The Sustainable Ohio Public Energy Council residents and small businesses in Dayton, Ohio received 100% renewable energy while saving money with electric aggregation for their electricity supply charges for a period of 12 months.
This article examines whether Ohio is an excellent place to invest in real estate in 2023. Topics include the state of the Ohio economy, current trends in the Ohio real estate and housing market, and hot places to invest in Ohio real estate in 2023. If you want to learn more about the Ohio real estate market, read this article carefully because investing in the real estate industry can be fun and financially rewarding! Realtors Tiffin, Ohio, will help you choose the right home or profitably sell your current home. They will also provide all the information you need and help with the legal side of buying real estate in Ohio.
Ohio Housing Market Overview
Located in the center of the United States, Ohio is the seventh most populous state in the country. Ohioans live in one of the best states to work in, with affordable real estate, excellent schools, large cities with thriving economies, and a wide range of leisure and entertainment options. Known as the Buckeye State, Ohio is home to the Rock and Roll Hall of Fame, the National Museum of the United States Air Force, Cedar Point Amusement Park, and Hocking Hills State Park. Ohio has also produced seven U.S. presidents. In addition, the first ambulance service was established in 1865 in Cincinnati. It was the first state to pass a law protecting working women. Ohio also has a lot to offer sports fans. The Cincinnati Red Stockings were the first professional baseball team.
Moreover, two of the top 10 cities to live in in 2020 were Cincinnati and Columbus, Ohio. The most significant population growth is observed in and around large cities. Ohio has a developed public transportation system in the state’s major cities. Ohio has the seventh-largest economy in the United States. Manufacturing and finance are two of the largest industries booming in this state. It produces enormous amounts of plastic, rubber, and metal, more than any other state in the United States. On the realtor email list in Ohio, you can find a list of realtors with the experience and knowledge to quickly help you find the property you want, in the location you wish, at the price you want. Before we dive into real estate investment opportunities, let’s look at the state of Ohio’s economy and the impact of COVID-19.
The Ohio State Economy and the Impact of COVID-19
Nearly 900,000 Ohioans have lost their jobs due to the COVID-19 pandemic. Since then, the state has taken over about half of these jobs. The entertainment, trade, transport and public services, health care, and education sectors provide the most significant number of jobs. Despite the considerable impact of COVID-19, Ohio is gaining momentum to rebuild its economic potential. In general, the state’s population is actively growing, especially in large cities. Ohio has a large and diverse job market, affordable housing, and a low cost of living. And it is committing to invest in renewable energy.
Ohio real estate market in 2023
When looking at the current housing market, we highlight three key indicators: recent population growth, number of jobs, and real estate affordability in Ohio cities. If the real estate market meets these three indicators, they are at a high level, and it can be a good and profitable investment.
Ohio Housing Market Trends
There are vital points to consider with Ohio housing market trends. First, Ohio is home to about 12 million people, and the population has grown steadily by about 2% over the past decade. This growth rate is lower than the national average but still stable. A notable trend is Ohio’s aging population. Over the next five years, more than one in four Ohioans will be 60 or older. It will be interesting to see how this will affect the Ohio housing market.
The state’s major cities are seeing the most significant population growth. Home values are valued conservatively in the state, and there is a growing labor market. Ohio has one of the largest economies in the country. It is home to 25 Fortune 500 companies and 338 colleges and universities, some with interesting efforts to make their cities green. Ohio also has many people working in health care. In 2020, Ohio ranked the 9th best shopping state in America. It has one of the best infrastructure ratings and a low cost of doing business. A growing labor market and the economy are always signs of a healthy housing market.
Affordable prices and profitable investment opportunities
Ohio is generally very affordable in terms of real estate prices compared to the rest of the United States. Affordability and low cost of living are two key factors why people come to Ohio. The average mortgage payment in Ohio is $765 per month, well below the national average. Approximately 35% of the population rents housing, and the average rent is about $600 per month. The state needs affordable rental housing for low-income families. The lack of accommodation for the poor is a key trend that can also be observed in other countries.
Optimal places for investment
The best places to invest in real estate in Ohio in 2023 include Cleveland, Cincinnati, Columbus, and Dayton. Each of these real estate markets has different advantages and disadvantages regarding investing, and it is essential to familiarize yourself with interesting information about each city.
Investing in the Cleveland, Ohio, real estate market in 2023
Cleveland’s housing market is one of the state’s most popular real estate investment destinations. It’s easy to see why. For the past twenty years, Cleveland has been growing, and residents of Cleveland enjoy lake views and many interesting cultural attractions. In recent years, the center of Cleveland has undergone reconstruction at the cost of $50 million. The project envisions several acres of green spaces around public places, apartments, commercial buildings, and other essential places.
The city’s top cultural attractions include the Cleveland Museum of Art, MOCA Cleveland (Museum of Modern Art), and the Rock and Roll Hall of Fame. Cleveland’s job market offers high-paying jobs in industries such as I.T., healthcare, and manufacturing. In reality, there need to be more qualified people to fill these gaps. However, the coronavirus pandemic has seriously affected Cleveland’s labor market and economy. The service and healthcare sectors suffered the most labor losses. Because Cleveland’s economy is so dependent on the healthcare industry, there was a concern when job losses peaked in April. Since then, the healthcare industry has grown and is gradually developing. The median home price in the Cleveland area is around $167,000. Last year, the price increased by 7.9% and was expected to increase by another 5.1%.
Akron, Ohio
Akron is full of public parks
Located just 45 minutes from Cleveland, Akron is known as the “Rubber Capital of the World” with a long history of tire manufacturing. Akron has a reasonably large area with a zoo and many unique neighborhoods. The median home price in Akron is around $80,000. Housing prices have increased by 8.6% since last year, and growth of 8.2% is expected next year. Certain areas of Akron offer profitable investment opportunities for investing cash flow in various real estate properties.
Parma, Ohio
Parma is a prominent suburb of Cleveland with a median home value of $140,000. Property prices in Palma are high but still well below the national average. In addition, property prices have increased by 9% over the past 12 months and are expected to increase by 8.2% next year. More and more people own housing rather than renting it. As a densely populated area, residents of Parma enjoy a mix of bars, cafes, and parks. Parma is also known for its public schools. With an average rent of $850, Palma is a very affordable place to live and invest in real estate.
Lorain, Ohio
Lorain is located 35 minutes west of Cleveland. The median home price is $85,000. Residential construction grew by more than 7% last year and is expected to grow by more than 8%. Lorain offers rental housing that starts at around $650, making it one of the cheapest places to live. This Cleveland suburb is excellent for families, with good schools and many parks.
Profitable investments in the Cincinnati, Ohio, real estate market in 2023
The abundance of jobs available in the job market, entertainment, and affordable housing prices in Cincinnati in 2023 earned it a place on the list of the best cities. The unemployment rate is relatively low here. Cincinnati’s workforce is predicted to grow by more than 6% over the next decade. More work means more people. Over the past decade, people have been actively moving to Cincinnati. Population growth is not the fastest in the country, but stable. With an expanding labor market, this trend is likely to continue. The median home price in the Cincinnati metropolitan area was $201,822. Last year, housing prices rose by 7.7%, and next year it is expected to grow by 5.9%. Cincinnati is a very affordable city, especially compared to other major cities in the country. Cincinnati’s rental market thrives because of the many students who study here. About 55% of people rent housing, and the average rent is lower than the national average. The housing market around the Cincinnati metropolitan area offers a unique opportunity for real estate investors. Available cash flows and long-term valuations in select Cincinnati neighborhoods.
Profitable investment in the Columbus, Ohio, real estate market in 2023
Columbus is the state capital of Ohio’s most populous city, with over 922,000 residents. Columbus is the best city for students because of the large number of colleges, affordable housing prices, and many diverse entertainment activities. Ohio State University is located in Columbus and is one of the largest employers in the region. Key industries in the Columbus metropolitan area include healthcare, public education, I.T., insurance, retail, and finance. The average household income exceeds the national average. The median home price in the Columbus area is $223,000. The home values increased by 7.6% and are expected to increase by 5.8% in the next 12 months.
Profitable investments in the Dayton, Ohio, real estate market in 2023
Dayton’s population is approximately 139,756, and it is located between Columbus and Cincinnati. Home prices in Dayton hover around $68,000. The home values increased by 16.3% compared to last year and are expected to grow by about 9% next year. Most Dayton residents rent their homes. On average, people pay less than $700 a month for rent. Dayton attracts young professionals and has a vibrant and diverse nightlife. The National Museum of the United States Air Force is also in Dayton. Canton, Ohio, is about an hour from Cleveland and 30 minutes from Akron. With 70,000 inhabitants, it is an excellent place to live with the family. The Pro Football Hall of Fame is located here. Median home prices have increased approximately 8% since 2019 and currently stand at $117,000. House prices are expected to rise by 7.7% next year. Living in Canton is affordable, with an average rent of less than $600 per month.
Therefore, is Ohio an excellent place to invest in real estate in 2023? You have to decide if this is a good option for you. There is a lot of potential, especially in regions where the population and employment are growing. Affordable housing and a relatively low cost of living can be found even in Ohio’s larger cities.
Author: Bhok Thompson
Bhok Thompson is a Singapore-based engineer, entrepreneur, and self-proclaimed “eco-tinkerer” who thrives at the intersection of sustainability, business, and cutting-edge technology. With a background in mechanical engineering and a deep fascination with renewable energy, Bhok has dedicated his career to developing innovative solutions that bridge environmental consciousness with profitability. A frequent contributor to Green Prophet, Bhok writes about futuristic green tech, urban sustainability, and the latest trends in eco-friendly startups. His passion for engineering meets his love for business as he mentors young entrepreneurs looking to create scalable, impact-driven companies. Beyond his work, Bhok is an avid collector of vintage mechanical watches, believing they represent an era of precision and craftsmanship that modern technology often overlooks. On weekends, you can find him exploring the vibrant street food scene in Singapore—because, as he says, "Innovation starts with good energy, and nothing fuels creativity like great food!" Reach out: [email protected]
