Central Ohio home buyers will soon be competing with thousands of new residents. The development of the Intel manufacturing complex in New Albany is expected to be completed in 2025. It will open with 3,000 jobs paying an average salary of $135,000. Eventually, the Intel campus will have up to 10,000 workers.
With a projected total investment of $100 billion, the Intel development is the largest economic event in Ohio’s history. While this is terrific news, the windfall of well-paying jobs will create unprecedented demand for Columbus area housing.
According to data from the Building Industry of Central Ohio, as published in Columbus Business First, Licking County will potentially need over 6,500 new homes and over 3,000 new apartment units over the next 10 years. But housing demand will not be limited to Licking County. A study by the Mid-Ohio Regional Planning Commission predicts that Central Ohio communities within an hour’s drive of the Intel campus will be fair game for new residents who are willing to commute.
The Intel housing boom could spread over 13 counties in Central Ohio. There is already a need for more housing to accommodate the thousands of construction workers involved in various phases of the Intel development. Then, there is the need for workers to build new homes, apartments, infrastructure and the amenities that will follow.
Considering the challenges home builders have faced with labor and material shortages in recent years, housing starts in Central Ohio could play “catch-up” with demand for years to come. If population growth exceeds housing availability, home prices in Central Ohio are likely to rise.
If you are a Central Ohio home buyer, it’s time to get serious about your home search! Using an Exclusive Buyer’s Broker will enable you to see any home on the market with expert buyer representation, including homes on the Columbus Regional MLS, homes For-Sale-by-Owner (FSBO) and new construction for sale by builders.
As Exclusive Buyer’s Brokers, we serve your best interests at all times. Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
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