Canadians are increasingly moving from the “regular” investing comfort zones with Ohio the latest favourite among buyers.
Forget its old tag as a cow town and embrace its position as a new tech-centre with huge potential for growth.
That is the advice of Canadian investors that are parking their cash in Ohio, or more specifically Columbus and Cleveland.
“Columbus did better than a lot of the rest, and I think it recovered faster than some of the other cities in the region. Other places were so manufacturing-based … and a lot of those cities have just declined enormously,” says Vena Jones-Cox, a local real estate investor. “A high percentage of people are living under the poverty line, but Columbus has stayed a lot more stable.”
Latest statistics show that the average media house price at US $125,000 with a media rent of $1,039. The estimated household income currently stands at US$43,844.
“Cleveland has the number one price-to-rent ratio in the whole country,” says Davor Rom, investor and president of Investor Income Properties. “Essentially the market rents versus investment dollars are higher than anywhere in the country, which is why we’re doing business there.”
***Do you want to learn more about investing in Ohio? In the next bumper issue of Canadian Real Estate Wealth, we speak to Canadian investors who are currently taking the leap into Columbus and Cleveland. The issue will be available in early October. Get your copy earlier by subscribing here today to avail of our special offer.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Melville, Irondale, St. Helens, Milton, Lac-Sainte-Marie