5 Ohio Cities Perfect For Real Estate Investment in 2023
Fighting the record-high mortgage rates, Ohio still represents one of the hottest real estate markets in the country. Due to the increased rates, buyers now have a much better chance of getting their offers approved. If you are planning to take advantage of this favorable real estate market, this article can be helpful to you!
Why Invest in the Ohio Real Estate Market?
Investing in the real estate market in Ohio, especially in cities like Columbus, Cincinnati, Beavercreek, and Cleveland can offer you an excellent return on investment. During the 2021 Q1 to 2022 Q2, Ohio had one of the highest appreciation rates in the country as the median price for homes went up by 18.4%.
Home prices in Ohio have risen by 32.85% in the last 2 years. However, the market has the potential to grow even further, which makes it an excellent place to invest in real estate.
Best Cities for Real Estate Investment in 2023
The median selling price for residential properties in Columbus is $174,109, which means that the rental yield is high in this area. The housing market is experiencing steady growth due to the slow growth of population. In the last year, property values in Columbus increased by 8.4%. The limited supply but high demand for family-friendly homes in Columbus is driving up the prices. You will find some excellent deals in the neighborhoods like Olde Towne East, Downtown Columbus, Franklinton, Near East Side, Italian Village, North Linden, and Grandview Heights.
Top Reasons to invest in Columbus:
- Affordable real estate.
- Large rental market
- The lower cost of living attracts residents
- A Variety of colleges brings in a large population of students
With a median selling price of $252,330 and a home appreciation rate of 13.5%, Cincinnati can be a smart investment choice for Ohio. The city was recently ranked as the No. 1 best place to live in Ohio. Hyde Park, East Price Hill, West Price Hill, and Oakley are some of the best neighborhoods in Ohio.
Cincinnati has a median rent price of $1,275, which is slightly lower than other metro areas. While it sounds a bit negative, it can help to attract more renters. The rising home values and rent combined with a powerful economy make Cincinnati an excellent investment opportunity.
Top Reasons to invest in Cincinnati:
- Excellent home appreciation rate
- A great place to live in
- A prime location for transportation and commerce industries
- The fastest-growing economy in the Midwest Ohio
Cleveland is one of the most affordable cities in Ohio. The city is often called “The Forest City”, and is highly popular with home buyers who want the city life but enjoy greenery over bricks and mortars.
The best neighborhoods to invest in Cleveland are Tremont, Ohio City, and University Circle. The median selling price is $119,920 in Cleveland, which means the city is highly affordable. Home values in this city have climbed by 11.8% during the last year, and are expected to rise by 7.7% within the upcoming year.
Top Reasons to invest in Cleveland:
- One of the most affordable cities in Ohio
- Attracts people who love greeneries
- Attractive home appreciation rate
Toledo is known as “The Glass City” for its long history of glass manufacturing. For those who look forward to investing in affordable rental properties, Toledo can be an excellent option. The median selling price in this city is $115,470. Toledo is a city with one of the least costs of living in the United States, which is the reason why it can be easy to re-sell a home or rent a home in this city.
The best places to invest in Toledo are Westgate, Southwyck, and DeVeaux. With a home appreciation rate of 13.5%, you can expect to see your investment grow significantly.
Top Reasons to Invest in Toledo:
- Affordable rental properties
- Excellent appreciation rate
- Low cost of living
Beavercreek is a city with a convenient location and a handful of amenities. While the median listing price in this city is $289,900, a great advantage is that the city does not have any city income tax.
Thanks to two major highways (I-675 and US Route 35), Beavercreek homes delight you an easy and quick commute of less than 30 minutes to most parts of the Greater Dayton metro area. The city has a wide range of highly rated private and public schools. Also, it has some excellent colleges and universities close by, including the University of Dayton, Central State University, Wright State University, and more.
Top Reasons to Invest in Beavercreek:
- No income tax
- Convenient location
- Excellent schools, colleges, and universities
The cities we have mentioned above offer you excellent investment opportunities with high home appreciation rates and numerous buyer and renter attractions. With a wise investment in these cities, you can expect an amazing outcome!