If you’re staring at listings in Columbus, Powell, Dublin, Westerville or Upper Arlington thinking, “Wait… can I actually afford this?”—you’re not alone. Between online calculators, lender ads, and social media “house tours,” it’s easy to get wildly different answers. Let’s strip it down and talk about what “affordable” really means when you’re buying in Central Ohio.

1. The Old 28% Rule… and Why It’s Only a Starting Point

You’ll hear this a lot:

Keep your total housing payment at or below 28% of your gross monthly income.

That housing payment includes:

• Principal & interest (your loan)

• Property taxes (hello, Ohio)

• Homeowners insurance

• HOA fees, if you’re in a community like Evans Farm, some parts of Lewis Center, or Delaware

Is the 28% rule helpful? Yes. Is it perfect? Nope.

If you’ve got no debt and strong savings, you might live comfortably above that. If you’ve got student loans, car payments, or daycare, 28% might already feel tight. The math has to work in your actual life, not just on a lender worksheet.

2. The Real Budget Killer: Monthly Payment, Not Purchase Price

Most buyers shop by price: “We want to stay under $450,000.”

But banks and real life both care more about the monthly payment than the sticker price.

Things that swing your payment hard:

• Interest rate: A small rate change can move your payment more than a $10–$20K bump in price.

• Taxes: A $400K home in Columbus can have a different tax bill than a $400K home in New Albany or Westerville.

• HOA dues: That pretty pool or clubhouse in Powell or Delaware isn’t free.

When we work together, we don’t just say “let’s look up to X price.” We reverse-engineer from, “What monthly payment feels sane and sustainable?” and build from there.

3. Don’t Forget the “Hidden” Monthly Stuff

Your lender cares about your debt-to-income ratio. You should care about your life-to-income ratio.

Beyond the mortgage, you’ve got:

• Utilities (larger homes in Dublin or Upper Arlington = bigger bills)

• Internet, streaming, phones

• Gas or EV charging

• Groceries, kids’ activities, gym memberships, dining out

• Repairs and maintenance—especially on older homes in classic neighborhoods vs. newer builds in Lewis Center or Delaware

If your “affordable” house payment means you’re sweating every dinner out or vacation, that’s not really affordable. I’d rather see you in a slightly lower price point in Columbus or Powell with breathing room than “Instagram perfect but stressed.”

4. Down Payment, Closing Costs & Cash Cushion (All Three Matter)

Affordability isn’t just about what you can borrow. It’s also about what you can keep in the bank after you close.

You’ll want money for:

• Down payment: Could be 3–5%, 10%, 20%—we’ll talk pros and cons.

• Closing costs: Usually several thousand dollars (lender fees, title, taxes, etc.).

• Immediate stuff after closing: Appliances, paint, furniture, small fixes.

• Emergency cushion: Ideally 3–6 months of expenses so one surprise doesn’t wreck you.

Too many buyers in Columbus, Westerville, New Albany, and Upper Arlington drain themselves just to “get in” and then feel stuck. A slightly cheaper home with more cash left over is often the smarter long play.

5. How I Help You Set a Smart, Personalized Number

Online calculators don’t know your life. A good plan should factor in:

• Your income and how stable it is

• Your other debts and goals (retirement, college funds, travel, business plans)

• Whether you’re more “sleep at night” conservative or “I’m okay stretching a bit” type

• Where you’re looking—Powell vs. Dublin vs. Westerville vs. Lewis Center vs. Delaware can each tweak the math

My role isn’t to push you to your max pre-approval. It’s to help you land on a number that feels strong now and still feels smart in three to five years, whether you’re in Columbus, a cul-de-sac in Dublin, or a walkable pocket in New Albany or Upper Arlington.

If you’re thinking about buying and have no idea what your real budget should be, that’s exactly the conversation we should be having before you fall in love with a house online. We’ll talk payment comfort zone, neighborhoods, and how to structure a plan that actually fits your life—not just the bank’s.

[Contact Patrick Murphy, REALTOR® — Columbus, Powell & Dublin Expert]