Return to the PIE Home PageIn both the Columbus MSA and the City of Columbus the median value of owner-occupied housing has increased steadily since 1970. As the chart above illustrates, the median value of owner-occupied housing in the Columbus MSA has been consistently higher than that in the City of Columbus. In 1970 the median value of an owner-occupied housing unit was $18,600 in the Columbus MSA compared to a median value of $77,280 in 1991 (a 315% increase). In the City of Columbus, the median value was $17,300 in 1970 and $68,311 in 1991 (a 295% increase). The median value of owner-occupied housing is the respondent's estimate of the sale price value of their property (house and lot). Median value represents the middle value (i.e., half of the housing is worth more and half is worth less). As a measure, median value is preferred over average value, because calculations of average are too heavily weighted by extreme high or low values.
Prior to 1984, the American Housing Survey used the standard metropolitan statistical area (SMSA) used in the 1970 census, which consisted of Franklin, Pickaway and Delaware counties. The Columbus metropolitan statistical area (MSA) from 1984 to 1991 was defined as Franklin, Fairfield, Pickaway, Union, Licking, Madison and Delaware Counties.
To measure affordability it is helpful to calculate a value-income ratio by dividing the value of the housing unit by the total income of the family or primary individual owning that unit. The lower the value-income ratio the more affordable it is to purchase a home. In 1970, the value-income ratio was 1.8 for both the Columbus MSA and the City of Columbus. The value-income ratio in 1991 was 2.1 for the Columbus MSA and 2.0 for the City of Columbus. Although both ratios are up from 1970, they are down from a high of 2.2 in 1982.
Value-Income City of Value-Income
Year Columbus MSA Ratio Columbus Ratio
1970 $18,600 1.8 $17,300 1.8
1975 31,400 2.1 27,400 2.1
1978 41,200 2.2 36,300 2.1
1982 54,300 2.2 46,500 2.2
1987 64,086 2.0 56,789 2.0
1991 77,280 2.1 68,311 2.0
Source: American Housing Survey for the Columbus MSA, U.S. Department of Housing and Urban Development and U.S. Bureau of the Census
Filename: PS-023