Here are 4 Reasons Why Homes in Cincinnati Are Appreciating Faster than the National Average
For some time now, homes in Cincinnati have been rising in price at rates faster than the national average. General population increase, a growing job market, expected quality of life, and the rise of Cincinnati’s real estate market are all factors causing homes in the city to appreciate. Below these five reasons are explored and discussed in further detail. If you are interested in buying a home in Cincinnati in the next few months or simply looking to learn more about what is causing homes in the city to appreciate, you should continue to read below!
1. Population Increase
For a little more than a decade now, Cincinnati’s population has been growing steadily. Not only have city officials been focused on pro-growth management strategies, but Cincinnati’s metropolitan areas have attracted more and more people due to its growing job market and expected quality of life. Each of these two factors will also be discussed below.
In addition to its pro-growth strategies, Cincinnati’s general location also gives it a boost in terms of population growth, for the city’s greatest outskirts reach into three different states. Therefore, individuals looking to migrate out of more rural areas in Ohio, Indiana, and Kentucky are all likely to be drawn to the city.
2. Growing Job Market
Though they have not been growing as steadily as its population, both Cincinnati’s local economy and job market have been on the rise as of lately. According to several reports from the Bureau of Labor Statistics, jobs centered around trade, transportation, construction, and health services are all in high demand throughout the city. The growing demand for jobs in these sectors has caused more high-income earning individuals to move to the city in search of a home. Therefore, the housing market in Cincinnati has benefitted from the growing job market and is not likely to slow down anytime soon.
As more and more high-income earning individuals move to the city it is only expected that homes will continue to be updated and built using expensive materials and features such as engineered hardwood floors and fiber cement siding. The addition of luxury features to home’s throughout the city will only cause the housing market to appreciate further.
3. Quality of Life
In recent years Cincinnati has risen as one of the top places to live in the country in terms of the job market, the value of living, and cultural relevance. In addition to its metropolitan design and location, the city also has professional sports teams, several museums, and several award-winning restaurants. City planning features such as the Cincinnati skywalk also make it easy to navigate the city’s downtown areas drawing more and more individuals to the city’s most relevant amenities. All of these factors have caused the expected quality of life in Cincinnati to rise, which has simultaneously caused homes in the city to appreciate.
4. Rising Real Estate Market
The real estate market in Cincinnati is booming. According to Forbes, the city’s real estate market is one of the top three in all of Ohio. As the city’s real estate market becomes more and more attractive, homes in the city are expected to continue to appreciate. The most expensive neighborhood in Cincinnati is Mount Lookout. Homes in the neighborhood have an average median price of $430,000.
Rising Steady
Over the last five years, the value of homes in Cincinnati has increased by around 48 percent. This increase, as you now know, is largely attributed to the city’s growing population, attractive job market, expected quality of life, and surging real estate market. While this trend has been active for several months now, homes in Cincinnati are showing no sign of deprecation.