Updated 2026 · Based on median market data for Columbus, OH
Home values in Columbus, OH have appreciated at 3.2% per year. This is roughly in line with or slightly above the national average, providing steady equity building without the volatility of boom markets.
If Columbus continues appreciating at 3.2% annually, the current median of $265,000 would reach approximately $310,202 in 5 years — an equity gain of $45,202 on a property purchased at the median. With a 20% down payment of $53,000, that represents a 85% return on invested equity from appreciation alone. Combined with 5 years of NOI totaling approximately $46,810, the projected total return is $92,012 — a 174% cumulative return on the initial investment.
Columbus's population growth of 1.2% is moderate and positive, supporting steady but not explosive demand for housing. Markets with this growth profile tend to appreciate consistently without the boom-bust cycles of hyper-growth metros.
Smart investors evaluate both cash flow AND appreciation. In Columbus, the 3.53% cap rate provides moderate ongoing cash flow, while 3.2% annual appreciation adds an equity component. Conservative underwriting is essential. Focus on deals where the cash flow stands on its own, and treat any appreciation as a bonus.