The average Cincinnati rent is around $1,500 a month right now and some are worried that when investors buy up homes only to fix, flip, or rent them out again at a high cost will make the housing market worse.
So, the Cincinnati Port Authority just bought 200 homes in order to rent them back out at a cheaper rate.
Is this good for Ohio’s Paychecks?
Here Are Five Fast Facts …… :
- 👉💰First of the month again? - Rent in Cincinnati has gone up at the hefty rate increase of 28.4%, making it one of the pricer areas to live.
- 😌🙌 Getting more for less? - This Port Authority buy would help put a stop to those expensive rent costs, and provide homes (195 to be exact) that are maintained without lowering the value, particularly for low-income renters.
- 🏘🏚Fixer uppers! - Buuuut, people who oppose the big buy from the Port authority say this is unfair to investors who want to fix n’ flip a home for a profit. Chip and Joanna aren’t the only ones who love turning a house into a home. Many regular people buy homes to fix them and offer the house up for rent, too.
- 💸😐Everything costs money - For some renters, it could save an average of $200 monthly. But landlords need to make money, too, because inflation is up to 8.6%, and we all want to put food on the table.
- 📊🏘Will this be the next big thing? - The goal is that renters of these new homes eventually become buyers. And if this move by the Port Authority goes well, it could possibly start a new trend that would certainly disrupt the housing market in Ohio.
🔥Bottom line: These homes purchased would offer more affordable homes for rent. But it’s taking from investors who also need to make a profit.
What do you think about this move?
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