Closing Conducted by: | Title Companies, Lenders |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Judicial |
Process Period: | 5 - 7 months |
Notice of Sale: | Sheriff |
Redemption Period: | Until Confirmation |
Income Tax: | 0.50% - 5.00% |
Corporate Tax: | No |
Sales Tax: | 5.75% |
Estate Tax: | No |
Inheritance Tax: | No |
Median Property Tax: | 1.36% |
Property Taxes by County: | http://www.tax-rates.org/ohio/property-tax#Counties |
Closing Cost: | $2,392.00 |
Transfer Fee: | 0.4% (0.1% plus 0.3% local) |
Origination Fee: | $1,707.00 |
Median Home Value: $161,507
1-Year Appreciation Rate: +6.9%
Median Home Value (1-Year Forecast): +7.4%
Median Rent Price: $1,100
Price-To-Rent Ratio: 12.23
Unemployment Rate: 8.4% (latest estimate by the Bureau Of Labor Statistics)
Population: 11,689,442 (latest estimate by the U.S. Census Bureau)
Median Household Income: $52,407 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 10.87%
Foreclosure Rate: 1 in every 9,307 (1.0%)
The Village of Indian Hill
New Albany
Moreland Hills
Gates Mills
Bexley
Mariemont
Terrace Park
Marble Cliff
Upper Arlington
Powell
Cuyahoga: 1 in every 3,144 homes is distressed
Columbiana: 1 in every 3,902 homes is distressed
Clark 1 in every 4,382 homes is distressed
Tuscarawas: 1 in every 5,023 homes is distressed
Madison: 1 in every 5,347 homes is distressed
Historically Low Interest Rates: To stimulate housing activity, interest rates are now lower than ever. At 2.89%, it has never been cheaper to borrow institutional money, which can help offset today's higher prices. Interest rates are so low, in fact, that it's almost hard not to buy a house in Ohio.
Cash Flow Potential: Savvy investors who take advantage of today's low rates will lower their monthly mortgage obligations. Lower monthly payments will increase cash flow, and make it a lot easier to pay down the mortgage with someone else's money.
Demand: With a price-to-rent ratio of 12.23, it is more affordable to buy a house in Ohio than to rent one. Consequently, buyers are coming out in droves to participate in the market. However, Ohio doesn't have enough inventory to satiate demand. Even those who want to buy will be relegated to the renter pool, and increase demand for rentals.