$ PlainPropertyTax

Franklin County, OH

Rent vs Own in Franklin County, Ohio

HUD prices a 2-bedroom in Franklin County at $1,430/mo while the ownership stack lands near $1,896/mo. That mid-sized gap is large enough that rate or down-payment tweaks usually cannot close it alone. Owner-occupied homes: 292,123.

🏘️
Renting is cheaper in Franklin County

A 2-bedroom rental here runs $1,430/mo, meaningfully below the $1,896/mo ownership stack on the default assumptions. That is a $466/mo difference.

Based on 20% down, 6.5% rate, 30-year mortgage. Adjust below.

What This Data Tells Us About Renting vs Owning in Franklin County

Primary driver

Renting compares well inside the state

Using the assumptions above, Franklin County ranks 77 of 88 Ohio counties for buy-vs-rent value (rank 1 = the best relative deal for buying). It sits ahead of 11 other Ohio counties on this measure.

Decision signal 2

Price and income sit in the middle band

Median household income is $75,176, for a 3.8x home-price-to-income ratio in the middle of the national distribution; property tax takes 5.6% of that income. Small changes in down payment or rate move this county across the rent-vs-own line more than they would in a high-ratio market.

Decision signal 3

Renting wins by a mid-sized monthly gap

Franklin County lists a $288,400 median home with $4,244/yr property tax (1.47%). HUD's $1,430/mo 2-bedroom rent undercuts the ~$1,896/mo ownership stack by a mid-range margin of about $466/mo. Closing that gap usually takes more than a cosmetic rate tweak, price, tax load, or both.

Decision signal 4

HUD moved the rent benchmark down

HUD cut its 2-bedroom Fair Market Rent for Franklin County from $1,445/mo in FY2025 to $1,430/mo in FY2026: it decreased by $15/mo (-1.0%). A falling benchmark narrows the case for buying here, and it usually reflects HUD re-estimating the local market rather than existing rents being cut.

Methodology & disclaimer

This calculator is for informational purposes only and is not tax, legal, or financial advice. Property tax figures come from the U.S. Census Bureau ACS 5-Year Estimates and rent figures come from HUD Fair Market Rents; both describe area medians, not individual transactions. Insurance is estimated at 0.35% of home value annually and closing costs, maintenance, HOA, and PMI are not included. Consult a licensed mortgage, tax, or real-estate professional before making a buy-or-rent decision based on these numbers.

Monthly Cost Breakdown

Estimated Monthly Ownership
$1,896
Mortgage (P&I) $1,458
Property Tax $354
Insurance (est.) $84
Monthly Rent (2-BR FMR)
$1,430
Studio$1,111
1-Bedroom$1,194
2-Bedroom$1,430
3-Bedroom$1,715
4-Bedroom$1,927

Adjust Your Scenario

Affordability Context

Median Household Income
$75,176
$6,265/mo
Home Price / Income
3.8x
Moderate (3-5x)
Tax-to-Income Ratio
5.6%
National benchmark: 2-4%

Who actually pays it here

Even with the loan gone, the largest group of Franklin County owners still owes $3,000 or more every year - a recurring holding cost of a few hundred dollars a month, which is why "paid off" understates the real cost of keeping property here.

Franklin County matches the national pattern: six-figure earners between $100,000 and $200,000 account for more of these write-offs than any other local group.

With ownership already mid-range more expensive than rent month-to-month, that annual bill reinforces why cash-flow renters stay put unless they are deliberately buying for tenure rather than monthly savings.

Bill bands are Census ACS counts of owner-occupied homes without a mortgage. Income brackets are IRS Statistics of Income county data for tax year 2022, counted over FILERS reporting real-estate taxes on Schedule A, which is a smaller group than homeowners: most filers take the standard deduction.

Nearby Counties

Cuyahoga County
Home: $195,400 Tax: $3,910/yr
Hamilton County
Home: $241,900 Tax: $3,652/yr
Summit County
Home: $208,700 Tax: $3,195/yr
Montgomery County
Home: $180,900 Tax: $3,127/yr
Lucas County
Home: $163,900 Tax: $2,773/yr
Stark County
Home: $186,400 Tax: $2,402/yr

Frequently Asked Questions

Is it cheaper to rent or buy in Franklin County, Ohio? ▼
Renting the HUD 2-bedroom is the clearer monthly path in Franklin County by roughly $466/mo under default loan assumptions. Closing a gap this size usually needs a meaningfully lower price or rate, not a cosmetic tweak.
What is the average rent in Franklin County? ▼
HUD prices a 2-bedroom unit at $1,430/mo here. Sizing up matters: going from a studio to a 4-bedroom adds about $816/mo, so the per-bedroom jump is worth checking against your actual space needs before assuming the 2-BR figure applies to your situation.
How much house can you afford in Franklin County? ▼
On the common 3x-income guideline, a $75,176 household here can afford up to $225,528 -- about $62,872 short of this county's $288,400 median home. That gap is typically closed with a larger down payment, dual incomes, or a longer search outside the median price band.
What is the median home price in Franklin County? ▼
$288,400, per the Census Bureau's ACS 5-Year Estimates. The property tax on that value works out to roughly 1.47% a year, in line with typical rates for the area.
How does Franklin County compare to other Ohio counties for renting vs buying? ▼
Out of 88 Ohio counties ranked here on buy-vs-rent value, Franklin County lands at spot 77, putting it in the more rent-favorable quarter of the state. The <a href="/states/ohio">Ohio state page</a> lists every peer county's tax bill beside this one.
Is rent going up or down in Franklin County? ▼
HUD's 2-bedroom Fair Market Rent figure has fallen 1.0% between the FY2025 and FY2026 publications, the two most recent years tracked here.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from the U.S. Census Bureau (American Community Survey). See our methodology for details. Retrieved and formatted by PlainPropertyTax

Source: U.S. Census Bureau, Government Finances State and local property tax revenue by jurisdiction · 2025

Verify with HUD →