Cincinnati Real Estate

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Kathy S. Koops GRI

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Buying Versus Renting in Greater Cincinnati?

filed under: Real Estate posted on March 19th, 2015

It’s that time of year!  Tired of winter?  Ready for Spring?  And the time when lots of renters starts questioning what makes more financial sense -buying versus renting in greater Cincinnati often ask whether it’s cheaper to purchase or rent in greater Cincinnati?  The honest answer is never Cincinnati Buy or Rentactually yes or no.  It really depends on your circumstances, housing requirements and a host of other decisions that need to be decided.  Bottom line if you are currently renting or looking for a rental – prices are increasing.

According to NAR, rental prices have increased 8.9% in the greater Cincinnati.  And while average sale prices for local real estate has increased during the past year – it hasn’t been at the same pace as rentals.  By and large the millennials are waiting much longer to buy their first home or condo and the large number of would-be property owners who continue to rent are helping drive up the rental prices.

Before you sign you next lease, you may want to consider reviewing your expenses and plans with your financial planner, accountants, banker and real estate agent.

Below is the data NAR gathered about rental prices nationwide.  Moving away from Cincinnati?  The charts below provide useful information about cost of living.

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