Rent or Buy in Columbus Right Now? An Honest Look at the Numbers

Two numbers frame the rent versus buy question in Columbus this fall. Apartment List's November 2026 report puts the city's median rent for a two-bedroom at $1,338, with overall rents essentially flat from a year ago, up just 0.4%. Meanwhile, Freddie Mac's survey put the average 30-year mortgage rate at 7.24% on October 29, 2026, down for a second straight week but still well above last year's 6.17%.

With rents steady and rates high, renting looks more competitive than it has in years. That does not make it the right choice for everyone, so let's walk through the math honestly.

The Monthly Comparison

Take a $250,000 home, a realistic price for a condo, townhome, or entry-level single-family home in many parts of Central Ohio.

• Rent a two-bedroom: about $1,338 a month at the city median.
• Buy with 5% down ($12,500): principal and interest come to about $1,619 a month at 7.24%. Property taxes, insurance, mortgage insurance, and any HOA dues are on top of that, and they can add several hundred dollars more.

On a pure monthly basis, renting is cheaper right now, often by $500 or more once all ownership costs are included. That is the honest starting point.

The Five-Year Picture

Monthly cost is only part of the story. Owning builds equity in two ways: paying down the loan and price appreciation. On that same $250,000 home with 5% down:

• Loan paydown: about $13,400 of principal paid off over five years.
• If prices are flat: no appreciation. Paydown alone may not cover the extra monthly cost and the expense of buying and later selling.
• If prices rise 2% a year: about $26,000 in appreciation, plus the loan paydown.
• If prices rise 3% a year: about $39,800 in appreciation. For context, the Central Ohio median sale price is up 3.3% so far in 2026.

Meanwhile, five years of rent at today's median comes to roughly $80,300, or about $85,200 if rent rises 3% a year, with no equity at the end. Keep in mind that buying and selling a home both carry real transaction costs, which is why the length of time you stay matters so much.

Buying Tends to Make More Sense If...

• You expect to stay at least five years, which gives equity time to outpace transaction costs.
• You want stability in your housing payment. A fixed-rate mortgage locks in principal and interest, while rent can rise at every renewal.
• You have a solid emergency fund after your down payment and closing costs.
• You would refinance if rates drop meaningfully, which can lower your payment later.

Renting Tends to Make More Sense If...



• You may move within two or three years for work or family.
• Buying would use nearly all of your savings.
• You are still deciding which part of town fits your life best.

The extra monthly cost of owning would make your budget uncomfortable. 

Bottom Line

With Columbus rents flat and rates above 7%, renting is often cheaper month to month right now. Buying still tends to come out ahead for people who stay five years or more, thanks to loan paydown, appreciation, and a fixed payment. The right answer depends far more on your timeline and savings than on this week's rate.

Margaret Lipp | REMAX Premier Choice

Serving Upper Arlington, Dublin, Worthington, Clintonville, Hilliard, Powell, Grandview, and all Central Ohio communities

Rent data: Apartment List Columbus, OH Rent Report, November 2026. Home price data: Columbus REALTORS® Central Ohio Housing Report, September 2026. Mortgage rate data: Freddie Mac Primary Mortgage Market Survey, week of October 29, 2026. Payment examples show principal and interest only and are illustrative, not a loan quote; property taxes, insurance, and mortgage insurance are additional. Consult a licensed lender for rates and terms. Appreciation and rent growth scenarios are hypothetical illustrations, not forecasts.