Columbus named the second-fastest growing U.S. city in 2024, highlighting housing needs
COLUBMUS, Ohio (WCMH) -- Columbus was the second-fastest growing city in the country, a recent report found, and central Ohio still does not have enough housing.
According to a February report from the Bank of America, Columbus is second only to Indianapolis for population growth, experiencing more than 1% year over year growth in 2024. However, the study found Columbus' growth is easing slightly, increasing more slowly between fiscal quarter 3 and fiscal quarter 4 in 2024.
Slowing growth may be beneficial as central Ohio struggles to keep up with housing demands. In response to increasing regional action, some people are turning properties into Airbnbs instead of long-term rentals. According to the Ohio Housing Finance Agency, the state saw a 38% decline in vacant units for sale or rent from 2016 to '21. In that same time, there was a 13% increase in short term rentals and vacation homes.
“The tremendous economic boom in our region is producing both exciting opportunities and challenges, including a critical shortage of workers and affordable housing,” Columbus Metropolitan Housing Authority President and CEO Charles Hillman said.
A crucial part of the housing shortage is a lack of affordable housing. According to the National Low Income Housing Coalition, there are only 25 available housing units per 100 extremely low-income households in Columbus, below the national average of 34 housing units. See previous coverage of Ohio's housing shortage in the video player above.
The Department of Housing and Urban Development qualifies affordable housing as housing costs, including utilities, not costing more than 30% of a household's income. In Columbus, where the median income is $39,123, affordable housing would have to average $978 per month.
Central Ohio's housing market is putting more homes on the market, but many of them are not accessible. According to Columbus Realtors, the inventory of homes for sale was more than 30% higher in January 2025 than it was in January 2024. However, fewer sales closed this January, and average and median sales prices rose by more than $10,000, averaging $341,914.
According to Capital Bank's mortgage required income calculator, you'd have to make more than $110,000 per year to buy the average home in Columbus. Census Reporter estimates fewer than 35% of Franklin County households make that amount.
The Mid-Ohio Regional Planning Commission projects central Ohio will gain 272,000 new households by 2050, half of which will likely be directly absorbed by Franklin County. The commission said central Ohio will need 100,000 new homes to meet that need.
In total, Franklin County's population is projected to increase by around 363,000 people, enough to fill Ohio Stadium to the brim three and a half times.