Is Cleveland a Good City to Invest in Real Estate?
Are you ready for your first or even second investment property? Are you interested in investing in Ohio? With the current climate of the United States, there are several investment opportunities and Ohio is one of them. Is Cleveland a good city to invest in? Yes! Here is why. The Ohio housing market is hot. Ohio is the seventh-most populous state in the country.
Ohio is Booming
It is also rated as one of the best states for business with a low cost of living, great schools, and a lot of recreational activities. The housing market has taken off because of population growth, job market growth, and affordable housing. These are some of the top indicators you want to see when you are looking to invest. Over the last ten years, about 11 million people are said to reside in Ohio.
Cleveland was known as a has-been market but that has had some turnaround. It is now known to have several opportunities for residents and investors. This market is having a huge rebound. It is known right now as one of the top U.S. markets for new listings. The median home price in Cleveland is $113K and it's trending at 3.7% year over year. The median price per square foot is $68. The median sale price is $123.5K. Homes are selling at asking prices and sell on an average for 56 days.
When you're looking to invest you want to know the rental forecast as well. Cleveland is mixed between owners and renters. The average rent for a 1 bedroom is around $1,300 and this is a 12% increase from the prior year. The average rent for a studio in Cleveland is around $925. The average rent for a 2 bedroom apartment is around $1,500.
The most expensive neighborhoods in Cleveland are Glenville, Downtown Cleveland, Hough, Ohio City, and University. Cleveland is known for being one of the best long-term real estate investments in the U.S. Home values have appreciated 60% since 2011. The market is currently a seller's market so that can make things a bit difficult when you are an investment buyer, but if you have the funding to back your offers, you could be a great candidate to any seller. There are fewer homes for sale than buyers looking.
The best neighborhoods to consider are Bainbridge, Boston Heights, Bay Village, Solon, South Russel, Greentown, Reminderville, Moreland Hills, and Wadsworth. Property with residents is not the only available investment, there are many agricultural properties for sale with potential for investors.
You can determine that Cleveland, Ohio is definitely a great place to invest. With this information provided, you can be sure that the housing market trajectory is going up and the values of homes are increasing. There is always more to research and unpack according to your specific situation but be assured that this is a hot spot for investors.
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