How much do you need to make to afford a home in Columbus, Ohio?

Soaring housing costs in Columbus are nothing new, but here’s a new way to measure the issue.

• To afford a median-value home, buyers here now need to earn about 31% more than they did this time last year, per the latest analysis by real estate company Redfin.

Why it matters: Wages and salaries are not increasing at the same pace, resulting in more people being priced out of the housing market.

The big picture: The cost increase comes as soaring demand and limited inventory continue to drive sale prices up.

By the numbers: In March 2021, Columbus metro area buyers had to earn at least $41,300 annually to afford the median home sale price of $291,500, Redfin found.

• Now, they must earn nearly $54,000, which equals to about $26 per hour for a 40-hour work week.
• A monthly mortgage after paying a 5% down payment jumped from $1,032 to $1,349.

Of note: A monthly mortgage payment is considered affordable if homebuyers spend no more than 30% of their income on housing.

Meanwhile, wages grew just 5% nationwide over the same period, according to the U.S. Bureau of Labor Statistics.

• Median household income in Columbus in 2020 was nearly $55,000, according to Census data.

Zoom out: This isn’t just a Central Ohio issue — across the U.S., buyers now need 34% more income to afford a home than in 2021, Redfin found.