Featuring a vibrant and diverse culture, real estate investments in Northeast Ohio (Cleveland, Canton, Akron, Youngstown, Warren and the surrounding areas) are growing in popularity. And thanks to ongoing redevelopment in the area and a diverse economy valued at $170 billion, it’s one of the best regions in the country for real estate investment properties. Here are five reasons why people are flocking to Northeast Ohio and why investors are buying up real estate investment properties.
1. Government programs have increased development With millions of dollars in new government tax credits, Cleveland has increased the development in the city to over $1 billion. Old office buildings are being converted into new residential units, and all these new housing options have spurred on development in retail and restaurants. Neighborhoods around the city have become hot and trendy, offering a diverse selection of activities. Other cites in Northeast Ohio have followed suit, making the entire area one on the rise.
2. A diverse and growing population As the revitalization of Northeast Ohio continues, more and more people – including millennials, young families and empty-nesters – are moving to the area. People are looking for affordable and vibrant places to live and work, and with all this new growth going on in Northeast Ohio, there is great potential for real estate investment properties.
3. An advanced workforce Northeast Ohio is in the top 12 economic regions for growth opportunities, and the region is home to advanced manufacturing, a fast growing biomedical industry, scientific research, aerospace and alternative energy companies. With this kind of growing economic base, it is no wonder people are coming here for real estate investment properties. The area also boasts several well-renowned universities, colleges and trade schools, meaning the pool of qualified job candidates will only continue to grow.
4. Interest in real estate investment from outside the area With all this revitalization and development going on, investors from everywhere are realizing Northeast Ohio’s potential. When comparing Northeast Ohio with other potential real estate markets, there is a trend for continued growth because of the relatively low cost of living. A diverse number of people are moving to the area because they can afford to live there compared to other popular markets such as Los Angeles, New York or Chicago, which are often too expensive for people just starting out in the work force. This outside influx has made Northeast Ohio a top market for real estate investment properties.
5. Cleveland Rocks! It’s clear that Northeast Ohio offers a strong quality of life and affordable living options. It also features a growing cultural and arts scene, professional sports and the Rock and Roll Hall of Fame in Cleveland. Nature lovers are also covered with a large park systems and the shores of Lake Erie. On top of that, Northeast Ohio is home to several Fortune 500 companies, first class health care and one of the top digital communities in the country.
Smartland is Northeast Ohio’s largest 100% turnkey real estate investment firm. Our team combines financial savvy with expertise in property management to help clients identify and invest in alternative investment vehicles that have strong growth potential.