Columbus is ‘most expensive area to rent in Ohio,’ per recent annual report

The National Low Income Housing Coalition’s annual “Out of Reach” report is naming Columbus the ‘Most Expensive Area to Rent in Ohio.’

The report explains:

“In Ohio, the Fair Market Rent (FMR) for a two-bedroom apartment is $1,171. In
order to afford this level of rent and utilities — without paying more than 30% of
income on housing — a household must earn $3,902 monthly or $46,825 annually.”

Key report findings show that a Columbus resident would need to make $27.79 an hour to afford a 2-bedroom apartment, while Ohio’s minimum wage is currently at $10.70. The average renter in the state of Ohio makes $18.62 an hour.

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The average Ohio Fair Market wage needed to afford a 2-bedroom in the state is at $22.51 per hour. Per the report, that means that someone would need to work 67 hours per week at minimum wage to afford a 1-bedroom rental in Ohio, and 84 hours per week at minimum wage to afford a 2-bedroom rental — or 2.1 full time jobs to afford that 2-bedroom rental home.

Other ‘most expensive areas’ in Ohio following Columbus (in order) were: Union County, Cincinnati, Cleveland-Elyria, and Akron. Currently 33% of Ohio residents are renters.

The full report can be downloaded from the National Low Income Housing Coalition here.

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