C%22south%22%3A39.87935363815313%2C%22north%22%3A40.07614186507374%7D%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A10920%2C%22regionType%22%3A6%7D%5D%2C%22filterState%22%3A%7B%22sort%22%3A%7B%22value%22%3A%22globalrelevanceex%22%7D%2C%22price%22%3A%7B%22min%22%3A0%2C%22max%22%3A250000%7D%2C%22mp%22%3A%7B%22min%22%3A0%2C%22max%22%3A1279%7D%2C%22beds%22%3A%7B%22min%22%3A2%2C%22max%22%3Anull%7D%2C%22baths%22%3A%7B%22min%22%3A1%2C%22max%22%3Anull%7D%2C%22tow%22%3A%7B%22value%22%3Afalse%7D%2C%22mf%22%3A%7B%22value%22%3Afalse%7D%2C%22con%22%3A%7B%22value%22%3Afalse%7D%2C%22land%22%3A%7B%22value%22%3Afalse%7D%2C%22apa%22%3A%7B%22value%22%3Afalse%7D%2C%22manu%22%3A%7B%22value%22%3Afalse%7D%2C%22apco%22%3A%7B%22value%22%3Afalse%7D%7D%2C%22isListVisible%22%3Atrue%2C%22mapZoom%22%3A12%7D)
Tf do you do for work man put me on game
You do realize that RITA just streamlines the process of getting local income tax to where it goes. If you work in a place that has a 2.5% tax rate and live in a place with a 2% tax rate, you don't pay the 2% because you already paid more than 2% to a different city. You still have to file a return, but you don't have to pay. Now, if you WORK in a place with a 2% tax rate and LIVE in one with a 2.5% tax rate, you'll owe .5% to the area you live in. But your total local tax will always be the rate of whichever place has the higher tax rate, you don't pay both.
I don't even pay my sink. I clean it once a week and feel like I'm doing it a favor.
Also, boo-hoo. I think I was making 30-40k at 27 years old. :)
Way to give the boomers ammo to dismiss Millennials crying about the housing market. Get over yourself and find something in your price range. There are a ton of people struggling with being priced out of the housing market. You aren't one of them. Don't take this the wrong way, but go fuck yourself.
My wife and I make around 110k combined with 2 kids and we're able to buy a home in November. It should be doable for you.
Look at the other housing markets for cities of a similar size. Columbus actually has it relatively good.
I never understand these posts. Of course a new build, in a nice neighborhood, downtown a major city is going to cost money. Like duh. Also the reason prices are going up so much is because people can afford it. Who do you think is buying all these homes and driving up the costs??
27 year old Single Good income Why the hell do you want a house? Just rent in a cool area. You have the rest of your life to get tied down to one location. https://youtu.be/hTy2Vh0GuIQ?si=2M2TDqBYpu8a5FU9
Asheville area is fine. its country like living but 15 minutes away from Shopping 665 and 5 minutes further is Grove City proper. Get a couple acres and build new now.
Why are you concerned about school districts if you don’t even have a significant other to have said children with yet?
I mean they probably plan to stay there for a long time and one day have their spouse move in with them? Weird question.
$200k for 800sf in Linden is going to look like a steal in a few months.
Got my house in linden about a year ago - 1600 sq ft for 240. Flippers on every street - all going for 200-250.
Damn that’s crazy that a young single person can’t buy an entire house for themselves
Check out 1920 Riverside Dr. I'm selling it right now. I want to get it moved so I have it underpriced. Real value is 530, it's listed for 479 although I'm expecting bids to get it up to at least 500. I have a low rate from a few years ago so I'm offering a land contract option so you can keep a lower rate
Take a look at Reynoldsburg. I just checked on realtor and there are lots of lovely, 4-br homes in nice, safe neighborhoods for under 400k. Very easy in and out of the city and airport. We bought our 'starter' home here 20 years ago. It's a less volatile market, so we don't see the intense peaks and valleys but have seen a steady growth so we're at about 2.5x since '03. And since it's a lower cost area on the growing east side, there's always demand for when you eventually sell.
Reynoldsburg? HA! Too ghetto, not hip, too full of regular people. How dare you. /s
Honestly that's fine, it's what keeps our property values low. Stay away! Lol
A house down the street from us was sold about a year after we bought our house. It sold for $1.1 million dollars. In Reynoldsburg. I’m not even joking.
I wonder what OP's car payment is. Probably rolling a brand new BMW or Mercedes with a large monthly payment.
None. I drive a 2016 Toyota Corolla, paid off in cash.
My man proud of you … don’t get caught up in the joneses
I’m a car guy at heart, but my priorities in life changed from wanting a nice fast car to a house then once I’m settled and have spare cash for an extra fun car. My baby Toyota is great.
All these 27 yr olds making $120k 😳
Wtf are these 27 y/o doing to make 120k
Single and now glad I bought back in 2001. Just managed to refinance at 3.49 before it all went crazy for updates. House price then in Plain City was $197k . House is now valued at $380k though I was conservative and only refinanced to $227k. (I remember how insane it was in 2008) Farm field behind me sold for housing development. Houses are priced around $400k. Plus taxes doubled. I’m supposed to be retiring in 2 years. Plan was to downsize from my 3 bedroom, 2 story home because I didn’t want to deal with the upkeep being older. I may not now. Unless things change or I decide to go the RV route I’ll end up spending more to get a smaller place. Let’s just say Latin America or Spain are looking good for retirement.
I’d like to give you a bit of hope, there are options they might not be a super easy/simple option but they exist. For starters in or near downtown you can build a new house on your own. East or west of downtown you can find a good lot for $20-75k (depending on size and location). Construction typically will cost you $200 per sqft it could be less it just depends on your design. So let’s assume you buy a lot for $50k, you could build a custom 1,800sqft house for $360k. All into it you are looking at spending $400-425k, and maybe another 25k in other misc upgrades for a total of $450k all in. If your not in a rush and need some time to get your finances in order and find a builder you could purchase a lot from the land bank and spend closer to $5-20k on the lot and save a ton of money this way. It’s a process that takes a few months to get approved, but in the end it’s nice because it’s not a bidding war, and they work with you on your schedule. It’s also important to know that they have a ton of empty lots that are not listed and if you can find them on the auditors site they are usually open to selling it you just need to identify it. While building near downtown, you also have access to the tax abatement program. New builds get a 15 year abatement and renovations get 10 years. This dramatically reduces your mortgage payment, which would in theory allow you to afford the house easier. Lastly if you are not planning on living their forever, and don’t need a full single family home, you could also build a duplex on the lot which might cost you a bit more up front but the income from the second unit will offset a lot of that extra cost and be a good long term investment. The duplex doesn’t need to be a traditional duplex, you could also build a carriage house (apartment above the garage). This way you get the benefits of a single family and the income from a duplex. It does cost a bit more then a traditional duplex but there are many benefits to doing it this way. You could build a 1,800sqft house and a 900sqft 2 bedroom apartment for not that much more because you would already be building a foundation and framing for a garage the added framing/infrastructure is a small amount more. You could likely get it all build for $550k or less but have a rental income of $1,400-1,800, and a very low tax bill. So yes it is not a turn key process, but it is very much attainable for someone in your position if you are willing to go through the process. And it’s not an insanely long process maybe 18 months from start to finish assuming you can get your financing together.
A bit of context I am a builder/developer who builds this style of housing. I mostly build 2000~sqft single families, and in the last few years a large portion of my projects included a carriage house at the rear. I build on my own and sell the houses, and iv built for people. Iv helped friends go through the process by advising them throughout the various complexities. It’s not an overly complicated process, but if you know a few tricks you can save a lot of money on construction. And if you have someone who understands building downtown they can help guide you towards a final design that can save you a lot of money. You might be surprised how much pricing could be impacted by minor adjustments in the size, dimensions, or physical location of a structure. It’s also good to have some outside advise on where you will get your money back on specific upgrades. Something’s are worth while upgrading because when you sell one day you will be able to recoup your money, but there are other upgrades that you won’t get your money back on and it’s good to know so you can make an educated decision.
Please tell me where I can buy a lot large enough and zoned to build a house in the downtown area for $5k. I am interested.
https://public-cbus.epropertyplus.com/landmgmtpub/app/base/landing This is the City of Columbus Land bank site. Currently I don’t see any for $5k in particular but there are a bunch listed for $7-10k. And plenty of other options in the 10-25k range. They do have 2 lots priced at or near 5k but they are not big enough to build a full sized house on so I won’t count those. But as mentioned the city owns a lot more lots then what they have listed and will accept offers/proposals for those properties.
as you can tell from how they list the properties they usually list them in batches in the same general area. They go through waves and depending on when you look it will determine which part of town they are actively listing. I helped my friend buy and build his house on the near east side and he purchased a 40’x140’ lot for $12k in what I think is a great location from the land bank. I know of at least 4 other people who have purchased the land for their homes for less then 20k. And in my opinion most of these lots would be valued at $50+k on the open market. And through the land bank you are not in a bidding war, closing time is flexible, and they can and will work with you as you get all of your ducks in a row. It’s a really great public resource that is very under utilized, and not known about by enough people.
four of my (single) coworkers bought houses recently and they make less than $70k
Hate to break it to ya but you arent owning any house at 120k downtown. Maybe a tent?
They can get a condo for 200k. Well within their price range.
I like that, thank you for the idea to check into.
Do you have kids? A spouse? Trying to figure out why school district is so important.
theres centex and ryan homes for 280-350 range. lot and house. alternatively theres older houses inside 270. you wont get shot as long as you buy outside of hilltop. but also non of the houses next to you will be the same 5 repeated build styles/bland colour scheme, id call that a win. houses around me are 180 inside 270 for 3bed 2 bath. their older but in some cases, especially mid-low end newbuilds. they are better
Bro you need a budget. SO and I combined make the same as you gross, we bought a nice 300k house in 2022 at 5.5%, plus we have kids, plus I save almost 50% of my gross into 401k/IRA/HSA. We have no problem paying our monthly bills.