Best Neighborhoods To Invest In Lima, OH

Overview of Lima, OH Real Estate Market

Lima, Ohio is a city with a favorable real estate market. Housing costs are significantly lower than many other areas in the U.S. The median home price is around $120,936, which is much less than the national median of $318,879.

Data indicates that Lima is considered a seller’s market. There are more people looking to buy homes than there are available properties. In April 2024, homes sold for about 1.21% below the asking price.

Besides good prices, residents enjoy a short daily commute and a reasonable cost of living. These factors contribute to a comfortable quality of life. The city fosters a community atmosphere with its 28 neighborhoods.

Recent trends show an increase in home prices. As of August 2024, the median sale price was $146K, reflecting a 14.1% rise compared to the previous year. Homes typically stay on the market for about 53 days before being sold.

This activity suggests lively real estate dynamics, attracting potential investors. The combination of affordable housing, a strong market, and a pleasant lifestyle makes Lima a city worth considering for real estate opportunities. For more detailed information, Realtor provides insights into Lima’s housing market dynamics.

Top Neighborhoods for Investment

Lima, OH presents several promising areas for real estate investment. Notable neighborhoods like Shawnee, Elida, and Cridersville offer diverse opportunities, from growth potential to affordable options for families and investors alike.

Shawnee: Growth and Potential

Shawnee stands out as an attractive location for investors due to its growth prospects. Known for its upscale community living, it offers a variety of residential properties, ranging from modern apartments to sprawling single-family homes. The area boasts good schools and a strong sense of community, which can attract long-term residents.

With its scenic parks and recreational facilities, Shawnee combines urban convenience with a small-town feel. Investing here could be advantageous as property values are expected to rise, supported by ongoing development projects.

Elida: Family-Friendly and Upcoming

Elida is known for being a family-oriented neighborhood. It offers excellent schools and a welcoming atmosphere, making it ideal for families looking to settle down. The local amenities include parks, sports facilities, and community events that enhance the living experience for residents.

Real estate in Elida consists of a mix of single-family homes and newer developments. These traits make it appealing to families and investors seeking stable rental opportunities or long-term value. With a reputation for safety and strong community engagement, investing in Elida provides both stability and potential growth.

Cridersville: Affordable Options

Cridersville is appealing for those seeking affordability. It offers some of the most budget-friendly housing options in Lima, without sacrificing quality of life. The neighborhood has a mix of older homes and newer properties, providing various investment choices.

Its location near major highways ensures easy access to larger cities, potentially attracting commuters and expanding the rental market. Cridersville’s community services and events add to its charm, making it a worthwhile consideration for investors aiming for cost-effective opportunities with room for growth.

Economic Indicators and Employment

Lima, OH exhibits various economic indicators that make it attractive for investment. The local economy is supported by sectors such as manufacturing and healthcare. These industries contribute significantly to job creation.

Employment figures reveal valuable insights. In recent data, the Lima region accounted for thousands of jobs, reflecting a steady job market. This robust employment landscape is critical for potential investors.

The Federal Opportunity Zones Program is another driver of economic development in Lima. This program encourages investments in designated low-income areas, offering tax incentives to investors.

Furthermore, the city is nearing substantial funding from the Arctaris-Lima Opportunity Zone Fund Initiative. This $25 million fund can spur more economic activities, bolster job growth, and increase property values in downtown Lima.

Overall employment goals for the region aim to grow the number of jobs significantly and enhance the quality of the workforce. The economic focus on creating jobs and supporting existing businesses makes Lima a promising area for investment.

Cost of Living Comparison

Lima, Ohio, offers a cost of living well below the national average. This affordability makes it an attractive option for investors and residents alike. Compared to the national average housing cost of $338,100, a typical home in Lima costs just about $121,700, presenting excellent investment opportunities.

Rent prices in Lima are considerably low. A two-bedroom unit averages $830 per month, which is 42% cheaper than the national average of $1,430. This gap allows residents to allocate more of their income to other essentials or savings.

Living comfortably in Lima requires a lower income compared to many other cities. A minimum annual income of $23,400 for a family and $26,400 for a single person is generally sufficient. This reflects the overall affordability of the area.

The cost of living index for Lima shows it is cheaper than the U.S. average. This affordability extends to other expenses like groceries and utilities. Such factors make it a practical location with plenty of amenities for a wide range of lifestyles.

Overall, investing in Lima offers potential gains, particularly in real estate, due to its low cost of living and housing affordability.

Crime Rates and Safety

Lima, OH, is a city with varied safety levels. It is important to understand the crime rates when considering investing in neighborhoods here. According to local statistics, Lima ranks in the 20th percentile for safety, meaning that 80% of cities are safer.

Lima’s crime rate is 33.90 per 1,000 residents annually. This includes both property and violent crimes. The likelihood of being a victim of violent crime is about 1 in 152, while for property crime, it is 1 in 27.

Residents have mixed views on the local police presence. Some feel that the police are visible but respond slowly, while others see them as both visible and responsive. Only 5% think the police are not visible but respond quickly when needed, as noted by Niche.

When investing, these factors should be considered. Some areas may offer greater safety than others, so thorough research is advised.

Education and Schools

Lima offers various educational opportunities for families. The Lima City School District has multiple schools catering to students of different ages. Notably, Heritage Elementary School serves young children from preschool to fourth grade.

For middle schoolers, Liberty Arts Magnet School provides a curriculum with a focus on the arts. This school caters to students from kindergarten through eighth grade, offering a mix of traditional academics and artistic programs.

Lima Senior High School offers numerous programs for older students. It aims to prepare them for college and future careers with a variety of classes and extracurricular activities. Lima Senior is known for its commitment to both academic and personal growth.

In addition to public schools, Lima also has private and charter education options. Parents can choose from several specialized programs tailored to meet their children’s needs. These options include schools with religious affiliations and unique educational approaches.

The area surrounding Lima, such as Spencerville, also features schools with strong reputations. For families considering a move to this region, the quality of education available is a notable benefit. The schools contribute to the community’s appeal for those looking to invest in property here.

For more information on schools in Lima, refer to Lima public school ratings and districts.

Lifestyle and Amenities

Lima, Ohio, offers diverse amenities that enhance the quality of life for its residents. Many neighborhoods provide easy access to parks and recreational areas, which support an active lifestyle. The presence of various sports facilities and trails makes outdoor activities readily available.

Shopping and dining options in Lima are abundant. Local markets, malls, and family-owned restaurants cater to different tastes and preferences. Whether residents seek national brands or unique local products, the city has options to explore.

Healthcare amenities in Lima are comprehensive. The city houses several respected hospitals and clinics, ensuring residents have access to necessary medical services. Proximity to these facilities provides a sense of security and comfort.

Education in Lima is supported by top-rated schools and educational institutions. Families with children find numerous choices for quality learning environments. Schools are well-regarded and contribute positively to the community’s quality of life.

Transportation is convenient, with well-maintained roads and public transit options. This makes traveling within and beyond Lima simple for residents, enhancing the overall living experience.

Community centers and libraries in Lima play an important role in fostering a connected community atmosphere. These centers offer activities, workshops, and events that encourage social interaction and learning.

Key Amenities:

Connectivity and Proximity to Nearby Cities

Lima, OH, offers excellent connectivity to several nearby cities, making it a strategic location for real estate investment. Interstate 75 runs north-south through Lima, linking it to Toledo and Dayton. This highway ensures easy travel and efficient movement of goods and services, enhancing Lima’s appeal for business and residential opportunities.

US Route 30 is another significant roadway that provides east-west access. It connects Lima to cities like Fort Wayne, IN, and Mansfield, OH. This route supports Lima’s connectivity, making commutes and inter-city travel simple and direct.

Public transportation in Lima is provided by the RTA (Regional Transit Authority) buses, which facilitate local and regional access. Although the bus network focuses on local travel, it complements the road infrastructure.

Dayton International Airport is the nearest major airport, just over an hour’s drive south of Lima. It offers a variety of domestic flights and some connections to international destinations, ensuring Lima is well-linked to broader regions.

Surrounding cities such as Findlay and Bowling Green are easily accessible via state highways. These connections support economic ties and the movement of people between these regions and Lima.

These transportation links and proximity to major cities present valuable opportunities for those looking at real estate investments in Lima, OH. They also provide convenient living and working conditions, making the city an attractive choice for potential residents and businesses.

Frequently Asked Questions

Investing in real estate in Lima, OH requires understanding its neighborhoods, market trends, and potential returns. Changes in housing demand and costs are vital for making informed investment choices.

What are the up-and-coming neighborhoods in Lima, OH for real estate investment?

Lima has several neighborhoods gaining attention for investment. Some of these areas are experiencing growth and development, making them attractive to investors. The local government supports this growth by promoting developments in disinvested areas through initiatives like the Federal Opportunity Zones Program.

Which areas in Lima, OH offer the best ROI for property investors?

Neighborhoods with higher rental demand and lower vacancy rates tend to offer the best return on investment. Property values in these areas are rising, increasing the potential for long-term gains. Considering the lower median house prices, compared to both national and state averages, makes Lima appealing for investors.

What are the factors to consider when investing in Lima, OH real estate?

Key factors include location, neighborhood development potential, rental demand, and housing market trends. Economic conditions and local infrastructure developments also impact property values. Understanding the city’s community development plans can provide insights into future opportunities.

How does the cost of living in Lima, OH influence real estate investment decisions?

The cost of living in Lima is relatively low, which can attract new residents and renters, positively influencing rental demand. Lower housing costs compared to national averages can also make it easier for investors to purchase properties.

Can you highlight the trends in Lima, OH’s housing market over the past year?

The housing market in Lima has been relatively stable, with modest increases in property values. Areas like Spencerville, known for a strong sense of community and good schools, continue to see demand, making them ideal for families.

What type of property is most in demand for investment in Lima, OH?

Single-family homes are commonly in demand, with various neighborhoods offering diverse housing options, from townhouses to apartments. Investors often focus on properties that appeal to families due to the desire for community living. Competitive pricing in these sectors can provide a balanced portfolio for investors.