Ohio is a unique state where large cities like Cleveland and Cincinnati sit next to rural farms. Ohio real estate prices mirror this diversity.
Ohio was a mainstay in the industrial revolution in the United States. Cities such as Cleveland and Cincinnati spawned industrial might to such a degree that Cleveland is still the home of the most millionaires per person in the United States. Bet you didn’t know that! As the industrial revolution faded, the state has evolved and now has a strong high tech industry, particularly in Columbus. Notwithstanding all of this, Ohio has maintained a strong rural farming influence, which can be seen just be driving out of the cities. Throw in a bevy of lakes, and you have a surprisingly wonderful place to live.
Columbus is the state capital of Ohio and home to the massive Ohio State University. Sitting on the bank of the Scioto River, the city is centrally located and reflects the farmland surrounding it with a relaxed atmosphere. Named after Christopher Columbus, the city is designed well with large green areas, a thoughtful layout and statutes galore. With a huge university, the city has a definite college town feel with accompanying coffee shops, art galleries and a festive nightlife. If college football is your passion, this is the place to be in the fall.
Cleveland is a city going through a major renaissance. Once branded with a rather nasty reputation, the city is now a gem in Ohio. Major money has been put into redevelopment and the city is now a hot spot for nightlife and cultural activities such as the rock n’ roll Hall of Fame. Once known as the “mistake on the lake”, Cleveland is now the gem of cities on Lake Erie. If you’re looking for a ground floor opportunity, Cleveland may just be the city for you.
Sitting on the Ohio River, Cincinnati is a sit with a mix of influences. You’ll find a definite European influence mixed with a southern feel and energized economy. This odd mix gives rise to an eccentric streak in a city which elected Jerry Springer as the Mayor. Yes, the Jerry Springer on television. Still, the city is a typical hard working town in Ohio with a surprising number of attractions such as the redeveloped river front area. The city also has a strong tradition of professional sports with the baseball Reds and the revitalized football Bengals.
Ohio Real Estate
Ohio real estate prices are very reasonable regardless of where you go. A single family home in Columbus, Cleveland or Cincinnati will set you back between $220,000 and $250,000. Head out of these cities and you can expect to pay much less.
Despite all the positive aspects of Ohio, appreciation rates are not the best. For 2005, appreciation rates were a little less than five percent.
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