The nation’s housing market has been thrown in a loop thanks to the effects of the pandemic, and we may finally be starting to see things even out.
If you are looking for an affordable place to live, look no farther than Cincinnati, Ohio, where the real estate market is one of the best in the country.
It Sits Below the National Average
As you look at Cincinnati houses for sale, keep in mind the cost of housing is 24% lower than the national average, with the median home price sitting at $224,900.
The Cost of Living is Low
Cincinnati’s cost of living is 8% lower than the national average, meaning your money goes much further here.
Low cost-of-living prices include not only housing costs, but grocery, utility, transportation, and healthcare costs as well. Utilities are 5% below the national average, groceries 9%, and healthcare 2%.
The Economy is Booming
The city has one of the fastest-growing economies in the Midwest. Employment growth in Cincinnati is 1.12% year-over-year, with median household incomes rising by 1.77% over the same time period. Over the next 10 years, the workforce is projected to increase by more than 6%.
The most popular sectors of employment include construction, trade and transportation, education and health services, and professional and business services. Wages are historically rising for highly-skilled workers, including engineers, doctors, and software developers.
Home Values Are Up
When thinking long-term for your home, you not only want a good initial price but also a place that appreciates in value over time. Over the past five years home values in Cincinnati have increased by 60.3%.
Prices are Varied
No matter what type of income you’re pulling it or what your budget might be, there is most likely a home that sits within your affordability range.
The most affordable neighborhood for buying a home in Cincinnati is East Price Hill, where the median listing price is $126,500. Mount Lookout is the most expensive with a median listing price of $492,000.
The Renter’s Market is Great
The average rent in the city is $1,040 per month, with 60% of rental units having monthly rents of $1,000 or less.
Again, no matter your price range there’s a rental property for you. The most affordable neighborhoods for renters are Sayler Park, Queensgate, and West End Cincinnati, at less than $662 per month.
The most expensive neighborhoods for renters include Over-The-Rhine, Pendleton, and Mount Auburn, where rents average between $1,522 and $1,580 per month.
History Proves A Good Pattern
Looking at the ways in which home and rental prices have risen over a span of years is a good indicator of what the future market will look like. Cincinnati’s pricing has of course risen, though at a slower pace than many major cities.
Since the last real estate cycle market peak in May 2006, home prices have increased by 5.3%.
Since the last real estate cycle market bottom in March 2012, home prices have increased by 46.3%
