Are you considering investing in Ohio real estate? Well, you are certainly not the only one. Ohio has proved to be an attractive and lucrative choice for real estate investing. Its economy is strong, the cost of living is lower when compared to other USA states, it is diverse, and there are plenty of housing options to chose from. Moreover, both education and health systems are top-notch, and there is always something to do. So, yes, Ohio really is a good place to call home. And, whether you plan on investing in real estate in order to flip or rent it, or save it for retirement, now is the best time to do it, as the housing prices will rise considerably in 2020. So, if you need some more persuading, keep on reading.
As previously mentioned, there are many reasons why you should invest in Ohio real estate. Besides the fact that it is a rather affordable state, it is also a very profitable one too. But, unfortunately, that applies only to the bigger cities like Dayton, Hudson, Columbus, Cleveland, Cincinnati, etc. Moreover, many people move here because Ohio’s universities and colleges are one of the best in the country, and the entire education system is top-notch. There are also many job opportunities for both recent graduates and seniors too. The industries that hire most employees are manufacturing, health care, and energy supply. Because of all this, relocating from Ohio to another state is not that common as relocating to it. That means that the need for rental properties is rising, which is another great reason why you should invest in Ohio real estate.
Ohio Real Estate Market Trends
When it comes to the Ohio Real Estate market trends, the first thing that must be mentioned is its affordability. Yes, according to recent research, housing prices in Ohio are a lot more affordable when compared to other states. This only means one thing – no need for massive investments. You will be able to find great housing options without breaking the bank. Believe it or not, Ohio is one of the cheapest places to buy a home, whether a house or an apartment.
The median home value is around $217,130. That is a considerably lower price when compared to the national median home value of $308,000. And when it comes to renting, the price largely depends on the city you are in. In smaller cities, you can easily find a one-bedroom apartment for approximately 530$ a month. However, in bigger cities, you will have to spare around 1000$ for the same thing. And, when it comes to the property types in Ohio, you will have nothing to worry about as there is a lot to choose from. From studios to big family homes. But, as most people are moving to Ohio from out of state to work, they choose to settle in single-family homes.
Cost of Living in Ohio
And now, let us tackle the issue of the cost of living in Ohio. We already covered investing in real estate, that is, renting and buying which are the largest expenses, so let us move on to the everyday stuff. First things first – utilities. The cost of all the utilities in Ohio is rather similar to the rest of the state. So, do not plan on saving your money there. But, where you can actually save money is on groceries. They are considerably cheaper when compared to the other states. And, when it comes to transportation, again, it largely depends on your circumstances. Basically, you have three options – to walk, drive, or use public transportation. The first one is, of course free, but the last two will not break your bank either. Gas prices are similar to the national average, around $2.27 per gallon. And, if you choose to use public transportation, that is a bus, a one-way ticket is 2$.
Best Cities to Invest In
Of course, some cities are better for investment when compared to others. So, before you start real estate investing, be sure to do a lot of researching. You must take all the things into consideration – the real estate market, housing prices, cost of living, the overall safety, the quality of education and the job possibilities. All of these things can affect the success of your investment. Luckily, we are here to help you out. Thus, here are some of the best cities in Ohio you should consider investing in:
- Colerain Township – probably the best place to invest in the real estate market. It is a very popular rental market nowadays because of its prices, which are a lot below the national average. The median home price is around $185,533, or $98 per square foot. And, when it comes to the cost of living – it is 6% lower than the national average. Moreover, it is a great place for investors as renting out is around $2,247.
- Dayton – This city has the lowest median property price when compared not only to other Ohio cities but the rest of the entire state. Yes, the median property price is less than $100,000, $98,266 to be exact. The cost of living is also lower, but the rental income is not really impressive – around $952.
- Hudson – according to many, Hudson should not be on this list. Yes, its median property price is around $404,884, which is almost double the state median. However, what makes Hudson great for investments are rental incomes that may bring you a profit of $3,320.