Rumor has it that you're looking to buy a house in Ohio - maybe. Well, you're in the right place to get the inside scoop on the housing market of The Buckeye State (yup, their favorite nickname). You'll get the lowdown on the important stuff, as well as some extra fun goodies about the state. So, without further delay...
Narrowing down the search in a new state to a specific city might not be the easiest thing ever, but it can help to know which areas are the most/least moolah-happy. So we checked out homesnacks.net and made up a little list of a few places in each category, especially for you.
Most expensive cities:
Least expensive cities:
And there it is. Now you're ready to choose the city that's right for you, while keeping your financial sitch in mind.
Another good thing to consider before moving to Ohio (or anywhere else) is the current status of the housing market in the place. So we'll keep this party hoppin' by checking out an overview of Ohio's market next.
According to housingpredictor.com, Ohio is currently a seller's market. As the seventh-most populated state, they're facing a bit of a housing inventory crisis at the moment - inventory's been declining for the past several years, but it's down to a record low in central Ohio. In fact, it's down 21.2% from just 2017. It's becoming harder for buyers to find homes, and it's not looking to pick up anytime soon. Sellers will benefit from the increase in home values over the coming months, but sales are still predicted to slow by the end of 2018. The average home spends about 59 days on the market. The overall housing market rating from Zillow is 0.6/10, which is considered pretty unhealthy.
THE place to go in Ohio is Columbus - the state's capital. It's got Ohio State University, a strong economy, a zoo, tons of shopping and restaurants, and a really happenin' downtown area. Home values in the city currently average $145,659 - which is a HUGE increase of 11% over the past year. List prices for homes currently average $159,500, and homes are closing for about $150,600. The list price per square foot is about $113.
And check this out - Ohio's got lots of new construction happenin'. According to zillow.com, the major pattern of new development flows in a diagonal line upwards across the state from Cincinnati, to Columbus, all the way up to Cleveland. So, no matter which major city starting with a 'C' appeals to you the most, there'll be plenty of new places to choose from.
It's great to know WHERE to search, but wouldn't you like to know HOW MUCH you might be paying for your new house? Thought so. So, we're moving right along to home values/prices next.
For starters, zillow.com says that the median home value in Ohio is $137,400, with homes currently listed on the market for an average of $162,000. The median price of homes sold is $138,100, and median rent for a house is $1,025/month. The list price per square foot is about $104. As for home appreciation, home values have also increased 7.0% in 2018, and are expected to rise another 6.2% within the upcoming year.
Don't worry, apartment/condo seekers, we'll show you some love, too. According to zillow.com, average rent for the state as a whole is just $579/month for a one-bedroom, and $757/month for a two-bedroom. You'll pay a bit more in the state's bigger cities, though. Columbus has one-bedrooms going for an average of $885/month, Cleveland for $959/month and Cincinnati for $829/month.
And our townhouse folks, of course we didn't forget about you. As seen on zillow.com, average rent for a townhouse in Ohio ranges from $350/month for a two-bed/one-bath place to $1,100/month for a three-bed/one-and-a-half bath place.
Buying a house is only half the battle - you've also gotta think about what kind of homeowners insurance you'll need. Each state is prone to different types of natural disasters, and Ohio's happens to be tornadoes. Even though the state is located just outside of Tornado Alley, it still gets hit by about 16 of 'em each year.
But what does that mean for you? Well, that you'll need to review the insurance you've got, to make sure you don't need any more. Luckily most homeowners insurance policies include coverage for tornadoes, but you'll need to double-check your specific policy to make extra super-duper sure.
Some policies may require you to get an additional, separate tornado insurance rider, or to specifically name tornadoes among the events that you want them to cover. Damage to your actual home and personal possessions are typically covered by a regular homeowners policy.
If you're a renter, your renters insurance should cover your personal property, while your landlord should cover building damage. Your policy is also likely to provide short-term housing in case the storm is extra-nasty and leaves you temporarily homeless, which wouldn't be cool.
Just make sure you know EXACTLY what's covered by YOUR policy, to avoid any (major) frustration later. Call up your agent to go over things with you again if your confidence is even 0.1% lacking. They won't mind, and you'll thank yourself later. For real.
Also, depending on where you end up settling down in the state, you might need even more coverage - flood insurance. If you're in an area deemed to be high-risk, your mortgage lender might require you to purchase extra coverage specifically for flooding. But it's important to note that even areas not in designated high-risk areas might still require this coverage. Why? Because as that old annoying expression goes, it's better to be safe than sorry.
Alright, so you might need it, but what exactly IS it? Well, broken down, flood insurance will cover your property (the actual structure of your home and the belongings in it - to an extent) if natural water (i.e., rain, waves, etc.) wreaks havoc. Many policies will say that the water must cover at least two acres of normally dry land in order to qualify for reimbursement.
Natural disasters aren't fun for anyone, and neither is having to pay extra money towards additional insurance policies. It's all just important stuff to think over before making your move to a new state. Of course, if you wanna avoid tornadoes/flooding, you could move somewhere else - but no place is gonna be perfect.
Those on the quest for knowledge might wanna know about the quality of the school system in their new state, so next up we've got a peek at an overview, Ohio-style.
Here are some 2018 WalletHub stats about how Ohio schools ranked in the country:
The top-rated schools in Ohio are Walnut Hills High School, in Cincinnati, and Ohio State University, in Columbus.
That's enough of you, serious stuff. It's time to lighten up a bit. Let's take a look at why someone might even WANT to move to Ohio, in the first place. But don't just listen to us, check out these pros/cons of living in The Heart of It All" (mhmm, another cooky state nickname) from some people who already do.
PROs (as voted by real-life "Buckeyes"):
CONs (also from the mouths of real "Buckeyes"):
So, now we know WHY people move here, but what do people DO, once they become reborn as "Buckeyes"? We also checked in with the locals to find out some insider's secrets to having fun 'round here, from "zoolights" to halls of fame.
Here are just a few of the state's coolest attractions:
Well folks, there it is - our Reader's Digest version of all things Ohio housing market, with a bonus round of some state-related goodies. It's no lie that we can't cover EVERYTHING you might be concerned about before seriously looking into buying your house here, but hopefully you've absorbed some juicy deets that you didn't have on your radar before.
If you can't wait to get a house in a city with the "zoolights" or the Rock & Roll HOF, then set your coordinates for Ohio and get on it.