Top 5 Residential Real Estate Investment Markets in Ohio

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By Trent Seigfried Updated May 24, 2024
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Edited by Michael Yessis

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Mansfield is home to the best residential real estate investment market in Ohio.

The 44902 zip code in Mansfield presents the greatest opportunity for investors among the 2,072 individual real estate markets in Ohio we evaluated. We looked at property values, population trends, and six other metrics for each market. We used that data to calculate each market's InvestScore.

Top 5 Ohio residential real estate markets

RankCity InvestScore Affordability Property value appreciation
1Mansfield1001.6100.92%
2Youngstown99.41.968.95%
3Leesburg95.22.861.29%
4Dayton94.41.564.49%
5Mingo Junction93.31.550.38%
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1. Mansfield

We've identified the 44902 zip code in Mansfield as Ohio's best real estate investment market. Here's why.

πŸ”Ž Key data about Mansfield

Data pointValueRank in state (of 2,072 markets)
Zip code44902N/A
InvestScore 100Highest
Typical property value $52,369[1]4th lowest
Five-year appreciation 100.92%[2]4th highest
Household income $31,820[3]502nd highest
Affordability ratio 1.68th most affordable
Five-year population growth 21.5%[4]16th highest
Unemployment rate 6.1%[5]379th lowest
Property taxes $830[6]4th lowest
Educational attainment 3.4%[7]518th highest
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Mansfield (zip code 44902) is the best residential real estate investment market in Ohio. It has the 4th highest property value appreciation among markets we evaluated, with a 100.92% appreciation of the typical property over the last five years.

Mansfield is the 8th most affordable market among the 2,072 Ohio markets we evaluated, with an affordability ratio of 1.6.

2. Youngstown

The 44504 zip code in Youngstown is Ohio's second-best residential real estate investment market.

πŸ”Ž Key data about Youngstown

Data pointValueRank in state (of 2,072 markets)
Zip code44504N/A
InvestScore 99.42nd highest
Typical property value $81,205[8]23rd lowest
Five-year appreciation 68.95%[9]40th highest
Household income $43,425[10]458th highest
Affordability ratio 1.916th most affordable
Five-year population growth 11.0%[11]55th highest
Unemployment rate 7.6%[12]433rd lowest
Property taxes $950[13]8th lowest
Educational attainment 27.4%[14]216th highest
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The 44504 zip code in Youngstown features a typical property value of $81,205, the 23rd lowest in the state.

Property values have appreciated 68.95% over the past five years, the 40th highest increase among evaluated markets in the state. Youngstown homes have an affordability ratio of 1.9, the 16th most affordable in the state.

3. Leesburg

The 45135 zip code in Leesburg comes in at No. 3 in our ranking of residential real estate investment markets in Ohio.

πŸ”Ž Key data about Leesburg

Data pointValueRank in state (of 2,072 markets)
Zip code45135N/A
InvestScore 95.23rd highest
Typical property value $224,838[15]275th lowest
Five-year appreciation 61.29%[16]83rd highest
Household income $80,172[17]146th highest
Affordability ratio 2.8141st most affordable
Five-year population growth 17.0%[18]27th highest
Unemployment rate 0.8%[19]4th lowest
Property taxes $1,657[20]140th lowest
Educational attainment 23.3%[21]274th highest
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With a typical property value of $224,838, Leesburg's 45135 zip code features the 275th lowest property values in the state.

Leesburg homes have an affordability ratio of 2.8, the 141st most affordable among the markets we evaluated.

4. Dayton

The 45402 zip code in Dayton ranks No. 4 among Ohio's residential real estate investment markets.

πŸ”Ž Key data about Dayton

Data pointValueRank in state (of 2,072 markets)
Zip code45402N/A
InvestScore 94.44th highest
Typical property value $65,726[22]14th lowest
Five-year appreciation 64.49%[23]62nd highest
Household income $44,225[24]62nd highest
Affordability ratio 1.54th most affordable
Five-year population growth 9.1%[25]71st highest
Unemployment rate 10.8%[26]483rd lowest
Property taxes $1,726[27]151st lowest
Educational attainment 30%[28]183rd highest
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Property values in Dayton's 45402 zip code have seen the 62nd highest increase among evaluated markets in the state, with an appreciation of 64.49% over the past five years.

Dayton's affordability ratio of 1.5 makes it the 4th most affordable among the 2,072 markets we evaluated.

5. Mingo Junction

The 43938 zip code in Mingo Junction rounds out our top five residential real estate investment markets in Ohio.

πŸ”Ž Key data about Mingo Junction

Data pointValueRank in state (of 2,072 markets)
Zip code43938N/A
InvestScore 93.35th highest
Typical property value $83,991[29]25th lowest
Five-year appreciation 50.38%[30]220th highest
Household income $56,466[31]220th highest
Affordability ratio 1.55th most affordable
Five-year population growth 16.4%[32]30th highest
Unemployment rate 5.1%[33]314th lowest
Property taxes $1,142[34]25th lowest
Educational attainment 13.1%[35]462nd highest
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Property values in Mingo Junction's 43938 zip code rose 50.38% over the last five years, ranking the city 220th highest among evaluated markets in Ohio.

Mingo Junction homes have an affordability ratio of 1.5, the 5th most affordable among the markets we evaluated.

How we rank residential real estate markets in Ohio

We evaluated 2,072 markets on eight metrics, and then assigned an InvestScore based on their weighted and combined rankings. Each market corresponds to a specific zip code in Ohio.

What is InvestScore?

InvestScore is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the residential real estate investment potential of a given market. It takes into account a suite of key data points for each city.

  • Typical property value: This measures the typical home value in this zip code, according to the Zillow Home Value Index. It reflects the typical value for homes in the 35th to 65th percentile range, including all homes, with the numbers smoothed and seasonally adjusted. We prefer lower property values, which indicate both more room for growth and a greater ease of purchase. We assign a weight of 20% to typical property values.
  • Property value appreciation: This measures how much property values have increased in the area over the past five years, according to the Zillow Home Value Index. We prefer a higher appreciation, as it indicates better returns on housing. However, past performance isn't indicative of future results. We assign a weight of 20% to property value appreciation.
  • Median household income: This is the inflation-adjusted median household income in the zip code, according to U.S. Census American Community Survey data. We prefer a higher household income, as it indicates local residents have more income to spend on housing. We assign a weight of 10% to median household income. We assign a weight of 10% to median household income.
  • Affordability ratio: This is the ratio of the typical home value to the median household income in the area. A lower ratio is better because it means more households can afford a home, which indicates higher demand. We assign a weight of 15% to the affordability ratio.
  • Population growth: This is how much the area's population has grown over the past five years, according to U.S. Census estimates. Higher is better, as it indicates residents are moving into the area at a rapid clip. We assign a weight of 10% to population growth.
  • Unemployment rate: This is the unemployment rate in the area, according to U.S. Census data. We prefer a lower rate, as it indicates the availability of steady employment in the area, meaning residents will find it much easier to afford homes. We assign a weight of 15% to unemployment rate.
  • Property tax: This is the median real estate property tax paid in the area, according to U.S. Census estimates. We assign a weight of 10% to property tax.
  • Educational attainment: This is the percentage of residents in the area that have obtained a bachelor's degree or better, according to U.S. Census estimates. We prefer a higher rate because it indicates  local residents who have higher earning potential and thus should be able to afford homes. We assign a weight of 15% to educational attainment.

Disclaimer: The information contained in this article isn't intended as, and shall not be understood or constituted as, financial advice. The information in this article isn't a substitute for financial advice from an investment professional or real estate agent who is aware of the facts and circumstances of your financial situation or the specifics of any individual property.

Article Sources

[1] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[2] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[7] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[8] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[9] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[14] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[15] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[16] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[21] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[22] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[23] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[28] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[29] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[30] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[35] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.

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