Renting vs. Buying Real Estate: See the Cost Difference in These 4 Ohio Cities

GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.

These brands compensate us to advertise their products in ads across our site.

This compensation may impact how and where products appear on this site.

Looking south at Columbus, Ohio in the distance

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.

you could read more about oureditorial guidelinesand our products and servicesreview methodology.

Ohios rental market is definitely heating up.

Cincinnati and Columbus also saw increases of 5.2% and 4.7%, respectively.

Renters are being drawn to more affordable areas within the Northeast and Midwest, Olsen said.

In aRealtor.com rankings list, five out of 20 of the countrys top housing markets were in Ohio.

Buyers in these markets can take advantage of lower home prices without compromising on job prospects or lifestyle amenities.

Heres a cost breakdown of renting versus owning real estate in Columbus, Cleveland, Cincinnati and Toledo.

Buying a home is only slightly more affordable than renting in Columbus.

Aseparate Realtor.com reportalso revealed that Columbus ranked first for its low cost of living and low unemployment rate.

The city also had the highest number of views per property.

Additionally, theres a greater share of interest coming from outside the region.

email sharing button

Buying a home is also cheaper than renting in Cleveland.

News & World Report, Cleveland is one of the most undervalued markets in which to buy a home.

The metro area has a payment-to-income ratio of 20.6%.

Cincinnati is the only Ohio city on this list where its cheaper to rent than buy.

Its also one of the most popular cities among Generation Z, aSmartAsset analysisrevealed.

According to the analysis, 1.52% of local Gen Zers purchased a home in 2023.