1. Cheaper Housing compared to most major cities
One of the most commonly compared statistics used would be the rise in the average price of housing. For many large cities, this statistic has been sharply increasing. From 2000-2005, many major cities have shown increases in average home pricing of near, and in some cases, over 100%. Los Angeles reported an increase of 122.3% over the past 5 years. New York has shown an increase of 91%. It’s not just along the coast lines either, as Los Vegas has had the average cost of housing increase by 107%, and even Milwaukee has shown an increase of over 40%.
Cincinnati on the other hand has not followed this trend yet. In the past 5 years, the average cost of housing has gone up only 18.9% over the past 5 years. Homes in the area are still well below the average. Eventually the market in currently booming cities will get too expensive, and people are going to want to relocate to cheaper housing. This will be a city that will be able to provide it.
2. Increase in upcoming Entertainment venues and opportunities.
Another aspect of Cincinnati that will attract people in due time is the emerging number of entertainment venues. For the sports fan, you have the Cincinnati Reds, Cincinnati Bengals, an upcoming arena football team called the Cincinnati Jungle Kats, and plenty of college sports teams to root for and against.
If sports don’t suit you, Cincinnati still has plenty for the people that still enjoy aspects of other big cities. They have a zoo, art museum, and quick access to major amusement parks such as King’s Island. Plus they have a number of places to watch plays, listen to local bands, or have a guys or girls night out at the bar.
Many of the same things people from other towns love about big cities still exist here. However, it exists here at a much lower cost of living. With current and expanding growth of the entertainment venues, people will find more reasons to think Cincinnati is worth moving to. This will cause a market for housing to take off.
3. Some small parts of Cincinnati are already starting to flourish
In some areas of Cincinnati, housing prices seem to be on the rise. An example of this is in the small area of Mason, Ohio. While it used to follow the average prices of Cincinnati homes of around $170,000; over the past few years, prices for these homes have started to climb much faster than the rest of the city. Now Mason homes average around $210,000 and more spaces are being created for housing in the area.
Similar results are happening in parts of Northern Kentucky, an area that is only separated from Cincinnati by the Ohio River. This could be the start of a new boom, but if not the demand and increase in pricing will certainly make an argument that a real estate boom is due in Cincinnati in the near future.