Investing in Cincinnati
Today, let’s take a look at Cincinnati, Ohio!
Now there’s a lot of bright spots in the city, Joe Burrow, an excellent Bearcats football team…but how is the city for real estate investing? For that, let’s look at some overall city data:
A 2019 report by realtor.com ranked Cincinnati as the second most affordable place to raise a family in the u.S.
The cost of living is 10% below the national average. Housing expenses are 24% less when compared nationally.
Healthcare costs are 2% below the national average and utilities and groceries cost less, too.
The median home price in Cincinnati proper is $174,276 (as of October 2020), which is 33% below the national average.
What about home values?
The average home price in the Cincinnati metro area is currently $197,135—a 7.2% increase compared to last year. Zillow predicts home values will go up 5.3% over the next year.
What about growth rate?
Over 1,000 people moved to the city of Cincinnati last year, with a total population of the metro area of about 2.2 million. While the rate at which people are moving to Cincinnati may not be as high as other cities around the country, the growth is steady.
And what about jobs?
Cincinnati is home to more than 30 fortune 500 companies including Kroger and Procter & Gamble.
What’s the average rent?
The average rent for an apartment in Cincinnati is around $1,007 per month—well below the national average, however rents have gone up 4% compared to 2019 and 30% in the last five years, according to Zillow. Cincinnati has high rental demand. Ohio is also more landlord friendly, than it is tenant friendly.
Cincinnati is a market that offers a relatively low median purchase price, with the opportunity for cash flow, plus a decent amount of appreciation. More than half (55%) of all households in Cincinnati are renter-occupied, while 44% are owner-occupied, largely due to the amount of students.
If you’re looking to explore Cincinnati or learning other investor friendly markets, don’t hesitate to get in touch!
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