We will discuss the latest Cincinnati real estate market trends & news and find out how they can affect the investors and homebuyers in the latter half of 2020. Low-interest and unemployment rates, the influx of high-paying jobs, and very affordable housing make Greater Cincinnati a great place for people to live and work. 2020 started strong with an increase in home sales in the Greater Cincinnati housing market. In January, the average home price rose to $219,497, a year-over-year increase of 8.79%. The inventory of homes for sale dropped by 23.2 % as more and more millennials and families entered the market to purchase their dream homes.
Due to the impact of Covid-19, the sales in April were down by 20.21% compared to a record April a year ago. The inventory of homes for sale continued its year-over-year declining trend and that shows that there are plenty of buyers in the market ready to scoop up properties and take advantage of low investor turn out.
They probably want to take advantage of low local home mortgage rates which averaged at 3.33% for a 30-year fixed-rate loan. Therefore, buying a house to live or for investment in the Cincinnati housing market can be a worthy investment at this time.
The latest “CINCINNATI HOUSING MARKET REPORT” is given below.
Let’s talk a bit about Cincinnati and the surrounding metro area before we discuss what lies ahead for investors and homebuyers. Housing is the biggest factor in the cost of living difference for any city around the globe. Cincinnati has one of the most affordable housing markets in the nation. If you’re considering Cincinnati for your retirement city, you’ll want to know how it measures up to other cities across the US. According to Forbes, the cost of living in Cincinnati is 7.6% below the national average, but this number also breaks down into different divisions. Here is a brief overview of how expensive it might be to live in Cincinnati.
The cost of living in Cincinnati, OH is 8 percent higher than the national average and 34.59% lower than in New York. The average salary in Cincinnati is $65,000. Housing is more expensive than in Memphis but still affordable, with the median house valued at $165000, according to Zillow. The rent expenses gobble up 16.31 percent of total earnings for renters who live alone, on average. Whether you are an ex-pat or a US citizen, to calculate the total cost of living in Cincinnati, the first thing to look into is the housing cost in Cincinnati.
For a one-bedroom apartment for rent in Cincinnati, the average rent is around $909 a month while a two-bedroom will cost you around $1,203. Basic utilities, including electricity, heating, water, and garbage come in right around the national average of about $128 for a 915 square foot apartment. As per Areavibes.com's statistics, these are some of the relative figures for the cost of living in Cincinnati.
- The cost of living in Cincinnati is 1% lower than the Ohio average.
- The cost of living in Cincinnati is 10% lower than the national average.
- Cincinnati housing is 33% lower than the national average.
Cincinnati is a sizzling hot housing market due to low housing inventory and relatively higher demand. Cincinnati, like many other Midwestern cities, is ticked off among those that used to be great. What many don’t know is that these cities are experiencing a renaissance of sorts, whether it is a shift from manufacturing to services or inventing whole new industries like biotech.
Annual real estate appreciation rates in Cincinnati have been quite strong for the past few years. The real estate appreciation rate in Cincinnati in the latest quarter was around 0.98% which equates to an annual appreciation rate of around 4%. Even small changes in the appreciation rate can change the long-term value of buying considerably. The Cincinnati housing market has an unusual combination of consistently high home values with a low cost of living, which makes it a solid choice for the savvy real estate investor. Cincinnati has all the amenities of the urban lifestyle; access to nightlife, shopping, great restaurants, and culture, along with good schools and some beautiful green spaces.
Top Reasons To Invest In The Cincinnati Real Estate Market | |
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Let’s continue to explore the Cincinnati housing market trends to understand what it will look like in 2020. We shall also discuss some important reasons why you may want to consider buying Cincinnati investment properties in 2020. You will get a fair amount of knowledge of the fundamentals of this hot real estate market. Please note that real estate prices are deeply cyclical because its demand side is impacted by economic cycles. Much of it is dependent on factors you can’t control. The recent example is COVID-19 which has badly impacted our economy. Therefore, many variables can potentially impact the value of the real estate in Cincinnati in 2020 (or any other market) and some of these variables are impossible to predict in advance.
Cincinnati Housing Market Trends & News 2020
We shall now discuss some of the most recent Cincinnati real estate trends & news, and compare it with the past couple of years. We shall mainly discuss median home prices, inventory, economy, growth, and neighborhoods, which will help you understand the way the local real estate market moves in this region. Cincinnati is also one of the hottest real estate markets in the nation. In the past ten years, the annual real estate appreciation rate has amounted to 2.33%, according to NeighborhoodScout.com.
Cincinnati Housing Market Report Before COVID-19 Hit The Country
As mentioned above with supply and demand continues to favor sellers, prices have been rising steadily in the entire Cincinnati metro area housing market. 2019 ended with the housing market remaining strong and yet affordable for homebuyers and investors. The entire Greater Cincinnati region continues to experience business growth and an influx of young and established families moving in. Home sales rose by 11.4% ending the year with a double-digit gain. The average home price increased by 8.78% to $227,948.
The same trend continued in 2020. Home sales and prices continued to increase in January and February. By the end of February, the average home price rose by 0.24% to $216,378. The inventory of homes for sale dropped by a massive 25.3%. In March, the home sales recorded a strong month with sales slightly down 0.45% compared to last year. The average home price was $231,986, with a year-over-year gain of 13.12%. Then came the coronavirus pandemic and shelter in place order on March 22nd.
Impact of COVID-19 on Cincinnati Housing Market
Cincinnati home sales were down by 20.21% in April due to the current COVID-19 restrictions. However, home prices increased again. According to the Cincinnati Area Board of REALTORS®, scheduled showings saw a marked decline at the beginning of the Stay at home Order. Since the middle of April, that trend has reversed and is now at levels realized at pre-pandemic periods. The buyers are returning to the market in the summer season.
Below is the latest monthly report of the Cincinnati Housing Market. The source of this report is – “Cincinnati Area Board of REALTORS®.” The report compares key housing metrics of the “Greater Cincinnati Area” from April 2020 with April 2019.
- The total dollar volume of all sales (single-family plus condos) was $445,150,327, down by 16.30%.
- Avg. Price was up for the 13th straight month.
- The average home price reached the figure of $233,430 compared to $222,521 a year ago, a 4.9% increase.
- The median home price reached the figure of $190,000 compared to $184,000 a year ago, a 3.26% increase.
- The inventory of homes for sale dropped from 3,942 a year ago to 2,963, down by 24.8%.
- Local home mortgage rates averaged 3.33% for a 30-year fixed-rate loan.
The question now is what happens moving forward. These numbers can be positive or negative depending on which side of the fence you are — Buyer or Seller? It is quite evident that the ongoing pandemic has had some impact on home sales in the Cincinnati real estate market. Cincinnati home sales dropped sharply in April from both the previous month and year as the housing market began to feel the full impact of the coronavirus outbreak and the state’s stay-at-home order.
At the same time, home prices remained unaffected and continued an upward trend. The report shows it is still a strong seller’s real estate market with low and continuously declining inventory. As we move forward the real estate industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges. The real estate is also deemed as an essential business. As the economy starts opening all over the country the home sales in the Greater Cincinnati housing market would rebound in the coming months.
Cincinnati Real Estate Market Forecast 2020 – 2021
What are the Cincinnati real estate market predictions for 2020? We get to find that on Zillow, the median home value in Cincinnati is $165,613. Let us look at the price trends recorded by Zillow over the past few years. Since 2015, the median home prices in Cincinnati have appreciated by around 40%, from $118,000 to $165,613. The prices rose by 4.9% over the last 12 months alone. Last year saw was the fifth consecutive year of home price gains.
The Zillow Buyer-Seller Index (BSI) considers Cincinnati a sizzling hot seller’s real estate market. This is computed monthly. According to their index, there exists a limited supply of homes in Cincinnati, and buyers are forced to compete often resulting in higher prices and/or quicker sales that tend to benefit sellers. In other words, based on the last month’s key housing market indicators, the demand is exceeding the supply, giving sellers an advantage over buyers in price negotiations. There are fewer homes for sale than there are active buyers in the marketplace.
The latest Cincinnati real estate market forecast is that the home prices may remain flat or decrease by a mere 1.3% – in the next twelve months. This could be due to the short term impact of the ongoing pandemic which has impeded the real estate sales activity in the entire country.
The question is whether it is going to remain a sizzling real estate market amid the ongoing Coronavirus pandemic, which no one knows when it is going to end.
OUR TAKE ON CINCINNATI HOUSING MARKET FORECAST
Cincinnati has been one of the hottest real estate markets in the country for years. It is also one of the hottest real estate markets for investing in rental properties. Like other metro areas of Ohio, this area is also much skewed to sellers due to a very low level of inventory that can’t meet the demand of the rising population. The impact of the pandemic would be a drop in home sales and flattening of prices, both of which are short term. The uncertainty lies only in the lasting of this crisis. Whenever it ends, things would be back to normal.
There is a temporary drop in home sales but without affecting the prices. It is expected that there will be some increase in the inventory levels due to COVID-19. If buyer demand eases, we could see a positive influence on Cincinnati's low inventory levels while at the same time seeing a negative impact on sales. The Greater Cincinnati area is so hot that it cannot shift to a complete buyer’s real estate market, for the long term.
In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero. In terms of months of supply, Cincinnati can become a buyer’s real estate market if the supply increases to more than five months of inventory. And that’s not going to happen. Therefore, in the long term, the Cincinnati real estate market remains strong and skewed to sellers, due to persistent imbalance in supply and demand, and a growing population.
Whether you’re looking to buy or sell, timing your local market is an important part of real estate investment. Currently, the inventory is relatively increasing in Cincinnati, so buyers should take advantage of scooping up their favorite deals which otherwise are taken away by seasoned investors in the bidding wars.
Here is a short and crisp Cincinnati Ohio housing market forecast for the 3 years ending with the 3rd Quarter of 2021. The accuracy of this forecast for Cincinnati is 84% and it is predicting a positive trend. LittleBigHomes.com estimates that the probability of rising home prices in Cincinnati is 84% during this period. If this price forecast is correct, the Cincinnati home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Here is the visual representation of historical Cincinnati home prices and the latest forecast until March 2021.
Cincinnati Real Estate Market: Cincinnati, OH Homes For Sale
Cincinnati has a mixture of owner-occupied and renter-occupied housing units. According to Neighborhoodscout.com, a real estate data provider, one and two-bedroom single-family detached homes are the most common housing units in Cincinnati. Other types of housing that are prevalent in Cincinnati include large apartment complexes, duplexes, rowhouses, and homes converted to apartments.
Single-family homes account for about 38% of Cincinnati’s housing units. At the national level, the single-family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single-family rental units. With 2020 being, theoretically, in the middle of a boom, there are still 4 years for residential construction to surge. Most likely, a housing shortage will remain in 2020, keeping home prices high.
Currently, there are 987 homes for sale in Cincinnati, OH on Zillow, an online real estate database company. Additionally, there are 646 homes for rent. Under potential listings, there are about 6 Foreclosed and 77 Pre-Foreclosure homes. These are the delinquent properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS).
- The median list price per square foot in Cincinnati is $132, which is higher than the Cincinnati Metro average of $127.
- The median price of current listings is $220,000.
- The median price of homes sold in March was $171,200.
- The median rent price in Cincinnati is $1,450, which is higher than the Cincinnati Metro median of $1,370.
There are currently 1610 homes for sale and 532 homes for rent in Cincinnati, Ohio on Realtor.com, a real estate listings website. These may include open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The median list price of homes in Cincinnati, OH was $190K in May 2020, trending up 5.6% year-over-year. The median listing price per square foot was $117.
Cincinnati Housing Market: Foreclosure Statistics In 2020
Here are some foreclosure statistics of the Cincinnati housing market. As per the Cincinnati foreclosure data by Zillow, in Cincinnati 5.2 homes are foreclosed (per 10,000). This is greater than the Cincinnati Metro value of 3.1 and also greater than the national value of 1.2. The percent of delinquent mortgages in Cincinnati is 1.5%, which is higher than the national value of 1.1%. The percent of Cincinnati homeowners underwater on their mortgage is 10.6%, which is higher than Cincinnati Metro at 7.6%.
There are currently 1,207 properties in Cincinnati, OH that are in some stage of foreclosure (default, auction, or bank-owned) while the number of homes listed for sale on RealtyTrac is 1,473. In May, the number of properties that received a foreclosure filing in Cincinnati, OH was 51% lower than the previous month and 85% lower than the same time last year.
| Potential Foreclosures in Cincinnati | 1207 (RealtyTrac) |
| Homes for Sale in Cincinnati | 1473 |
| Recently Sold | 6518 |
| Median List Price | $169,900 (1% rise vs Apr 2019) |
In Cincinnati, the zip code with the highest foreclosure rate is 45218, where 1 in every 1735 housing units is foreclosed. So, you’d find a lot of distressed sellers in this area and get some discounted off-market deals. 45231 zip code has the lowest foreclosure rate, where 1 in every 4445 housing units becomes delinquent.
Cincinnati Real Estate Market: Is It A Good Place For Investment?
You'd probably want to know why we’re recommending Cincinnati as a good place to invest in real estate. Should you consider Cincinnati real estate investment? Many real estate investors have asked themselves if buying a property in Cincinnati is a good investment? You need to drill deeper into local trends if you want to know what the market holds for the real estate investors and buyers in 2020.
If you are looking to make a profit, you don’t want to buy the most expensive property on the Cincinnati real estate market and expect to make a good profit on rents. Perhaps you are looking for a slightly different hold-over, an investment property in Cincinnati that you might move into or sell at retirement in the future. Either way, knowing your profit potential and purpose is the first thing to consider.
Let’s take a look at the number of positive things going on in the Cincinnati real estate market which can help investors who are keen to buy an investment property in this city. We’ll address the biggest factor pulling people to the Cincinnati housing market next.
1. Cincinnati Real Estate Market Is Growing Again
Cincinnati was ranked the fastest-growing power in the Midwest in terms of percentages. It is the seventh-largest economy in the Midwest and the 28th largest in the United States. The median age, here, is a positive sign. The median age for residents is 32, while the average age of people living in Ohio is 39. People are coming here and staying here, raising their children here. That demographic momentum will keep Cincinnati going strong for years to come.
2. Cincinnati's Low Cost of Living & Housing Affordability
Cincinnati was recently ranked the most affordable place for renters to live alone. The median home price in Cincinnati is $165,613. The average townhome cost around $140,000, while the average detached home cost around $200,000. All these prices are lower than the Ohio (and national) average. This isn’t a surprise when you learn that the cost of living here is 8% below the national average. Cincinnati has an unusual combination of consistently high home values with a low cost of living, which makes it a solid choice for the savvy real estate investors.
Cincinnati has all the amenities of the urban lifestyle; access to nightlife, shopping, great restaurants, and culture, along with good schools and some beautiful green spaces. One such an affordable neighborhood in Cincinnati is Oakley. Oakley, Cincinnati is on the rise as a neighborhood for young professionals to get their start. Between its affordable rent, thriving business district, ample shopping, and cool and diverse locals, you'll never want to leave.
Despite comparatively affordable rent and Cincinnati's low cost of living, buying a home may still be the most financially viable long-term investment. Cincinnati is one of seven U.S. cities with housing markets that are below their long-term pricing trend. The average meal at an inexpensive restaurant will cost you around $12 in Cincinnati while you could get a three-course meal for two at a mid-range restaurant for about $45.
For groceries, a gallon of regular milk runs around $2.66, and a dozen eggs come in around $2.23. Transportation in Cincinnati is just slightly below the national average but slightly higher than the entire state of Ohio. Gas runs about $3.40 in the city of Cincinnati, but local transportation is on the low end of the spectrum at around $1.75 for a one-way ticket on local transport. The price of Monthly ticket public transport in Cincinnati, Ohio comes around $93.
3. Cincinnati's Housing Market is Strong
If you’ve heard of Cincinnati lately, there is a fair chance it is because one of several Cincinnati small home builders popped up in the news or was the star of a tiny house reality show. Whether you want to build tiny homes to provide affordable options on the Cincinnati real estate market or think that tiny homes built here and exported elsewhere will help the local economy is your decision. Nearby Dayton has jumped on the bandwagon and been at the forefront of approving “tiny home” projects.
4. Cincinnati's Strong Job Market That Attracts Millenials
Unemployment in Cincinnati is around 4%. That’s almost half the rate it was at the peak of the Great Recession. The economy has shifted somewhat from manufacturing to services, though manufacturing remains a major employer. Several Fortune 500 companies are located here like Kroger & Procter & Gamble. The University of Cincinnati is the second largest, though it isn’t even the only major college in town. Healthcare, though, accounts for around a fifth of all jobs in the city.
While not as well known as other Midwestern cities, in 2016, Cincinnati was rated as one of the best places to live in the U.S. by U.S. News & World Report. The city of Cincinnati is currently growing in the business world and attracting new people interested in growing their careers. If this trend continues to grow, the cost of housing in the Cincinnati area may continue to rise which means it would become a bit more expensive to live in Cincinnati, OH.
5. Cincinnati's Massive Student Population That Rents
Landlords love populations that cannot or will not buy a home, so they’re certain to rent. Military bases provide such a large population of stable renters, and so do colleges. The University of Cincinnati provides a large student body (more than 40,000) that lives on and off-campus. Union Institute and University host more than a thousand students, while the Christ College of Nursing has almost a thousand students. Cincinnati State Technical College has around a thousand students. Cincinnati Christian University has almost a thousand students. Xavier University educates over six thousand students. This means there are many opportunities in the Cincinnati real estate market for those who want to cater to students.
6. The Military Market Which Boosts Cincinnati Rentals
Wright-Patterson Air Force Base is about an hour's drive from Cincinnati. For those investing in the Cincinnati real estate market, especially in the northern suburbs, could tap into this market with affordable single-family homes conveniently located for those commuting to the base. If you are looking for something closer to home, the Blue Ash Air National Guard Station supplies a constant stream of renters.
7. Cincinnati Rental Market Is Growing
Cincinnati was hit very hard by the Great Recession, the deep recession that officially started in 2008, officially ended around 2010, and in reality, didn’t completely fade away until 2016. Cincinnati finally saw the region’s labor force hit the same number in June 2018 that it had in June 2008. This means that many residents have been out of work for years, their credit preventing them from being considered for a mortgage even if they have a job. This explains why around 60% of households in Cincinnati rent and the Cincinnati rental market will continue to grow in the next few years. Though many are back to work or looking for work, it will be years before the city has a majority owning their own homes.
The average rent for an apartment in Cincinnati is $1,007, a 4% increase compared to the previous year, according to RENTCafe. Despite these increases, rents are still relatively affordable in Cincinnati, with about 65% of the rental housing units going for $1,000 per month or less, and 25% of the units going for $1,001-$1,500. 55% of the households in Cincinnati, OH are renter-occupied while 44% are owner-occupied. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer more generous square footage.
8. Cincinnati Real Estate Forecast Shows Long-Term Growth
The Cincinnati forecast shows that the housing market is truly expanding for many reasons. The Dayton and Cincinnati metro areas are expanding along I-75 and expected to combine into one metro area by 2040. This provides a known area where businesses and eventually people will move, so those who build up or invest in Cincinnati real estate here will have excellent future returns. The Cincinnati forecast also shows that the real estate market certainly isn’t hurt by the Amazon distribution centers popping up in nearby Dayton. It doesn’t matter if the property is in the Cincinnati housing market if it is close to new employers like this.
9. Cincinnati Real Estate Market Is Landlord Friendly
Ohio is more landlord-friendly than several other Midwestern states. There’s no maximum security deposit. There’s no statute stating how much notice you must give before increasing rent. There is no law stating that a tenant must be allowed to make repairs and deduct said cost from the rent. You can evict a tenant three days after they’ve failed to pay the rent, and the lease can be terminated three days after notice that they’ve violated the lease. There’s no statute saying the landlord has to hold onto the abandoned property for weeks waiting for the tenant to get it. The Cincinnati housing market is one of the best in the area for real estate investors.
10. Cincinnati Apartments For Rent – Riverfront Redevelopment
Cincinnati has many sports venues downtown, but the true heart of the city is the downtown riverfront. Signs of the redevelopment include the new 45-acre park between the Great American Ballpark and Paul Brown Stadium and a wave of new condos and retail buildings. New restaurants and parking garages sit alongside new shops and apartment buildings. The Cincinnati apartments for rent are increasing due to riverfront re-development. A report by Apartment List, a privately held online rental company based in San Francisco, placed Cincinnati at No. 32 on its list that ranks the 100 largest U.S. cities by year-over-year rent growth.
Among the top 25 cities listed, just six increased growth rates in their rental markets between 2017 and 2018. Click here to view the study on the Apartment List website. Downtown Cincinnati has developed from a relatively seedy neighborhood to one that's packed with residences, restaurants, bars, attractions, and various other things to do. This area of Cincinnati is growing with the number of new residential buildings, including everything from apartments to lofts.
Whether you want to buy a building to renovate into condos or find bungalows perfect for infill development, the Cincinnati real estate market could yield a strong return on the investment if you’re a short trip from all of the new construction by the Riverfront. Note that this is one of the few options for those who want to invest in the upscale Cincinnati housing market.
Since 2014, growing demand for apartments in downtown Cincinnati and state tax credits resulted in the highest level of multifamily construction, as measured by the number of multifamily units permitted, in the Hamilton County submarket since 2012. A large share of rental housing demand during the next 3 years is likely to occur in and near the Cincinnati city center because of the Ohio Historic Preservation Tax Credit Program and revitalization efforts.
The 1,450 units currently under construction will satisfy a portion of the demand during the next 2 years. For more information on The Cincinnati Housing Market Area (HMA) which includes 15 counties in Ohio, Kentucky, and Indiana and is coterminous with the Cincinnati, OH-KY-IN Metropolitan Statistical Area, you can view this COMPREHENSIVE HOUSING MARKET ANALYSIS from Huduser.gov.
Cincinnati Investment Properties: Real Estate Investment
Investing in the Cincinnati real estate can be a worthy investment due to a steady rate of appreciation. It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold. Should you consider Cincinnati real estate investment? The Cincinnati real estate market is on the upswing and looking strong for the foreseeable future. It provides many opportunities for investors, regardless of the market you want to invest in. It is growing faster than the nation as a whole, though this is partially due to its recovery from a low point during the Great Recession.
It is recovering home values and growth in cheap markets can yield the greatest ROI. Good cash flow from Cincinnati investment properties means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt. Therefore, finding a good Cincinnati real estate investment opportunity would be key to your success. If you invest wisely in the Cincinnati real estate, you could secure your future. The best investment is now looking for a rental property that will generate good cash flow.
Your best tenants would be the retirees who intend to relocate to Cincinnati and want to purchase property to rent out. The running costs for owning and managing a Cincinnati rental property should not be high. While hiring a property management company you should expect to give up roughly ten percent of the rent for each property they manage. Remember to factor this loss into your calculations when budgeting for a new rental property.
The three most important factors when buying a real estate anywhere are location, location, and location. The location creates desirability. Desirability brings demand. There should be a natural and upcoming high demand for rental properties. Demand would raise the price of your Cincinnati investment property and you should be able to get a good return on your investment over the long term. The neighborhoods in Cincinnati must be safe to live in and should have a low crime rate. The neighborhoods should be close to basic amenities, public services, schools, and shopping malls.
A cheaper neighborhood in Cincinnati might not be the best place to live in. A cheaper neighborhood should be determined by these factors – Overall Cost Of Living, Rent To Income Ratio, and Median Home Value To Income Ratio. It depends on how much you are looking to spend and if you are wanting smaller investment properties or larger deals such as duplex and triplex in Class A neighborhoods. The inventory is low, but opportunities are there.
There are 109 neighborhoods in Cincinnati. There are 125 elementary schools, 74 middle schools, 53 high schools, and 97 private & charter schools. Some of the best neighborhoods in Cincinnati, Ohio are Hyde Park, Mulberry St, Barrow Avenue, Woodburn Avenue, Winchell Avenue, Oakley, and West Price Hill. Montgomery has a median listing price of $469,000, making it the most expensive neighborhood. East Price Hill is the most affordable neighborhood, with a median listing price of $65,000.
The affordable neighborhoods for apartments in Cincinnati are Sayler Park, where the average rent goes for $617/month, Queensgate, where renters pay $643/mo on average, and West End Cincinnati, where the average rent goes for $643/mo. The most expensive neighborhoods for apartments in Cincinnati are Mount Adams ($1,648), Over – The Rhine ($1,648), and Pendleton ($1,648).
Even as Cincinnati's home prices have reached new heights, they are still near to the national average, and the market remains attractive to residential real estate investors. As they continue to compete for potential investment properties at the lower end of the market, the challenges for first-time homebuyers will remain. Millennial homebuyers can’t outbid real estate investors and hence end up renting. As with any real estate purchase, act wisely. Evaluate the specifics of the Cincinnati housing market at the time you intend to purchase.
Hiring a local property management company can help in finding tenants for your investment property in Cincinnati. If it is your first time to invest in Cincinnati real estate, then you would have to be aware of common beginner’s mistakes. Beginners would usually follow the media, buy a property, and wait for its value to increase. This could be risky. Real estate investing requires research. We recommend doing your research or hiring a real estate investment specialist for guidance.
NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Cincinnati.
Consult with one of the investment counselors who can help build you a custom portfolio of Cincinnati turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Cincinnati.
Not just limited to Cincinnati or Ohio but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Cincinnati turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.
Is It The Right Time To Invest In Real Estate? – The national homeownership rate is on the decline for the first time since 2017. As demographics change and baby boomers retire, you’re seeing Millennials who may not be ready to buy houses. In 2018, Millennials made up about 22 percent of the population in the United States. They’re choosing to rent over buying a single-family home or an apartment. Rising home prices and shortage of starter homes have not left Millennials many choices but to delay homeownership. Moreover, it's even harder to take out a mortgage for those who have student loan debt.
Cincinnati | Ohio Real Estate Investment Opportunities
There are many other markets in the state of Ohio for real estate investing. Columbus is one of them. The Columbus real estate market is a bright spot in a declining region. It mixes smart redevelopment, quality of life, and growth to create a stable, slow-growing market that will be thriving well into the foreseeable future. If you’re looking to buy Columbus investment properties, it makes sense to do so when inventory levels are relatively high, like in the current phase of the pandemic. The surplus of available opportunities can lead to softer negotiations with sellers. Columbus has a lower cost of living than the national average.
Cleveland is another good market to invest in real estate. Cleveland is a notable exception to the decline of the Rust Belt cities. It has managed to reinvent itself, shifting from classic manufacturing to biotech and medicine. In the process, it has maintained its population and has strong potential for growth both economically and demographically.
Similarly, you can also consider Akron for real estate investing. It also presents a great opportunity for real estate investors. Akron has been known as the “Rubber Capital of the World” for more than a century. It is home to around 200,000 people. However, the Akron real estate market is much larger than this. Include the suburbs and small towns that surround it, and the Akron housing market contains roughly 700,000 people. The Akron area has hit it’s low and is starting to appreciate. This is a safer choice than buying in depressed areas that may not recover anytime soon.
Dayton is the sixth-largest city in Ohio. The city is home to roughly 140,000 people. The metro Dayton Ohio housing market includes around 800,000 people. Home values are predicted to go up steadily in the next five to six years making Dayton a great place for real estate investing. The Dayton Ohio real estate market is one of the best deals in the Midwest. It balances affordable properties with strong future growth, a large rental market and stable property values, low carrying costs, and decent ROI.
Let us know which real estate markets you consider best for real estate investing!
Remember, caveat emptor still applies when buying a property anywhere. Some of the information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
REFERENCES:
Latest Market Data, Trends, and Statistics
https://www.cabr.org/category/homesales
https://www.zillow.com/Cincinnati-oh/home-values
https://www.neighborhoodscout.com/oh/cincinnati/real-estate
https://www.littlebighomes.com/real-estate-cincinnati.html
https://www.realtor.com/realestateandhomes-search/Cincinnati_OH/overview
Foreclosures
https://www.realtytrac.com/statsandtrends/oh/hamilton-county/cincinnati
Colleges
https://www.collegesimply.com/colleges-near/ohio/cincinnati/
Employment figures for the Great Recession
https://www.cincinnati.com/story/money/2018/07/25/cincinnati-economy-hits-records-jobs-employment-workforce-great-recession-recovery-complete/810706002
Percentage who rent
https://www.infoplease.com/us/ohio/demographic-statistics-5
Long term growth opportunities
https://www.forbes.com/sites/forbesrealestatecouncil/2018/07/19/the-hidden-gem-of-turnkey-real-estate-investing-is-in-ohio/#28f553101584
Landlord Friendly/Rental Market
https://www.rentcafe.com/average-rent-market-trends/us/oh/cincinnati
https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters
Riverfront
https://cincinnatiusa.com/things-to-do/attractions/smale-riverfront-park
https://www.cincinnati.com/story/money/2018/01/08/banks-searches-developer-tenants-fret-over-projects-future/997389001/
Tiny Homes
https://www.cincinnati.com/story/news/2015/05/26/tiny-houses-come-otr/27787571/
https://www.bizjournals.com/cincinnati/news/2016/09/20/exclusive-new-cincinnati-firm-building-tiny-homes.html
https://www.daytondailynews.com/news/tiny-home-dwellers-have-big-hopes-for-dayton/8uFR8SfAcV6axTf3XtpIiN/
Cost of living in Cincinnati
https://www.senioradvisor.com/cincinnati-oh/whats-the-cost-of-living-in-cincinnati-oh
https://www.areavibes.com/cincinnati-oh/cost-of-living
