5 Things To Know Before Buying Columbus OH Real Estate
Thinking about relocating? You’d be in for a great life ahead if you decide to buy Columbus OH real estate. Why is that, you ask?
Columbus OH is one of the fastest growing major metropolitan areas in the U.S. And it’s celebrated as the second strongest metro in the U.S. for job creation. Below are several quick facts about Columbus, Ohio:
- The unemployment rate is a very low 3.5% (1.5% lower than the state of Ohio and 0.8% lower than the national average).
- Our city is one of the top ten youngest cities in the U.S.; The average age of Columbus OH residents has been between 30-33 years old for approximately 10 years.
- Columbus OH is ranked as one of the coolest cities in the Midwest.
- The Columbus Region tops the list of places where your dollar stretches further; the cost of living is lower than the national average, and the lowest in the entire state of Ohio!
- Columbus OH schools are ranked the top in the U.S.
- Columbus is home to the number one zoo, public library, science center, and ice cream!
- While the Ohio slogan says our state is the “heart of it all,” Columbus is practically the heart of the country, at least population-wise. 50% of the U.S. population lives within a 500-mile radius of Columbus.
Where else can you see these kinds of statistics?
Whether you are moving the whole family or looking to make a business investment, it’s important to understand the ins and outs of where you are purchasing Columbus, Ohio real estate. At The Robert Weiler Company, we are not only a recognized realtor in Columbus, Ohio; we’re also lifers here, in our great city. And we understand that you’re looking to learn more than just statistics – although the points above are pretty stellar!
We think that makes us your go-to experts in finding what you need to know before investing in real estate in Columbus Ohio. Here’s our list of the top 5 things you need to know about Columbus, Ohio before buying real estate or relocating your business.
You may also want to learn to avoid these 7 mistakes when investing in Ohio real estate.
1- You Can Make Your Mark if You Buy Columbus OH Real Estate
Did you hear that Columbus was named the best city to make your mark by Forbes? Everything from home sales to job opportunities makes it the ideal place to settle down.
- A report from Realtor.com listed Columbus OH as the sixth-hottest market in the U.S.
- The median home sales price has ranged between $126,000 and $159,000; meaning homeownership is reachable for many. (It has been predicted that prices will increase by 3.5% over the next year, though; if you’re serious, don’t wait too long.)
- The median household income in Columbus OH is approximately $59,000; this amount is almost $2,500 greater than the national average.
- 860,090 Residents does not mean you cannot get the hometown feel; this goes for families, college students, and young professionals alike.
- Looking for a job? Columbus OH is ranked one of the top ten best suburbs in the U.S., with relation to job access.
In Columbus, it’s easy to get your feet on the ground and start running. In fact, young professionals are moving here at rapid speeds because they know it’s a great place to start their lives. And as someone considering to buy Columbus OH real estate – whether it’s a commercial property for sale or a home – that means you’ll have a stable economy and a great population giving back.
2- College Town = Profitability
The Columbus Region is home to over 50 colleges and universities! There is a total enrollment of nearly 136,000 college and graduate students and more than 20,000 annual graduates. What does this mean?
- Columbus OH is a thriving city with constant new faces exploring, learning, and growing with us.
- The Columbus Region is a destination for many.
Ohio State University is one of the largest universities in the U.S.; you’ll never miss out on a thing when you’re in town. (Go Buckeyes!)
3- Cost of Living: It’s More Than Dollars and Cents
Columbus OH tops the list of places where your buck can stretch the farthest. The cost of living in the Columbus Region is lower than the national average; it’s also lower than the state of Ohio. There’s more than just that to consider…
- Columbus is rated by Forbes as being among the best metro areas to invest in housing.
- Housing is competitively priced with an index of 77.
- Costs for healthcare, transportation, and utilities are near the national average.
- The Columbus OH real estate market is competitive – more than 68% of homes are affordable for the median income.
4- Working in Columbus: The Ideal Situation
In Columbus, Ohio, there are over 1 million workforce contributors. But don’t feel like you’ll be in competition for scarce jobs when you buy Columbus OH real estate; the region is one of the fastest-growing areas in the Midwest.
- The median age of Columbus workers is 35.7 – more than 2 years younger than the national average.
- In Columbus, the population growth outpaces the national average (more workers, more jobs, more opportunity).
- Workforce development is a priority in Columbus – dozens of vocational and technical schools, colleges and universities, grants, and workforce development programs are available.
- The government is on board with making an ideal workforce in Columbus – the JobsOhio Workforce Grant was created to promote economic development, business expansion, and job creation by providing funding for the improvement of worker skills and abilities.
5- Doing Business in Columbus OH: A No Brainer
According to data from Ewing Marion Kauffman Foundation, Columbus ranks as one of the top areas for startup business activity. Why? Because the business climate in Columbus is ideal for workers and employers alike.
In Ohio, there are tax incentives for business owners that make the cost of business a no-brainer. If you are ready to purchase Columbus OH real estate and own a business, you should note that businesses in the Columbus Region benefit from:
- No personal property tax;
- Zero inventory tax;
- And no state corporate income tax.
But that’s just the tip of the iceberg! Owning and operating a business in Ohio comes with tax savings and incentives from local governments as well as resources, credits, grants, and loans for new, small, and expanding companies. Some of which include the job creation tax credit and community reinvestment tax credits.
What Are You Waiting For?
Still not convinced? Well, then read this article from the Washington Post, comparing our nation’s capital (Washington, D.C.) and Columbus, OH. Spoiler: The jury says move here and buy Columbus OH real estate!
So, now that you’re convinced, who is your first call? How about The Robert Weiler Company for all of your Columbus OH real estate needs? Contact us at 614-221-4286.