Real estate trends in Columbus
If you are planning on moving to a different city or state, it is always a good idea to do some research beforehand. If you are considering Columbus, looking up the location and exploring the real estate trends in Columbus is highly beneficial. As relocating is a big step, knowing numbers and finances prior can help you stay within budget.
Real Estate
Purchasing a new home is an investment. Before you make an investment into anything, it is always good to know and understand what you are investing in and for. Furthermore, it is simply important to understand real estate and its trends wherever you are moving to, in order to start the investment off right. How do you learn about and understand real estate trends in general? The key is to do research and keep up. As we all know, real estate is a field that is constantly changing and evolving. Market trends, interest rates, and average home prices tend to change frequently, therefore it’s essential to stay within the flow in order to be in the know.
Columbus Property Trends
Once you understand general real estate trends, you are more than aware that all these property and price trends are locally dependent. In addition, not only do trends and average values differ from city to city, and state to state, but laws and regulations too. Simply because you know your town’s regulations when it comes to real estate, it does not mean it is identical to the ones in Columbus. One of our tips is to investigate real estate trends in Columbus and towns like Amherst, in order to come to a better decision and overall investment with your choice.
Let’s review our to-do-list when it comes to figuring out real estate trends when moving to Ohio.
- Ensure you understand and are knowledgeable about basic real estate shifts and tendencies
- Once you know where you are moving to, thoroughly research the local property trends
- Understand the local marketplace from any and all point of views
- Whether you are selling or buying, keep up with the trends and come up with efficient investments
Columbus statistics 101
Did you know that Columbus, Ohio is the 15th biggest city in the United States? With a decent driving distance from cities like Chicago, New York City and Atlanta, Columbus is a good choice for anyone looking to move there. Moreover, the average home prices range anywhere from $100, 000 to $165, 000, while month to month rent averages around $1300 as its highest point. While $56, 000 is the income value of an average household, real estate seems like a good investment here.
While facts and statistics show solid results, the real estate marketplace is a very unpredictable platform altogether. It is something to be invested in with caution, research, and reassurances. Some things to keep an eye out for include the following:
- Avoid risky and illegal loan terms
- Lack of perception when it comes to secondary market activity
- Interest rates on a rise
- A surprising and fast decrease in home value
Welcome to Ohio and its Real Estate
Now that you have done your necessary research, and you are somewhat of a beginner expert in real estate trends, let’s focus on Ohio. Take a look at some of the local’s favorite neighborhoods in Columbus:
- Clintonville
- Far North
- Northwest Columbus
- Bexley
- Arena District
- Harrison West
- Victorian Village
You might be wondering what criteria brought us to this list you can view right above. Not only are these neighborhoods the favorites of local people living there, but the rates for low unemployment rates, low crime, and high income are pretty good and reassuring. Good school districts, fabulous restaurant spots, and well-rounded and safe communities seem to make Columbus more and more appealing to the public.
Columbus Surroundings
As we are on the subject of Columbus and its territory and surroundings, another city, just a two-hour drive away, is also another favorite within Ohio. With a short distance between Amherst and Columbus, many enjoy the vibe of a smaller town while still being able to visit the big city in no time. Amherst, Ohio’s average income is a little higher, sitting at around $65, 000. The average income value has grown a little over $10, 000 within the last two decades. Meanwhile, property prices are very similar to that of Columbus, Ohio.
With these many great options, you really cannot go wrong with either decision. If you do decide to go two hours away from Columbus, then settling down in your new Amherst house is something we would definitely recommend.
Moving & Real Estate
As you might have learned today, or simply just reviewed, real estate trends are crucial when it comes to moving and investment decisions. It is both recommended and beneficial to first understand real estate trends and to then keep up with the latest changes. All of these property trends and marketplace tendencies and tactics are not so predictable, however, can be manageable with keeping up. In addition, do not forget that all of this fluctuates locally. What is common in New York City might not even be a thing in Columbus. Therefore, put some effort into your research, and gather up valuable information before any relocation.
All in all, Columbus or Amherst, both would make a good choice for a new home. Perhaps your decision will vary based on where your job takes you, or perhaps it is where you want your kids to attend school. Either or, sit down with your family, figure out your finances, and create a plan on paper. With a solid timeline, a structured plan, and knowledge of the latest real estate trends, you are already on the right path.
Lisa Roberts is a long-time real estate expert. For the past two decades, Jack has worked for a large real estate company and he is an expert when it comes to investing in rental real estate. Currently, he lives in Brooklyn with his stay at home wife and two daughters. On the weekends, he prefers to spend time with his family, since on workdays he works long hours. Jack’s plan is to invest in rental real estate and retire early.