About the Cincinnati Housing Market
Cincinnati, Ohio has experienced steady population growth over the past few years, with the city adding an estimated 7,700 new residents between 2010 and 2020, according to the US Census Bureau. This represents a growth rate of approximately 1.5%.
Cincinnati is also known for its vibrant arts and cultural scene, with several world-class museums, theaters, and music venues. The city has invested in revitalizing its downtown and riverfront areas, creating new green spaces, bike paths, and public art installations.
One factor driving population growth in Cincinnati is its strong job market. The city is home to several major employers, including Procter & Gamble, Fifth Third Bank, and Kroger, and has a diverse economy that includes healthcare, technology, and manufacturing. In recent years, Cincinnati has also seen growth in its startup and entrepreneurial communities.
Another factor contributing to population growth is the city’s affordability compared to other large metropolitan areas in the US. The cost of living in Cincinnati is lower than the national average, particularly when it comes to housing costs. This makes the city an attractive option for young professionals and families looking for an affordable place to live.
Median Household Income: $70,818
Metro Population: 2.26 Million
11-Year Population Growth: 5.57%
Median Home Price: $254,824
Median Rent Per Month: $1,376 (0.54% rent-to-value ratio)
1-Year Equity Growth: 11.5%
Tenant Laws: Landlord-Friendly
8-Year Equity Growth (January 2014 – December 2022): 79.3%
1-Year Rent Growth: 6%
8-Year Rent Growth (January 2014 – December 2022): 39%
Job Growth: +10,600 CES jobs created over the last year
1-Year Job Growth Rate: 0.98% (75% lower than the national average)
Unemployment Rate: 3.6% (2.7% lower than the national average)
What to Like
Affordable cost of living
Excellent economy & jobs
Friendly city
Beautiful parks and greenery
What to Watch Out For
Harsh winters
Limited public transport
Heavy traffic
Higher crime rate in some areas
– The median home price in Cincinnati is $254,824, 26% less than the average price of a US home and the median monthly rent is $1,376, 30% less than the US average. In Cincinnati, Ohio, more than 60 percent of households rent their homes.
– In the 19th century, Cincinnati was among the ten most populous U.S. cities, surpassed only by New Orleans and a few cities along the East Coast. It endured economic depression through much of its early history, but has since grown into a thriving city with over 2 million residents.
– Cincinnati has not been the fastest-growing metro area in the United States, but its population has increased steadily over the years. From 2010 to 2021, it saw a 5.57% increase in residents.
– Fortune 500 companies headquartered in Cincinnati include Procter & Gamble (P&G), The Kroger Company (Kroger), Macy’s; General Electric’s Global Operations Center is also located in downtown Cincinnati; Cincinnati has become a hot spot for investors looking for cash flow because of its affordability and job growth.
Strong renters market
The Cincinnati housing market is experiencing a high demand for rental property, as 60% of area households rent rather than own. Furthermore, WCPO in Cincinnati reports that the market offers a “real affordability proposal” and is benefitting from the inbound migration of people from high-cost coastal areas. This means that investors are likely to see more opportunities for investment in the Cincinnati real estate market in 2023.
Strong job market
In the past year, 10,600 jobs were added to Cincinnati’s economy, corresponding to a job growth of 0.98%. The Cincinnati MSA is projected to experience an average of 6.2 percent growth in employment from 2018-2028. Well-paying healthcare jobs are predicted to be the fastest growing component of the employment market in the Cincinnati metro area over the next ten years.
Fast growth rate
Cincinnati is one of the nation’s 25 fastest-growing regions. It’s also the country’s fourth-largest inland hub. Since 2014, home prices in Cincinnati have increased by 79.3% at an annual rate of 8.7%. The current median home price in Cincinnati is $254,824.
Purchasing Property in Cincinnati
The average price of a home in Cincinnati is $254,800, 26% less than the national average. In some neighborhoods, you can find investment properties that are as much as 60% less than the national average and rent them out for just under 1% of the purchase price.
The average RTV ratio for RealWealth investors who invest in Cincinnati is 0.95%, which is 67% higher than the national average RTV ratio; these homes cost $131,000 on average, and rent for an average of $1,250 per month.
Overall, Cincinnati’s combination of job opportunities, affordability, and cultural amenities make it an attractive location for people looking to relocate or start a new chapter in their lives. Metropolitan Cincinnati’s economy ranks twenty-eighth in the United States. It also has the fifth largest economy in the Midwest, after Chicago, Minneapolis-St. Paul, Detroit, and St. Louis.
Cincinnati, Ohio
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