April 5, 20214 yr CMHA sets strategy for 2,500 new affordable housing units in five years Tristan Navera - Cplumbus Business First - Apr. 5, 2021 "The Columbus Metropolitan Housing Authority plans to finance 500 new affordable housing units a year through 2025. CMHA will issue $30 million in general revenue bonds, the first time it's turned to this kind of financing in its 87-year history. To do so, it secured its first credit rating, an A+ from Standard & Poors. ... CMHA has doubled its portfolio of affordable housing in the last five years, Hillman said, and today it owns 4,000 units, half set aside for families earning 80% of the area median income, or $47,150 for a single person and $67,350 for a four-person family."
April 6, 20214 yr Got an idea for affordable housing? This contest could bring it to life Tristan Navera - Columbus Business First - Apr. 6, 2021 "The city and county unveiled the Next Home 2021 contest, which they're opening to architects, developers, builders and other professionals. The contest centers on how to design homes that can be built for less than $170,000, with the winning designs to be constructed on two land bank lots in the Hilltop neighborhood and the city of Whitehall. ... While regional homebuilding was up to 11,864 units last year, the region is still not building enough to keep up with a projected population growth of 1 million new residents by 2050. There's a deficit of 48,462 units available for low income renters in Columbus, leading to severe housing cost burdens."
April 6, 20214 yr 2 hours ago, NorthShore647 said: Got an idea for affordable housing? This contest could bring it to life Tristan Navera - Columbus Business First - Apr. 6, 2021 "The city and county unveiled the Next Home 2021 contest, which they're opening to architects, developers, builders and other professionals. The contest centers on how to design homes that can be built for less than $170,000, with the winning designs to be constructed on two land bank lots in the Hilltop neighborhood and the city of Whitehall. ... While regional homebuilding was up to 11,864 units last year, the region is still not building enough to keep up with a projected population growth of 1 million new residents by 2050. There's a deficit of 48,462 units available for low income renters in Columbus, leading to severe housing cost burdens." I do have ideas, but I don’t know how to calculate cost of materials and all of the important stuff. Hopefully this brings some great ideas.
April 6, 20214 yr 3 hours ago, NorthShore647 said: Got an idea for affordable housing? This contest could bring it to life Tristan Navera - Columbus Business First - Apr. 6, 2021 "The city and county unveiled the Next Home 2021 contest, which they're opening to architects, developers, builders and other professionals. The contest centers on how to design homes that can be built for less than $170,000, with the winning designs to be constructed on two land bank lots in the Hilltop neighborhood and the city of Whitehall. ... While regional homebuilding was up to 11,864 units last year, the region is still not building enough to keep up with a projected population growth of 1 million new residents by 2050. There's a deficit of 48,462 units available for low income renters in Columbus, leading to severe housing cost burdens." "Give us your ideas, because we're tapped out."
April 7, 20214 yr Thought you guys might like this video on Columbus real estate from a real estate investor. He analyzes data at specific areas and even goes down to the zip code level at one point showing that the Old Towne East zipcode was a top 10 zipcode for the entire country for appreciation. It's actually insane how much things have appreciated there. Edited April 7, 20214 yr by TH3BUDDHA
April 8, 20214 yr 22 hours ago, TH3BUDDHA said: Thought you guys might like this video on Columbus real estate from a real estate investor. He analyzes data at specific areas and even goes down to the zip code level at one point showing that the Old Towne East zipcode was a top 10 zipcode for the entire country for appreciation. It's actually insane how much things have appreciated there. Thanks for posting this-very interesting video.
April 18, 20214 yr Affordable housing developments in Bexley? They've got two in the works right now... _____________________________________________________________________________________________________________________ Nonprofit developer Community Builders planning affordable housing developments in Bexley A Massachusetts-based nonprofit developer is working to bring more affordable housing to the affluent Bexley area with a pair of residential projects. Community Builders Inc. is working with the Bexley Community Improvement Corp., a city-affiliated development agent, on a plan for a mixed-use multifamily housing project with 16 apartments and 3,500 square feet of retail space at 420 N. Cassady Ave. on the city's north side. Separately, Community Builders wants to buy the O.R. Woodyard funeral home at 2300 E. Livingston Ave., demolish it and build a three-story, 27-unit affordable housing development. MORE: https://www.bizjournals.com/columbus/news/2021/02/16/affordable-housing-proposal-in-bexley.html
April 30, 20214 yr Housing is hot but faces a big hurdle: Rising construction costs Tristan Navera - Columbus Business First - Apr. 30, 2021 "The Associated Builders and Contractors construction trade group estimates material prices are 13% higher than March 2020, including an 83% increase in the cost of lumber, 37% increase in iron and steel and 40% increase in milled products like steel ingots and sheets. And it pins this on the coronavirus' many consequences. ... Tre' Giller, CEO of DRK and Co., said the impact is to further drive up housing costs. His company has 3,000 units of "workforce housing" in development in the region, designed to be affordable to people making around the area median income. Margins on such developments are tight already, he said."
May 26, 20214 yr Ginther pledges additional $10M for affordable housing, hires Campus Partners exec to new role: -- https://www.bizjournals.com/columbus/news/2021/05/10/ginther-10m-affordable-housing-hires-erin-prosser.html -- https://www.columbusunderground.com/new-hire-at-city-to-focus-on-affordable-housing-bw1 Mayor Andrew Ginther has hired an Ohio State University development executive to a newly created city role dedicated to leading city efforts to increase the number of affordable housing units. Erin Prosser now is assistant director of housing strategies within the city Department of Development. Since 2010, Prosser has been director of community development for both Ohio State's planning office and its real estate affiliate, Campus Partners. She worked on the revitalization of Weinland Park, Gateway University District mixed-use development and the 15th and High redevelopment. Ginther pledged an additional $10 million to augment private investment for affordable housing development as part of his upcoming proposal for the 2021 capital budget. That follows $11.5 million for similar uses in the pandemic-delayed 2020 capital budget, which City Council just passed in November. The new funding will support multi-unit developments in Linden and Northland as well as single-family houses on land bank parcels in Franklinton, Weinland Park and Milo-Grogan.
May 27, 20214 yr Columbus Has Fastest Selling Housing Market in the US, According to Zillow According to data gathered and analyzed by Zillow, homes for sale in the Columbus market are moving more quickly than any other major city right now. In the month of April, 74 percent of homes sold in Columbus went into a “pending” status in less than a week — a stat tied only with Denver. A mere 12 percent of homes in Columbus took longer than a month to sell in April. More: https://www.columbusunderground.com/columbus-has-fastest-selling-housing-market-in-the-us-according-to-zillow-we1
June 7, 20214 yr Cross-posted from the Columbus Random Developments thread: Affordable apartments planned for Alrosa Villa site The site of the Alrosa Villa, the once-popular and now-closed North Side music venue where five people, including former Pantera guitarist "Dimebag" Darrell Abbott, were shot and killed during a 2004 show, is slated to become the home of 180 affordable apartment units. Columbus City Council is expected to vote Monday on using $2.175 million from the city's Affordable Housing Bond Fund for the apartments to be built at the site at 5055 Sinclair Road. The $3.3-million project, called Sinclair Family Apartments, is an effort between the Columbus Metropolitan Housing Authority and the NRP Group, of Cleveland. According to the legislation, the development would consist of three, four-story buildings providing one-, two-, three-, and four-bedroom apartments. "A lot of the new affordable housing deals don't have the three- and four-bedroom units (that are) good to house larger families," said Scott Scharlach, chief operating officer of the CMHA. Residents earning 30% to 60% of the area median income would be eligible to live there. ... Scharlach said 45 of the units will have federal housing vouchers attached to them to help pay rent for the poorest residents. MORE: https://www.dispatch.com/story/news/2021/06/07/affordable-apartments-planned-alrosa-villa-site/7511940002/ 1 hour ago, Pablo said: The Alrosa Villa will become the site of 180 affordable apartments. I know there's a need for affordable housing in the city but this site will force the residents to own cars. There is a COTA bus stop on Morse Rd. at Indianola, but it's about a 1/2 mile walk on a road with no sidewalks. It seems like an isolated location. https://www.dispatch.com/story/news/2021/06/07/affordable-apartments-planned-alrosa-villa-site/7511940002/
June 11, 20214 yr CMHA to receive $21 million in federal funds for emergency housing vouchers for homeless The Columbus Metropolitan Housing Authority will be using $21 million in new federal money to pay for emergency vouchers to house 298 homeless families. The U.S. Department of Housing and Urban Development awarded the money as part of $5 billion being distributed nationwide for housing the homeless. "I cannot overstate what a big deal it is, 300 people who are homeless who will not be homeless any more," said Michelle Heritage, the executive director of the Community Shelter Board. ... Heritage said the new money will be focused on homeless people who are also disabled. The money will also pay for case managers, medical care and mental health services, she said. In Franklin County, the Community Shelter Board found 1,201 homeless people during its point-in-time count on Jan. 27, down 265 from the 1,466 count the year before. Officials believed the eviction moratorium had something to do with the lower count. MORE: https://www.dispatch.com/story/news/2021/06/09/columbus-housing-authority-gets-fed-money-homeless-housing-vouchers/7598847002/
June 20, 20213 yr On 5/27/2021 at 9:31 AM, TH3BUDDHA said: Columbus Has Fastest Selling Housing Market in the US, According to Zillow According to data gathered and analyzed by Zillow, homes for sale in the Columbus market are moving more quickly than any other major city right now. In the month of April, 74 percent of homes sold in Columbus went into a “pending” status in less than a week — a stat tied only with Denver. A mere 12 percent of homes in Columbus took longer than a month to sell in April. More: https://www.columbusunderground.com/columbus-has-fastest-selling-housing-market-in-the-us-according-to-zillow-we1 Wow. I get on Zillow and can't believe the asking prices for some of the dumps listed on there. I don't necessarily see this as good news. The market is far too hot right now.
June 20, 20213 yr Are the prices of all materials and contractors up? My landlord had me get 2 estimates for carpet just for the living and dining room, which really aren't that big. Both are about 12x16ft. $2200 quoted by both companies for medium grade and a job that only took a 3 man crew 2 and a half hours. They would have charged more if they had to move everything out of the rooms or rip up old carpet. Edited June 20, 20213 yr by David
July 15, 20213 yr OSU study finds homes in low-income, mostly Black neighborhoods overvalued for property taxes Bonnie Meibers - Columbus Business First - July 15, 2021 "Houses in lower-income, mostly Black neighborhoods are regularly overvalued for property taxes while the opposite is happening in wealthier, mostly white areas, according to a new study commissioned by Franklin County Auditor Michael Stinziano. ... There is a remedy of sorts in the Ohio House, the OSU researcher said. House Bill 159 would cap at 5% the amount that property taxes can be raised in a single year for homeowners at or below the median income for Franklin County, Outrich said. The OSU study said countywide residential property tax delinquencies rise after every property tax reappraisal. 'If you are looking at a 30% increase over three years, it helps those folks, so they’re not shocked with that price jump,' Outrich said. 'Instead of 30% over three years, it would be a 15% increase over that period.'" Here is a link to the report on the auditors website
July 15, 20213 yr Hmm, mostly Uncool Crescent. There are some strange philosophies at the Auditor's office sometimes. This makes me think they are all, "It's Columbus! You have to live here if you want a job! Doesn't matter if the part of town is Uncool." Or During the ~2007 reassessment "This strip mall where the HobbyTown that gcrites80s works at is near NEW ALBANY!" They are going to make tons of money! Let's get 'em!" Then within a few years the strip mall totally emptied out except for the bar since the rent ended up being so high. Whoops. They then lowered the property taxes in 2010 and the strip mall eventually filled back up again.
July 15, 20213 yr The same pattern can be found in most US cities. Hot areas tend to be undervalued for property tax purposes because the assessments have a hard time keeping up with what's going on. If your house doesn't have a recent sale it's hard for the auditor's office to come up with a good value and they usually lowball it to avoid challenges. On the other hand, in areas with stagnating or falling property values they are unlikely to want to reflect that in assessments so the assessments tend to overvalue the properties. Basically, it's easier to assume a more uniform increase in values for homes that haven't sold recently so that ends up undervaluing hot areas and overvaluing struggling areas.
July 16, 20213 yr It happens and people do win sometimes. They might get it down 10%, even 20% in the right circumstance. Edited July 16, 20213 yr by GCrites80s
September 21, 20213 yr After apartment buildings are sold, many tenants can't afford new owners' rent jumps Mark Ferenchik - The Dispatch - Sep. 20, 2021 "What's going on in the increasing popular King-Lincoln neighborhood — brimming with new apartment buildings and renovated homes, illustrates what's going on not just in Columbus, but in Ohio and the rest of the country. 'We've certainly seen examples of investor-owned companies coming in and buying up smaller landlords and jacking up rent. The pandemic accelerated the problem,' said Marcus Roth, the development director for the Coalition on Homelessness and Housing in Ohio (COHHIO). ... Joe Maskovyak, COHHIO's affordable and fair housing coordinator, said his group has received a sizable increase in calls about rents being increased from people across the state — not just Columbus — often because of new owners and management."
September 23, 20213 yr The City Of Columbus Has Awarded $12 Million To Local Nonprofits For COVID-19 Rental Assistance 26 community organizations received a total of $12.2 million to fund rental assistance, supportive services and targeted outreach to hard-to-reach Columbus residents. The funds come from the Stable Housing Initiative fund. Over 14,400 central Ohio renters have received more than $33 million in COVID-19 rental assistance from the city, county, and state since the start of the pandemic. MORE: https://www.columbusnavigator.com/the-city-of-columbus-awards-millions-in-covid-19-rental-assistance/
September 27, 20213 yr Winning Design Announced for Affordable Housing Competition Brent Warren - Columbus Underground - Sep. 27, 2021 "The sponsors of an affordable housing design competition have announced the winner; a two-story house featuring a front porch “conservatory” that can be converted into living space as a family grows. In addition to receiving a $5,000 first prize, the winning team – Tim Lai AchirtecT, Titan Facility Services and COhatch – will now have the chance to enter into a contract with the Central Ohio Community Land Trust to actually build a version of the home on two lots; one on the Hilltop and the other in Whitehall. The two homes will be built on parcels held by the Central Ohio Community Land Trust, which is structured to encourage long-term affordability." https://nexthome2021.org/
September 27, 20213 yr 21 minutes ago, NorthShore647 said: Winning Design Announced for Affordable Housing Competition Brent Warren - Columbus Underground - Sep. 27, 2021 "The sponsors of an affordable housing design competition have announced the winner; a two-story house featuring a front porch “conservatory” that can be converted into living space as a family grows. In addition to receiving a $5,000 first prize, the winning team – Tim Lai AchirtecT, Titan Facility Services and COhatch – will now have the chance to enter into a contract with the Central Ohio Community Land Trust to actually build a version of the home on two lots; one on the Hilltop and the other in Whitehall. The two homes will be built on parcels held by the Central Ohio Community Land Trust, which is structured to encourage long-term affordability." https://nexthome2021.org/ The competition winner is okay - but I liked the more traditional approaches of the second place and honorable mention winners: Second Place: archall Honorable Mention: WSA Studio
October 3, 20213 yr Cross-posted from the Franklinton development thread: 2 minutes ago, Columbo said: Two affordable housing projects located in West Franklinton are currently under construction, according to photos in the below linked recent article: https://www.dispatch.com/story/news/local/2021/09/27/affordable-housing-advocates-columbus-not-spending-enough/5785705001/ 1137 W. Broad Street -- 70-unit senior complex being developed by National Church Residences at the southwest corner of Broad & Glenwood: Rendering of the project - called Gates Junction - from https://www.nationalchurchresidences.org/communities/gates-junction/ 731 W. Rich Street -- 43-unit apartment project located just south of the former Mount Carmel West campus: Rendering of the 731 W. Rich Street project:
October 29, 20213 yr City Lays Out Plan for Spending $50 Million Affordable Housing Bond City leaders yesterday released an accounting of the $50 million affordable housing bond that Columbus voters approved in 2019, detailing what has been spent so far and which projects and programs will receive funding through the end of 2022. A little over $14 million of city bond dollars were spent in 2020, going toward projects like Jenkins Street Lofts in Merion Village, a 180-unit development on Sinclair Road, and Mulby Place in Linden, which is scheduled to start construction soon. More below: https://www.columbusunderground.com/city-lays-out-plan-for-spending-50-million-affordable-housing-bond-bw1/ "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
December 22, 20213 yr Catching up on some older articles: CHMA, affordable housing firm secure $87M to buy and renovate Columbus complex Cleveland-based affordable housing developer PIRHL and the Columbus Metropolitan Housing Authority have secured an $86.8 million loan to buy and renovate the Crosswinds Village apartment community. The 232-unit apartment complex, built in 1999 in southwest Columbus, will get extensive renovations to its units, exteriors and community areas, with work to take place through summer 2022. This is the latest effort to preserve affordable housing pushed by CMHA, which spent $200 million to acquire or build 1,500 units of affordable housing last year, the largest number in its history. MORE: https://www.bizjournals.com/columbus/news/2021/01/07/chma-affordable-housing-firm-secure-87m-loan.html
December 22, 20213 yr Columbus ranks among top US cities for home equity growth Columbus ranks among the top U.S. cities when it comes to increasing home equity value, according to a new study. The Arch City ranks second out of the 50 largest metros in home ownership investment company Unison’s 2021 Home Equity Report. Looking at year-over-year growth (July 2020 to July 2021), researchers found 49 of the 50 largest metros recorded an increase in median home equity values of more than 10%. ... Columbus homeowners enjoyed a median home equity increase of 26.9%, and a value increase of $24,448. MORE: https://www.bizjournals.com/columbus/news/2021/09/28/columbus-home-equity.html
October 20, 20222 yr Two Ohio cities on the top twenty list for last month, Columbus and Akron: September 2022 Hottest Housing Markets: In Search of Affordability https://www.realtor.com/research/september-2022-hottest-housing-markets/
November 22, 20222 yr Fewer houses are selling since the spike in interest rates. But, so far, that hasn’t translated to lower costs for buyers. Columbus home sales slow compared to 2021, but Central Ohio remains a hot housing market “Columbus remains a hot housing market, ranked No. 5 in the Realtor.com list of hottest housing markets nationwide, despite homes spending more time on the market. Still, houses were on the market for an average of 21 days in October, compared to 15 days in the same month in 2021, according to Columbus Realtors data. Some of the hottest suburbs last month – based on days on the market– were Bexley and Gahanna at 10 days, Grandview Heights at 12 days and Westerville and Upper Arlington at 13 days. In October, the average sales price rose nearly 10% to $327,768 year-over-year.” https://www.bizjournals.com/columbus/news/2022/11/22/home-sales.html
February 26, 20232 yr Which Cities Have the Best Deals for Single Renters? Where single renters paid the greatest and smallest portion of income for rent on studio apartments. https://www.nytimes.com/2023/02/23/realestate/single-tenants-apartments-rent.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 3, 20232 yr Columbus home construction rises to 18-year high, but falls short of need “The number of homes and apartments built in Columbus rose to the highest level in nearly two decades last year, but continues to fall short of meeting the region's needs. Permits were issued for 12,289 single-family homes, condominiums and apartments in central Ohio, up 4% from 2021 and the most since 2005, according to data released Thursday by the Building Industry Association of Central Ohio. More than half of those permits were for 6,486 apartments and larger condominium buildings, up nearly 23% from a year ago. Single-family home construction, on the other hand, fell 12% to 5,803 homes. While the rise in construction was significant, especially as high interest rates slowed sales of existing homes last year, the number of new homes fell far short of the 19,000 homes a year that a 2022 BIA study estimated is needed to keep up with demand.” https://www.dispatch.com/story/business/real-estate/2023/03/02/columbus-home-construction-hits-18-year-high-but-will-it-be-enough/69963462007/
March 3, 20232 yr More towers!!! "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
March 3, 20232 yr 17 hours ago, amped91 said: Columbus home construction rises to 18-year high, but falls short of need “The number of homes and apartments built in Columbus rose to the highest level in nearly two decades last year, but continues to fall short of meeting the region's needs. Permits were issued for 12,289 single-family homes, condominiums and apartments in central Ohio, up 4% from 2021 and the most since 2005, according to data released Thursday by the Building Industry Association of Central Ohio. More than half of those permits were for 6,486 apartments and larger condominium buildings, up nearly 23% from a year ago. Single-family home construction, on the other hand, fell 12% to 5,803 homes. While the rise in construction was significant, especially as high interest rates slowed sales of existing homes last year, the number of new homes fell far short of the 19,000 homes a year that a 2022 BIA study estimated is needed to keep up with demand.” https://www.dispatch.com/story/business/real-estate/2023/03/02/columbus-home-construction-hits-18-year-high-but-will-it-be-enough/69963462007/ CBF adds a comparison to peer metros: ”When compared to its economic competitors, Central Ohio lagged in housing starts behind Austin (42,942), Charlotte (27,168), Raleigh (21,551), Nashville (18,711) and Indianapolis (13,794). But the region still maintained its status as the busiest market in Ohio compared to its closest competitor, Cincinnati, which had 6,254 permits pulled for housing units in 2022.” https://www.bizjournals.com/columbus/news/2023/03/03/central-ohio-housing-starts-2022-bia-report.html
March 3, 20232 yr Ugh. Need WAY more housing!!! "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
March 3, 20232 yr 2 hours ago, ColDayMan said: Ugh. Need WAY more housing!!! I get that all those metros (besides Cincy and Indy) are growing at a faster rate than Cbus, but I was still shocked to see those numbers. It makes me wish I had more time to look into Austin and Indy to see if they are doing anything differently there. Regardless, I’m really hoping the zoning reform here helps to shoot our numbers way up in the coming years.
March 3, 20232 yr Austin I could see because Texans raise money very easily but Indy I don't know. Might just be that all the money and effort in Indiana funnels into Indy.
March 4, 20232 yr 2 hours ago, GCrites80s said: Austin I could see because Texans raise money very easily but Indy I don't know. Might just be that all the money and effort in Indiana funnels into Indy. This is my guess, Indy doesn’t have to compete much with two other big cities. Fort Wayne is growing, but it will never be a big city. Edited March 4, 20232 yr by VintageLife
March 4, 20232 yr 1 minute ago, VintageLife said: Fort Wayne is growing, but it will never be a big city. How DARE you! Leave Fort Fun alone! "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
March 4, 20232 yr 1 minute ago, ColDayMan said: How DARE you! Leave Fort Fun alone! Hahaha, met my wife while she lived in Fort Wayne, I lived there for a few years. I actually didn’t mind it and it has a lot of upside, just not a place we wanted to live.
March 7, 20232 yr On 3/3/2023 at 6:23 PM, amped91 said: I get that all those metros (besides Cincy and Indy) are growing at a faster rate than Cbus, but I was still shocked to see those numbers. It makes me wish I had more time to look into Austin and Indy to see if they are doing anything differently there. Regardless, I’m really hoping the zoning reform here helps to shoot our numbers way up in the coming years. The comparison is just housing permits though. New apartment units (and maybe condos?) would not be part of that metric, correct? If so, I would be interested to see how we compare to those cities in that regard.
March 7, 20232 yr 37 minutes ago, cbussoccer said: The comparison is just housing permits though. New apartment units (and maybe condos?) would not be part of that metric, correct? If so, I would be interested to see how we compare to those cities in that regard. The chart is broken down by single family, multi family, and combined permits though.
March 7, 20232 yr 12 minutes ago, amped91 said: The chart is broken down by single family, multi family, and combined permits though. Whelp, that's what I get for being lazy and only reading the headline, lol
March 11, 20232 yr This really could go in the state thread too. But in January Realtor.com ranked Columbus as the third hottest housing market in the country, and five of the state’s metros made it onto the list. Homebuyers Are Finding Tons of Bargains in This One State—but How Long Will It Last? “While winter is generally a slow time for real estate as homebuyers hunker down and wait for spring, certain cities—and in fact, one entire state—are defying those odds. The Realtor.com® Hottest Markets List for January has ranked Manchester, NH (a more affordable alternative to Boston, about an hour away), No. 1 for the 18th time in the past two years. Coming in second was Rochester, NY, on the shores of Lake Ontario. Neither of these metros is much of a surprise, given they’ve lingered near the top of this list many times in the past. But the No. 3 hottest market—Columbus, OH—is where things get interesting. Why? Because it’s just one of five cities in Ohio that made January’s top 20. That’s a whole lot of Buckeye State property people are snapping up! “Columbus, Ohio’s largest city, is the state’s capital and home to Ohio State University as well as a booming art and nightlife scene,” Jones explains. “Dayton boasts the Wright-Patterson Air Force Base and is conveniently situated between Columbus and Cincinnati, making it a great location for military employees to live within easy driving distance of two of Ohio’s largest cities.”‘ https://www.realtor.com/news/trends/homebuyers-are-finding-bargains-in-this-one-state-but-how-long-will-it-last/
March 16, 20232 yr If x, Columbus Ranked 9th Hottest Housing Market of 2022 “According to year-end data compiled into a report by Lattice Publishing, Columbus landed in 9th place in the US for the largest cities with the hottest housing markets. While the national housing market showed signs of cooling off over the past several months, Columbus still saw a 6.4% year-over-year median sales price increase over 2021. The median sale price in Columbus in 2022 was $259,695 — an amount well below many other cities high on the hot housing market list, including Oakland ($906,959), San Jose ($1,330,942) and Seattle ($844,285).” https://columbusunderground.com/columbus-ranked-9th-hottest-housing-market-of-2022-we1/ Then y: Report: Apartment Rents Continue to Rise in Columbus “Despite a slight downtick last month, apartment rental rates have continued to rise in Columbus. According to a new report from Apartment List, the year-over-year rental rate growth in the metro area has increased by 5.6% since March of 2022. According to the report, the median rent in Columbus is $1,040 for a one bedroom apartment and $1,253 for a two bedroom unit. “For comparison, the median rent across the nation as a whole is $1,152 for a one bedroom and $1,320 for a two bedroom,” states the report. “The median rent in Columbus is 9.2% lower than the national average, and is similar to the prices you would find in San Antonio and Philadelphia.”’ https://columbusunderground.com/report-apartment-rents-remain-high-in-columbus-we1/
March 16, 20232 yr 11 hours ago, amped91 said: If x, Columbus Ranked 9th Hottest Housing Market of 2022 “According to year-end data compiled into a report by Lattice Publishing, Columbus landed in 9th place in the US for the largest cities with the hottest housing markets. While the national housing market showed signs of cooling off over the past several months, Columbus still saw a 6.4% year-over-year median sales price increase over 2021. The median sale price in Columbus in 2022 was $259,695 — an amount well below many other cities high on the hot housing market list, including Oakland ($906,959), San Jose ($1,330,942) and Seattle ($844,285).” https://columbusunderground.com/columbus-ranked-9th-hottest-housing-market-of-2022-we1/ Then y: Report: Apartment Rents Continue to Rise in Columbus “Despite a slight downtick last month, apartment rental rates have continued to rise in Columbus. According to a new report from Apartment List, the year-over-year rental rate growth in the metro area has increased by 5.6% since March of 2022. According to the report, the median rent in Columbus is $1,040 for a one bedroom apartment and $1,253 for a two bedroom unit. “For comparison, the median rent across the nation as a whole is $1,152 for a one bedroom and $1,320 for a two bedroom,” states the report. “The median rent in Columbus is 9.2% lower than the national average, and is similar to the prices you would find in San Antonio and Philadelphia.”’ https://columbusunderground.com/report-apartment-rents-remain-high-in-columbus-we1/ I wish they would just really ramp up housing unit construction. I know it is increasing but we are dealing with the same if not great need and have a running deficit from what was not built and was needed in the last ten years or so. Lower income people are being priced out of existence.
March 16, 20232 yr 2 minutes ago, Toddguy said: I wish they would just really ramp up housing unit construction. I know it is increasing but we are dealing with the same if not great need and have a running deficit from what was not built and was needed in the last ten years or so. Lower income people are being priced out of existence. Its not that simple. As interest rates go up, the financing cost to build becomes more expensive and more risky. IF you are cutting your return by offering housing to lower income, you need some subsidy to make up for that increased risk. Also, you have to deal with many of these loans being floating rate and subject to further interest rate increases during the construction period plus increased labor costs given the labor crunch going on right now. It makes it more difficult to finance a project and less room for error if you create such slim profit margins for the builder.
March 16, 20232 yr 1 minute ago, Brutus_buckeye said: Its not that simple. As interest rates go up, the financing cost to build becomes more expensive and more risky. IF you are cutting your return by offering housing to lower income, you need some subsidy to make up for that increased risk. Also, you have to deal with many of these loans being floating rate and subject to further interest rate increases during the construction period plus increased labor costs given the labor crunch going on right now. It makes it more difficult to finance a project and less room for error if you create such slim profit margins for the builder. We need policies in place to make it easier. I know the logistics economically are kinda not really great right now, but we need to do what it takes to make it happen or we will just have more dysfunction and displacement of lower income people and that is not a good thing for society overall. To me it is not simple, but it is imperative that we address this problem. It is right up there with the drug, mental health, and crime epidemics we are experiencing.
March 16, 20232 yr 28 minutes ago, Toddguy said: I wish they would just really ramp up housing unit construction. I know it is increasing but we are dealing with the same if not great need and have a running deficit from what was not built and was needed in the last ten years or so. Lower income people are being priced out of existence. It's easy to see why the 2008-09 collapse was so dramatic when construction levels in 2002 were similar to today's. Homes and old apartment buildings were being bulldozed every day in the 3C's back then, yet the suburban machine kept cranking out product.
March 16, 20232 yr 17 minutes ago, Toddguy said: We need policies in place to make it easier. I know the logistics economically are kinda not really great right now, but we need to do what it takes to make it happen or we will just have more dysfunction and displacement of lower income people and that is not a good thing for society overall. Less red tape to develop to bring down the administrative costs is an easy fix (you could tie it to affordability even and allow those types of projects to speed through). Government should offer more low income housing credits to encourage development. If Cities or state have the ability to do the same that would certainly encourage more low income development. Neither are phenomenal fixes and certainly come with issues too. Obviously, it would not be great if the city of Columbus offers a ton of housing credits and low income housing perks to developers because that is all that will be developed in the city and all wealthier people will go to Dublin or other suburban markets which is not good for the city either. The goal is coming up with a good mix. I was reading a report from a housing economist recently that said that the goal is housing units. It does not matter if it is low income or high income. If you build class A, then it will open up room in the existing housing stock for more middle and lower market renters. Yes, the lower income will pay higher rent than their prior place (because of supply and demand) but they also are getting a unit that is nicer than they previously would have. Instead of a unit at $600/month with metal cabinets, old gas stove, etc. they get a unit with a better kitchen, dishwasher, & newer fixtures for $800/month. Yes, the rent increase sucks but a lot of that is eaten up by inflation anyway. Ultimately, any housing, Class A or Class C helps the poor.
March 16, 20232 yr 49 minutes ago, Brutus_buckeye said: Less red tape to develop to bring down the administrative costs is an easy fix (you could tie it to affordability even and allow those types of projects to speed through). Government should offer more low income housing credits to encourage development. If Cities or state have the ability to do the same that would certainly encourage more low income development. Neither are phenomenal fixes and certainly come with issues too. Obviously, it would not be great if the city of Columbus offers a ton of housing credits and low income housing perks to developers because that is all that will be developed in the city and all wealthier people will go to Dublin or other suburban markets which is not good for the city either. The goal is coming up with a good mix. I was reading a report from a housing economist recently that said that the goal is housing units. It does not matter if it is low income or high income. If you build class A, then it will open up room in the existing housing stock for more middle and lower market renters. Yes, the lower income will pay higher rent than their prior place (because of supply and demand) but they also are getting a unit that is nicer than they previously would have. Instead of a unit at $600/month with metal cabinets, old gas stove, etc. they get a unit with a better kitchen, dishwasher, & newer fixtures for $800/month. Yes, the rent increase sucks but a lot of that is eaten up by inflation anyway. Ultimately, any housing, Class A or Class C helps the poor. I don't think that offering housing incentives for lower income unit construction would really drive everything out of the city. If they can still make money in the city for higher end units and the demand is there, they will do it. It seems they tend to only want to build "luxury" units anyway(understandable from their point-I get it. And some people will end up homeless with even an increase from 600 to 800 a month with everything going up in price. That is what will happen. Increasing homelessness among not only the non-working poor but the working poor as well. Wages have not kept up with inflation. I may be one of these homeless people. Investors and corporations buying up all of the housing stock does not really help either. We have a serious housing problem in the US. I read somewhere that we need at least 6.5 million more units now and that is about demand and not even about affordability, We are still seeing the side effects of the Great Recession on the housing market even 15 years later. I guess I really don't know what the answer is I just know that a number of people I know and myself included are on the edge and cannot take anymore rent increases. We will end up living in our cars. It is that bad. The resources for help are just not there or they are overwhelmed. I know there are very few if any low income people who post on this board, but I have become one of them. Edited March 16, 20232 yr by Toddguy
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