Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Columbus | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $122,942 | $238,631 | $242,182 |
| Price Trend (Annual %) | 3.7% | 9.0% | 8.2% |
| Median Gross Rent | $1,072 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Columbus is about 48% lower than in Georgia. Rent is about 18% lower than the Georgia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Columbus, up about 3.7% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Columbus rose about 29.2% between 2015 and 2023, from $829 to $1,072. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Columbus.
Buying the median-priced home in Columbus costs roughly 9.6 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Columbus. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Columbus | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $122,942 | $238,631 | $242,182 |
| Median Household Income | $56,333 | $74,683 | $78,145 |
| Price-to-Income Ratio | 2.2 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Columbus rose about 25.3%, while median household income rose about 38.8% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Columbus | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 44.4% | 58.4% | 58.2% |
| Rental Rate | 43.9% | 31.0% | 31.3% |
| Vacancy Rate | 11.7% | 10.6% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Columbus has a homeownership rate of 44.4%, lower than the Georgia average of 58.4%. Its housing vacancy rate is 11.7%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Columbus | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1980 | 1989 | 1978 |
| Median Number of Rooms | 5.7 | 5.9 | 5.5 |
The typical housing unit in Columbus was built around 1980. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Columbus, Georgia.
What is the median home price in Columbus, Georgia?
The median home price in Columbus, Georgia is $122,942, lower than the Georgia average of $238,631.
What is the average home price in Columbus, Georgia?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Columbus, Georgia?
The median gross rent in Columbus, Georgia is $1,072 per month, lower than the Georgia average of $1,306.
What was the median gross rent in Columbus in 2020?
In 2020, the median gross rent in Columbus, Georgia was $925 per month.
What is the price-to-rent ratio in Columbus, Georgia?
The price-to-rent ratio in Columbus, Georgia is about 9.6, meaning it would take roughly 9.6 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Columbus.
Are home prices or rent rising faster in Columbus, Georgia?
Both home prices and rent are rising in Columbus, up about 3.7% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Columbus, Georgia?
44.4% of households in Columbus, Georgia own their home, lower than the Georgia average of 58.4%.
What is the vacancy rate in Columbus, Georgia?
The housing vacancy rate in Columbus, Georgia is 11.7%, higher than the Georgia average of 10.6%.