What Does Your Monthly Budget Buy in Central Ohio at 7.28%?

Mortgage rates climbed again last week. Freddie Mac's survey put the average 30-year fixed rate at 7.28% on October 1, 2026, up from 7.03% the week before and 6.34% a year ago. When rates move this fast, the most useful question for a buyer is not "what can I afford?" in the abstract. It is "what does my monthly budget actually buy, and where?"

So I built a simple map. The examples below assume 20% down and a 30-year fixed loan at 7.28%, showing principal and interest only. Each budget is matched to Central Ohio areas whose August 2026 median sale price fits within it.

Your Budget, Matched to August Median Prices

• About $1,800 a month buys roughly $329,000. Areas with medians in range include Columbus City Schools (269,000),GroveportMadison(275,000), Reynoldsburg (299,950),andSouth-Western/GroveCity(319,900).
• About $2,000 a month buys roughly $365,000. That adds Canal Winchester ($362,000), and puts you right around the regional median of $345,500.
• About $2,200 a month buys roughly $402,000. That adds Westerville City Schools (380,000)andHilliardCitySchools(395,500).
• About $2,500 a month buys roughly $457,000. That adds Gahanna-Jefferson (402,500),WorthingtonCitySchools(412,500), and Pickerington ($425,000).

Keep in mind that a median is the midpoint. Half of the homes in each area sold for less, so a budget slightly under an area's median can still find options there, especially among smaller homes and condos.

Three Things the Simple Math Leaves Out

1. Property taxes vary widely. In Ohio, school levies drive big differences in tax bills from one district to the next, even at the same price. Two homes with identical payments on paper can differ by hundreds of dollars a month once taxes are included. I pull the actual tax figure from the county auditor for every home you are serious about.
2. Your down payment changes the picture. With 5% down instead of 20%, that same $2,000 payment supports a price closer to $308,000 before mortgage insurance.
3. Rates can move in either direction. Each quarter-point move shifts the payment on a $276,400 loan by roughly $47 a month.

How to Use This Before You Start Touring



• Start from the total monthly payment you are comfortable with, including taxes and insurance, then work backward to a price.
• Get preapproved so your lender can confirm your exact number at today's rate.
• Look at a few areas near your budget line. Homes listed 30 days or more are often where sellers are most willing to offer credits.

Bottom Line

At 7.28%, a $2,000 monthly principal and interest payment supports a home of about $365,000 with 20% down, right around the Central Ohio median. Your options are wider than many buyers assume, but property taxes can swing the true monthly cost significantly between areas. Start with your all-in monthly number, not a list price.

Margaret Lipp | REMAX Premier Choice

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

Data source: Columbus REALTORS® Central Ohio Housing Report, August 2026 (released September 14, 2026), based on Columbus & Central Ohio Regional MLS residential data. MLS price figures do not account for sale concessions. Mortgage rate data: Freddie Mac Primary Mortgage Market Survey, week of October 1, 2026. Payment examples show principal and interest only and are illustrative, not a loan quote; property taxes, insurance, and HOA dues are additional. Consult a licensed lender for rates and terms. Areas are listed by Columbus REALTORS® reporting area (school district boundaries) and reflect sale prices only.