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Buying or renting in Cincinnati Ohio
- Real Estate Relocation
Many potential home owners hesitate about entering the Cincinnati Ohio real estate market because they feel that “owning costs too much.” But the fact is that after you consider income tax deductions, personal freedom, rent increases, and the accumulation of wealth through growing home equity, renters actually not only pay more, they also stand to lose tens of thousands of dollars of net worth.
Tax Deduction
As someone owning real estate in Cincinnati Ohio, you will be able to deduct most of your monthly mortgage interest payments from your taxable income. As a result, your actual out-of-pocket home costs will run – depending on your combined federal, state and local income tax rates - 20 to 40 percent less than the amount of the check you write each month for your mortgage payment.
Freedom to make where you live your “home”
If you decide to rent a home in Cincinnati Ohio, you are living in someone else’s property. Any improvement, decoration, change has to be approved by the landlord. Some landlords here in Cincinnati Ohio are great to rent from – others may not be such diligent landlords! You are not free to express yourself and make the place your own if you decide to rent a home in Cincinnati Ohio. Homeownership gives you the freedom to do what you want with your home – whether it’s purple walls, beautiful wallpaper or a hand laid brick patio for your enjoyment!
Rents will go up
Sometimes, even after allowing for tax benefits, the monthly costs of owning may still look higher than renting. But that is a short term view. Today’s rent and mortgage payments are 10 to 20 times higher than they were 30 years ago. Back in the late 50’s you could rent or buy an average home for between $25 to $150 a month. Those wise buyers who locked in their housing payment 30 years ago avoided all the increases over the years that their renting contemporaries had to endure. Similarly, locking in your housing payment today will insure insulation from future cost-of-living increases that will affect the rental market over the next 10 to 20 years. In the year 2020, today’s rent and mortgage prices will seem ridiculously low! The difference will be that you will still be paying those ridiculously low housing payments if you choose to buy a home from one of the many houses for sale in Cincinnati Ohio!
Equity Build Up
Over the last 200 years, home prices in across the country have appreciated rapidly, at other times depreciated. But on the whole, homeowners have always built more wealth than renters. Even if your home doesn’t appreciate (a highly unlikely event), at the end of your mortgage term, you will own a valuable asset free and clear. You’ll own nothing if you continue to rent during that time. But if your home does appreciate, your equity will be worth much more than you have paid for it, even factoring in interest payments.
When is it a good time to rent?
If you are only going to be in Cincinnati Ohio for a short amount of time you may want to consider renting rather than buying. Normally you have to own a home for a couple of years to realize enough profit from appreciation to pay for selling expenses. Talk to your Cincinnati New Quest City agent to see how long you would have to own a home to be able to break even when you sell.
Chose a real estate agent with experience to help you!
Many buyers start their Cincinnati Ohio home search randomly. They see a home listed on a Cincinnati Real Estate site and in their initial excitement call the listing agent. Firstly, that agent is already working for the seller and cannot represent the buyer’s best interests. You need a Cincinnati Real Estate agent with a proven track record of not just sales, but of helping buyers. This is especially true if you are interested in Foreclosures in Cincinnati Ohio. Cincinnati Real Estate agents referred by New Quest City have experience in helping buyers relocating to Cincinnati OH buy a home for the right price!
So to find out if buying a home in Cincinnati Ohio is an option, request your FREE “Relocation to Cincinnati Ohio” relocation package (click on link above). Then, a top Cincinnati Real Estate agent will contact you and send you information on homes in Cincinnati Ohio.
Topics on this site include: Cincinnati homes, Cincinnati new homes, Cincinnati real estate and Cincinnati newspaper including homes Cincinnati real estate, Cincinnati OH real estate and check Cincinnati MLS homes for sale and houses for sale, find realtors and real estate agents, get new houses plus Cincinnati new homes and homebuilders, find Cincinnati foreclosures, Cincinnati houses for sale, condominiums and Cincinnati Condos, and Cincinnati OH newspaper reports, lofts and Cincinnati lofts homes, look for apartments townhomes townhouses, search jobs and help wanted, movies, bars, restaurants and events, Cincinnati luxury homes.
Cincinnati is a city in southwestern Ohio, in the United States of America, that lies on the Ohio River. It is the county seat of Hamilton CountyGR6. As of 2005, Cincinnati's population was 308,728, making it the third largest city in Ohio and the 55th largest in the United States. It has a much larger metropolitan area, commonly called "Greater Cincinnati", which covers parts of Ohio, Kentucky, and Indiana. As of July 1, 2005, the U.S. Census Bureau esimates that the Cincinnati-Middletown-Wilmington Combined Statistical Area has a population of 2,113,011 (making it the 20th largest in the country) and is growing at a rate of about one percent annually. Greater Cincinnati is the 25th largest metropolitan area in America. It is home to major-league sports, including America's first professional baseball team, a National Football League team, and the historic Cincinnati Masters. -- Source: Wikipedia.com
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Census Data for Cincinnati, Ohio
| Cincinnati | Ohio | United States | |
| Population | 331,285 | 11,353,140 | 281,421,906 |
| Median age | 32.1 | 36.2 | 35.3 |
| Median age for Male | 30.7 | 34.9 | 34 |
| Median age for Female | 33.7 | 37.5 | 36.5 |
| Households | 148,095 | 4,445,773 | 105,480,101 |
| Household population | 317,849 | 11,054,019 | 273,643,273 |
| Average household size | 2.15 | 2.49 | 2.59 |
| Families | 72,496 | 2,993,023 | 71,787,347 |
| Average family size | 3.02 | 3.04 | 3.14 |
| Housing units | 166,012 | 4,783,051 | 115,904,641 |
| Occupied units | 148,095 | 4,445,773 | 105,480,101 |
| Vacant units | 17,917 | 337,278 | 10,424,540 |
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