In one of our recent blog posts, we talked about the economic strength of Columbus, and how our area leads the way for Ohio’s growing economy. We have more good news – the financial opportunities in Columbus will also spur household growth, according to a study by Pitney Bowes!
Here are the highlights, along with what it means for homeowners and home buyers in Columbus!
The Pitney Bowes Metro Magnets Index looks at 384 metropolitan areas in the United States. It examines household growth patterns that were established in 2012 and projects the rate of growth through 2017.
A large part of this data set considers the current and future economic prospects for a given city. In a nutshell, plentiful, good-paying jobs result in new household formation.
Columbus, Ohio, ranked in the top 11 metros for projected household growth. Specifically, we’re expected to add 26,828 households by 2017, which estimates our annual household growth rate at 3.7%. Close behind us is Cincinnati at #13, with a projected growth rate of 2.3%. Cleveland is farther down the pack at #378, with a projected growth rate of 0.2%. All in all, Ohio is in a very respectable position.
Household growth is always good news for the Columbus real estate market. An increase in housing demand means that homeowners can reasonably expect to see their homes appreciate in value. For landlords, increased housing demand means lower vacancy rates – and higher rents!
For Columbus home buyers, it means that home prices can be expected to progressively increase in the upcoming years. The good news is, the price growth should be gradual. There is still plenty of opportunity for first-time buyers and move-up buyers in Columbus real estate, but you’ll need to be well-prepared, and well-represented!
We share the optimism about Columbus’s future. And while much is said about our economic prospects, our quality of life stems from the many fine neighborhoods and communities that make up our friendly city. As your Exclusive Buyer’s Broker, we provide you with home buying guidance that includes our expert knowledge of local markets!
Why not begin planning for the future? For excellent home buying tips and strategies, download our FREE e-book !
Contact us for help with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
