Unlock Growth in Work & Life: The Low Cost of Living in Columbus

Discover how the affordable cost of living in Columbus, Ohio, benefits career-focused professionals and growth-focused businesses alike.

By Matt McCollister / June 25, 2024

Residents gathered at tables at Gateway, drinking talking, and laughing.

With the #8 best cost of doing business and a 10% lower cost of living than the national average, the Columbus Region is a growing center for U.S. innovation in the American Heartland. An 11-county area in Central Ohio, the Columbus Region is known for its business-friendly economy and attractive quality of life.

With diverse industries, skilled talent, and a strong university research capacity, the low cost of doing business and affordable cost of living in Columbus, Ohio, check the final boxes for professional and personal success.

Three medical professionals at The James examine data on a computer screen.

Does Columbus, Ohio, Have a Good Economy?

Calling the state with the 7th largest national GDP home (Ohio tallied $765 billion in 2023), the Columbus, Ohio, economy is strategically located to foster sustainable growth. In fact, 700+ companies expanded their operations in the Region between 2011 and 2023, a testament to Columbus’ thriving business landscape.

And, with no state corporate income tax rate, it is no surprise that 16 Fortune 1000, 250 internationally owned companies and a Unicorn startup have chosen to headquarter in the Columbus Region. Alongside world-renowned research and development institutions and a dynamic innovation district, the Region’s business ecosystem is a magnet for talent and global investment.

Tap Into a Supportive Business Ecosystem

The Columbus Region’s supportive business culture positions itself as an ideal place for companies seeking substantial growth. Entrepreneurs can connect with a robust network of successful ventures and high-profile investors. In September 2023, Rev1 Ventures, in partnership with Nationwide Children’s Hospital and the Ohio State University, further solidified the Region’s reputation as a thriving hub for innovation and investment with the launch of Rev1 Catalyst Fund III. This $30 million fund will support healthcare innovators researching life-saving therapeutics technologies across Columbus.

Affordability also distinguishes the Columbus Region as a cost-effective choice for both businesses and families as compared to major coastal metropolitans. The Region offers several state and local incentive programs aimed at bolstering job creation and community development. This affordability directly translates into lower operational costs, empowering businesses to allocate resources efficiently and scale their operations effectively.

Parents and children make delicious dinner, exemplifying the cost of living in Columbus, Ohio

Is Columbus, Ohio, a Good Place to Live?

It is no surprise that the Columbus metropolitan area is one of the top US regions for population growth. Throughout the Region, from the charming suburbs of Licking County to the vibrant streets of downtown Columbus, you can experience a high quality of life without breaking the bank.

10% lower than the national average, the cost of living in Columbus, Ohio, offers affordability across the board. Whether you are shopping for groceries, buying your first home, or accessing healthcare services, your household income stretches further here. This means more opportunities for your family to thrive and business to flourish.

Humble Abodes That Hit the Motherload

Though the Columbus Region’s population is growing, new real estate and stable home values continue to make it a good market for homebuyers. In fact, Columbus, Ohio, property taxes, are lower than other comparable metropolitans in midwestern states.

Meanwhile, the median home price in the Region is currently $330,000 — more than $80,000 less than the national average. Median rent prices are nearly $500 below national averages at $1,544 per month. Also, fresh, affordable apartment complexes like Topiary Park and mixed-use developments such as AspireCOLUMBUS continue to broaden the possibilities for living in Columbus.

Top-Notch and Accessible Healthcare

The widespread availability of top-tier medical services in the Region leads to healthcare costs that are notably lower than the national average.

The Ohio State University Wexner Medical Center is nationally ranked and recognized across 10 specialties by U.S. News & World Report. The center’s 260 facilities and exceptional medical services land it as the #2 ranked adult hospital in Ohio behind the Cleveland Clinic.

Nationwide Children’s Hospital (NCH) — one of the largest and most comprehensive pediatric hospitals in the United States — further enhances the Region’s healthcare landscape. With 52 offices across central Ohio, this hospital provides specialized care for children across a wide range of medical needs. NCH is also home to the largest mental and behavioral health research hospital on a pediatric campus.

Also, according to WalletHub, Columbus is one of the healthiest cities in America, based on factors such as mental and physical health and the quality of the public health system.

Where Culture, Education & Community Flourish

A vibrant blend of creative expression, educational opportunities, and cultural experiences characterize the quality of life in Columbus. Whether it’s the warm hospitality and abundant outdoor adventures found in locales like Marion and Union counties, or the thriving cultural hub and burgeoning Asian and Hispanic communities nestled in the northern suburbs of Dublin, our 11 counties offer something for everyone.

Enhancing the quality of life in the Columbus area is a wealth of educational opportunities, including top-tier institutions like Bexley High School, ranked the #1 public high school in Ohio. The Region’s K-12 school’s rigorous curriculum, dedicated faculty, and honorable commitment to fostering a supportive educational environment cultivate a lifelong passion for learning.

Furthermore, the Columbus Region boasts a vibrant cultural landscape. World-class museums showcase captivating exhibits. Theaters stage mesmerizing performances and sports teams cater to enthusiasts of all ages and interests.

Together, these cultural opportunities and the Region’s business-friendly environment contribute to a quality of life that can’t be beaten. Contact us to learn what makes the Columbus Region an ideal place for your business and well-being.

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