This is the next article in my discussion on why I have chosen to invest in our local real estate market. My last article looked at Cincinnati’s advantages for real estate investment, when compared to other areas. These advantages include, among other things, a geographic location that puts it within reasonable distance of a great number of people. This has made the city attractive to various companies and geography is a factor which cannot be replicated. In this article I will be giving my opinion on how the city’s growth prospects may impact investors. I will discuss investment which has already occurred in the city, what can be expected in terms of future investment, and how this may impact those purchasing single-family or multifamily rentals. Contact me to speak with a realtor if you are interested in buying or selling an investment property.
Cincinnati is seeing continued investment in its real estate market
The level of investment and improvement in in Cincinnati’s core areas have been gaining national attention for some time. In 2016, for example, Politico noted that the “Over the Rhine area,” which is near downtown, had gone from being one of the country’s most dangerous neighborhoods to “the neighborhood to be in.” [1] This improvement includes $1.6 billion from the Cincinnati City Center Development Corporation (3CDC) to improve Over The Rhine and Downtown.[2] Additional funds have flowed into the city from other investment groups. These funds have been used to renovate deteriorating buildings into mixed use facilities as well as apartments, condominiums, and office space. Additionally, TQL Stadium opened in Over The Rhine in May of 2021. This stadium (which cost $250 million to construct) is home to the FC Cincinnati soccer team.[3] In late 2021, the stadium also hosted a World Cup qualifier match between USA and Mexico. These are just a few examples of the type of investment that has been flowing into the city’s core.
Investment in our area is moving quickly. In July, 2021, it was reported that there were at least sixty-nine major construction projects underway in the area. This construction activity was believed to carry a dollar amount of $5.2 billion.[4] Just as important is the fact that an additional sixty-four projects, at a value of $2.7 billion, were proposed as of this past July. Furthermore, it appears that the city will receive several benefits under the recently passed federal infrastructure bill. These benefits may include upgrades and improvements to the Brent Spence bridge, which connects Cincinnati to Kentucky. Additionally, rail upgrades which stem from the infrastructure bill may greatly connect Cincinnati to other areas.[5] This growth is likely, in my personal opinion, to create opportunity for investors.
Cincinnati’s growth can lead to opportunity for single family and multifamily investors
I explained the hot state of Cincinnati’s housing market earlier in this series. Despite this recent hot streak, however, our city remains one of the most affordable metro areas in the country for would be homebuyers. In fact, in November it was reported that our city was one of only six major US metro areas where a home can still be purchased by an average wage earner.[6] Combine this affordability with both the economic growth that our city is seeing and our being a top area for “Gen Z’ers”[7], and it becomes likely that property values will be rising. This, in my opinion, makes the city a prime place for investment. This is why I am personally investing in the area.
If you are a property investor, then contact me today to speak with a Cincinnati real estate agent. I focus heavily on assisting other investors with the buying and selling of properties and I pride myself on providing a high level of service. Call today or contact me online. I also assist with Ohio properties in Fairfield, Springdale, Sharonville, West Chester, Hamilton, Monroe, and Middletown.
Note & Disclaimer: Nothing in this article, or on this website, should be construed as investment or financial advice. The opinions shared on this website are the personal, and not professional, opinion of the author and are not associated with Keller Williams Advisors. Any investment decisions should be made after consulting with a certified financial/investment professional.
[1] How Cincinnati Salvaged the Nation’s Most Dangerous Neighborhood – accessed at – https://www.politico.com/magazine/story/2016/06/what-works-cincinnati-ohio-over-the-rhine-crime-neighborhood-turnaround-city-urban-revitalization-213969/
[2] 3CDC – Our Projects – accessed at https://www.3cdc.org/projects/
[3] TQL Stadium – Wikipedia – accessed at https://en.wikipedia.org/wiki/TQL_Stadium
[4] Cincinnati Business Courier – accessed at https://www.bizjournals.com/cincinnati/news/2021/07/15/crane-watch-more-than-a-dozen-projects-added.html
[5] Cincinnati.com – accessed at https://www.cincinnati.com/story/news/politics/2021/11/09/infrastructure-bill-brent-spence-bridge-passenger-rail-streetcar/6342314001
[6] Cincinnati.com – accessed at https://www.cincinnati.com/story/news/2021/11/11/cincinnati-housing-metro-area-sits-near-top-affordability-list/6232083001/
[7] Commercial Cafe – accessed at https://www.commercialcafe.com/blog/top-10-metros-gen-z/