Good and bad news for news for Cincinnati real estate.

The good news is a relatively low cost of living. And the bad news is slightly lower prices on real estate compared to some other areas in the country.

The National Association of Realtors® reported on 6.2% price jump in home sale prices for the 2nd quarter of 2017.  Locally sellers are enjoying increasing sale prices and shorter market times.

Based on the Foundations research, Ohio is a low-price state. Here a $100 will buy you goods that would cost $112.11 in a state at the national average price level. ….”Or you could think of this as meaning that Ohioans are, for the purposes of day-to-day living, 12 percent richer than their incomes suggest.”.

Keeping Current Matters took a look at information from the Tax Foundation and Ohio ranks #7  for a low cost of living.  Kentucky ranks #5 and Indiana #16.

Some Highlights:

• Thinking of moving across the country? How far will your money take you?
• The majority of states in the Midwest and South offer a lower cost of living compared to Northeast and Western states.
• The ‘Biggest Bang for your Buck’ comes in Mississippi where, compared to the national average, you can actually purchase $116.01 worth of goods for $100.
• For more information regarding the methodology used to create the map, visit the Tax Foundation.

What does this mean for the average home owner in Cincinnati?  We live in an affordable area and if you end up moving to a high-cost state, your real estate dollars will purchase a much smaller home.  So while we don’t have wild appreciation in real estate values – more people can afford to own in our area.