Best Ohio Real Estate Markets for Millennials
In our current economic recovery, across the nation it seems many first time home buyers have been absent from activity in real estate markets. Actually, the rate of home ownership for young adults under the age of 35 peaked in 2005 at 43%, and digressed to 365 in first quarter of 2014.
Several factors combine against many Millennials from encumbering student loan debt to unemployment and stagnant wages but there are definitely some keen places to consider relocating to. The National Association of Realtors published an analysis of 100 markets including Ohio metro areas.
I'm just looking at the affordability index, unemployment and median price growth. The National Association of Realtors Housing Affordability Index is based on the relationship between median home price, median family income and average mortgage interest rates.
Ohio Real Estate Regional Markets
Cleveland or rather, the Cleveland-Elyria-Mentor, OH Metro Area's population is 11.9% Millennials, and unhappily, 7.2% unemployment as of May 2014 and fell high on the affordability index coming in at 289 and 2012-2013 the median price growth was 7%. Millennial first time buyers may find it difficult here, though with right Realtor, and keeping a sharp watch may yield an affordable buy.
Columbus OH metro area NAR reports to be 15% Millennials with 5.2% unemployment, besting Cleveland area coming in at 255.7 for affordability score and median price growth of 4.6% for 2012-2013.
Dayton OH metro area is interesting with 12.5% Millennials, 6.3% unemployment as of May 2014, 298.1 affordability score and median price growth at 2.9% for 2012-2013. The Cincinnati-Middletown, OH-KY-IN Metro Area falling somewhat similar at 13.1% Millennials, 269.4, with 2013-2014 median price growth performing stronger at 5.6% and unemployment at 5.8% as of May 2014.
Interestingly, there have been a lot of things developing in Southwest Ohio regarding employment and signs of improving jobs markets. You may want to look at some earlier recent posts and you get the idea we may be looking at a very different picture for SW Ohio's main metro areas in 2015. I can't speak to NE and NW Ohio about any jobs news, but in touch with my own territory. Feel free to comment on jobs and real estate in your area, any good news to share?
Toledo OH metro Millennial population was found to be 12.4%, unemployment at 6.5%, a median price growth of 1.6%, and whopping 395.4 affordability score.
Reviewing the findings it would seem perhaps the best regions to consider are Southwest Ohio from Dayton to Cincinnati / Northern KY and Central Ohio / Columbus real estate markets. I do however, want to point out that a tremendous amount of change (mostly positive) has occurred in the SW region of Ohio and keeping my fingers crossed. I'm still waiting to catch word of a manufacturing designation that Dayton and Cincinnati have collaborated on and hopefully win, meaning substantial millions for the area and jobs. Has anyone heard more about that?
Another thing to keep in mind, the larger the scope with reporting, the more general it becomes. I have noticed some Dayton suburbs doing really well while others are sluggish with progress, and though Cincinnati seems to fair better overall, I see some communities real estate markets still obviously struggling. You have to keep in mind that real estate is a highly local phenomenon.