Railway Car Project Impact on Cincinnati Real Estate
Cincinnati real estate has had seemingly more than it's fair share of blues over the last ten years with national economic downturn, and The Queen City constantly competing with Newport and Covington Kentucky for tourism and spending. I do see the city wrestling hard to turn things around, and some positive steps forward have been taken.
My business partner Greg Hancock wrote about the Mayors of Cincinnati and Dayton working together to hopefully claim one of 12 hotly desired manufacturing designations. This coveted designation would mean a huge influx of money, a portion of $1.3 billion dollar pie and more local jobs, to be announced towards the end of this year and we all have our fingers crossed. But what about transportation and getting around, and does that affect real estate values?
It can and it does. Transportation and travel times can really help make or break an area's desirability when it comes rentals and affordable single family homes. If you commute or just travel I-75 in or out of Cincinnati you'll notice that traffic can slow to a crawl with big delays at certain time periods during the day.
By 2020, the Ohio-Kentucky-Indiana Regional Council of Governments (OKI) estimates that significant portions of Greater Cincinnati's regional freeway system will have failed in their goals for moving people and goods. Traffic on some freeway segments will barely move several hours each day.
Would you live in an area where it really wasn't too far to work in terms of miles traveled but took excessive amounts of time to get home? Good transportation systems (highways) are essential and we're glad to see Interstate 75 being widened, but many officials agree that this only fixes the problem short term.
Think about this; when roads are widened they start attracting traffic from nearby and parallel roads, which contributes to and encourages more real estate development further out in suburbs and neighboring communities. In a handful of years, nearly all of the gains of traffic capacity is gone simply because growing numbers of more vehicles using the road overwhelms the temporary gains.
I agree that Cincinnati real estate and the Queen City's many suburbs' house values could see significant impact good and bad depending on your location and your travel requirements. Public transit for a growing metropolitan area is always going to come to bear eventually for a city the size of Cincinnati. Public transportation can significantly reduce the number of vehicles on the road. Public transportation is also more affordable and helpful to renters from suburbs that work in a downtown area where you must pay for parking. This would be great for a lot of homeowners and their fellow occupants that live in the area.
Right now there's nearly 2,000 single family residential homes in Cincinnati
Wouldn't they be more attractive if the locations were served by and had good access to an efficient public transit system?
I would also say it's important that it be planned well, budget-wise and user-friendly with no nonsense and responsible use of tax-payers money. Cincinnati real estate and other nearby Ohio real estate markets have made much needed progress but this is no time to make mistakes. Interestingly, experts predict for every one ton of CO2 created by burning coal to produce electricity to run a public railway, the usage of the railway would reduce CO2 emissions by two tons. That's much better for our environment.
If you're looking into Cincinnati real estate for a home purchase or real estate investment, I'd love help you. I've lived in Southwest Ohio all my life and know these local markets. I'm a comfortable and casual kind of Realtor, and comfortable with first time buyers and seasoned buyers. I love working with investors as well, and get to hear and see all kinds of perspectives about local Ohio real estate markets.