The Columbus Ohio metroplex is the 15th largest city in the United States and was recently ranked as the 13th fast growing city in America. As a city with a growing and vibrant population, it is also attractive for real estate investors to consider developing and expanding their portfolios. This unique city is ripe with opportunities for those who want to grow their passive income through property ownership. The city was also ranked as one of the top ten places in the US to own a home and offers rental options that are less expensive than the national average.
Proximity to major markets
Central Ohio and the capital city of Columbus are within an 8 hour drive of many of major markets including: Chicago, New York, Philadelphia and Washington, DC. The sheer volume of major markets within a 250 – 800 mile radius make Central Ohio an attractive destination for investment capital. Basically, this means that you don’t have to live in Central Ohio for investing here to make since. Out of town investors can visit their investments with relatively little hassle because travel only requires a quick flight or a day’s drive. This is advantageous in ways few other secondary markets can parallel. Typically, secondary markets are plagued by the roundabout travel requirements to reach them. I’m sure owning property in Memphis, Oklahoma City and Little Rock can be profitable, but because they are not easily accessible from major markets, investing in these cities may only make sense for locals. Indeed, many cities are quite regionally limited, whereas Central Ohio is attractive for investors that hail from the East Coast, upper Midwest and southeastern locations.
It’s economically stable
Ideally, real estate investors prefer to invest in areas that are economically insulated from major fluctuations in the marketplace. Having a diverse mix of industries and employers allows for stable employment levels and typically regularly attracts new residents to the area. The Central Ohio economy is fortunate enough to have a diverse mix of public sector offices and private industry that make for interesting economic landscape. Healthcare, banking, casinos, retail, education and logistics highlight some of the industries. For those interested in student housing, one could argue that Columbus is an intellectual hub as a result of the over 60 colleges and universities in the area including Ohio State, Otterbein, Columbus State, Capital, Ohio Dominican, CCAD, Columbus State and even Denison in Granville. To sum it up, Columbus is home to one of the largest universities in the country, The Ohio State University, a fair bit of sophisticated industry (16 Fortune 1000 companies) and it is the state capital. This trifecta can only be found in a handful of cities worldwide and in only a select few that have a low real estate price points. The Columbus region is an economic perfect storm for investing in real estate.
Low Cost of Entry
Coming from more expensive markets, you would be blown away by the property values and the affordability of investment property. The beautiful advantage of Columbus is that one can identify a number of nice, working class neighborhoods around the city that do not require much capital. This city just makes sense. If a nice double goes for $100,000 in Columbus when a comparable property would be $300,000 in a different market, the math just makes sense. In more affordable areas of Central Ohio, good properties can be bought and rehabbed for less than $30,000. Of course you will have to create your own investment criteria but in general, Columbus Ohio is notoriously inexpensive. The low cost of entry helps relieve some of the fear new investors face.
All in all if you have not considered investing in central Ohio, you may want to consider it. The proximity to major markets, economic stability and the low cost of entry to participate in the market each give this city a competitive advantage over other markets. This area can and should be deemed an opportunity market. The intersection of a diverse population, home to 450 internationally-owned companies and the state capital creates a city that is full of opportunity for various types of investing including real estate. The reasons outlined above are but three of many why investors both new and seasoned should consider investing in Central Ohio.