Buying an Investment Property in Columbus
H4M7RFebruary 21, 2023
There are a few key factors that make Columbus a great place for anyone who’s considering investing in a property. Even though property values keep rising, it’s still affordable in comparison to cities that are similar in size in America. So before you look for storage containers Columbus Ohio to store your belongings, here is everything you need to know about buying an investment property in Columbus.
Some of the reasons to buy an investment company in Columbus
Columbus is a great place for living for many reasons, but not everyone will find each reason compelling enough to move there. However, if you combine a few, you may end up in this wonderful place. Some of the reasons are:
- the population growth,
- the job market,
- the cost of living,
- real estate market,
- quality of life.
The population keeps growing
When it comes to Columbus’ population, it’s been growing steadily with the metro area getting about 50 new people every day. The population has increased by a whopping 15% in the past decade. Good population growth is an important factor when buying an investment property.
The job market is stable
Since 2010, the unemployment rate has decreased from 9.5% to only 3.4% in December 2022! The economy of Columbus is diverse and it consists of insurance and banking, steel and logistics, education and government, and medical research and technology. A stable job market is good for anyone who’s considering buying an investment property in Columbus as it will only keep growing, This means that your property will gain value over time as well.
The cost of living is affordable
In comparison to the national average, Columbus’ cost of living is 5% lower! A low cost is an attractive option for anyone who wants to buy an investment property as well as move to Columbus with the help of residential movers Columbus Ohio. The low cost of living also attracts young professionals and families who are considering buying a home in Columbus.
Real estate market in Columbus
So before you look for Columbus moving companies and maybe move here, let’s see what’s the real estate market like in Columbus. Over the last year, home values have increased by 17.3% which means that buying an investment property there is not a bad idea. When it comes to the median listing home price, it’s about $249.000, while the median sold home price is around $273.000. The most affordable neighborhood in Columbus is South Linden where the median listing price is $140.000 while the most expensive one is German Village. The median listing home price here is $475.000.
The quality of life is decent
Because Columbus is a metropolitan area, there is lots of shopping, entertainment, and fine dining in the city. The place is great for anyone with an active lifestyle. There is a growing number of bike and fitness trails that connect the river waterfront park to suburbs and trailers. Also, according to Forbes, the city ranks as the 28th best place for careers and business which is not too bad at all.
Buying an investment property in Columbus can be a good idea
Buying an investment property in Columbus is a good idea because of its strong economy, low cost of living, and stable real estate market. Not only it’s a decent location for buying an investment property, but it’s also good for living because for the same reasons. So if you decide to move here, you may need cheap storage units Columbus Ohio to keep your belongings while you settle in.