Owning vs. Renting in Ohio: Which Is Better?
Owning vs. Renting in Ohio: Which Is Better?
The decision of owning versus renting a home in Ohio can be a difficult one. Both options have their own unique benefits and drawbacks, and the right choice for you will depend on your personal circumstances and priorities. In this article, we will take a closer look at the pros and cons of owning versus renting in Ohio, to help you make an informed decision about what is best for you. Whether you’re a first-time home buyer or a seasoned property owner, this guide will provide valuable insights and information.
Ohio’s Real Estate Market
Ohio has become a great place to consider for new homeowners, and it has also been a popular place to go for those who are looking for new job opportunities or a lower cost of living. Ohio has been known to be a great place to go for large properties as it’s often seen as one of the more agriculturally focused states, but large cities like Dayton and Columbus have started to see a large number of new residents.
This has made the housing market in Ohio get quite a bit better within the last few years. Experts are predicting that 40 out of 46 metro areas of Ohio will likely receive an increase in their home prices in 2023, and that could be due to the rising interest rates that have plagued the rest of the country. Home sales have decreased by around 15% in the last year while the price has remained the same or increased in most areas which could show a lack of inventory that will need to be resolved in 2023.
Renting VS Buying: A Look at the Numbers
Cost is likely going to be one of the most important factors when it comes to making your decision, but you have to keep in mind that there are stipulations that come along with both renting and buying. If you are not at a good credit level, renting might be a much cheaper choice because your mortgage payments might be a little higher than you would prefer. These costs are also based on averages around the state, and they might be higher for metro cities that have limited rentals available.
The average mortgage payment for a resident of Ohio is close to $1,020, while the average rental price for an apartment is about $1,100 (the average rental price for a home is about $1,600). These numbers are easy to compare, but you have to remember that homes often come with plenty of extra costs like repairs, insurance, and higher energy expenses. Most apartments are all-inclusive, or the bill cost is reduced by quite a bit due to the small size, but they will likely cost less per month than the average price of running and living in your home.
Renting VS. Buying: Availability in Ohio
Another thing you need to consider is how available each home option is for those who are looking. As of January 2023, there were about 8,400 rentals available in Ohio and 23,000 homes for sale in Ohio, according to realtor.com. These numbers are pretty accurate, but there are many rentals that are advertised in local classifieds. Many smaller cities like Bellbrook, Granville, and Oberlin have also become popular, as these cities have plenty of rental properties along with quite a few great homes available for purchase.
If you are looking for plenty of options, buying is going to be the best way to go for you. There are quite a few more options when it comes to purchasing, and the homes that are available are spread throughout the state, while the rentals are typically in the higher populated areas. Most of the homes available in Ohio are single-family-style homes, and the prices are excellent compared to the rest of the country.
Renting VS. Buying: Final Thoughts
When it comes to renting or buying, it all depends on what your own financial situation looks like. Some people are not at a stage where they can be easily approved for a home loan, and renting is a great alternative that allows you to save up a bit of money for your down payment. If you are considering purchasing some homes for investment properties, Ohio is a great place as housing is always in high demand, and the appreciation rate for properties is one of the highest in the country.
Buying is excellent for those who are financially stable, but if you are thinking about buying a home in Ohio, you should act fast. The home prices rose about 12% in the last year, and they could continue to rise even more with the high mortgage rates that are happening all over the country. Purchasing now is a fantastic idea, so have a look online at some of the beautiful homes today to see which one suits your needs the best.