Elyria, Ohio is a great place for real estate investment. It’s known for steady demand in rental spaces and affordable homes. The average property price is $217,450, and there are 76 investment options on the market1. Plus, the average cost per square foot in Elyria is $1151. This shows it’s more affordable than many other places. You can find a variety of homes here, from single-family houses to apartments.
Investors like Elyria because the prices for homes are low and the profits can be high. A 2-bedroom home might cost only $15,000, but fixing it up will add to the cost. Even with these costs, the return on investment can be big. The average monthly rent in Elyria is $1,5981. This makes both long-term and short-term rentals a good idea.
There are also many new homes being built in Elyria. Currently, there are 36 new building projects in the area2. These add 293 new homes to the market2. With starting prices at $199,900 and an average price of $156,1612, these properties attract tenants looking for modern, energy-efficient homes.
Renting out properties and the affordable prices in Elyria make it a great spot for real estate investment. If you’re thinking about investing in Ohio, Elyria could be perfect. It offers low starting costs and the potential for high rent income.
Key Takeaways
- Elyria offers a median list price of $217,450 with an average price per square half of $1151.
- Average monthly rental income in Elyria is $1,5981.
- The city hosts 36 active new construction projects in 36 communities2.
- A 2-bedroom home can be purchased for as low as $15,000, offering opportunities for lucrative returns post-renovation.
- The city’s affordability and strong rental demand make it ideal for both long-term and short-term rental strategies.
Introduction to Elyria’s Real Estate Market
Elyria, Ohio is part of the greater Cleveland area. It boasts a dynamic real estate scene with many types of properties. You can find traditional homes and rentals. This versatility makes it great for investors.
Overview of Elyria, OH
Elyria is known for its cozy suburban feel, historical spots, and amenities. It’s popular among those 55 and older, offering great homes and a peaceful lifestyle. For housing details, click here. The mix of historical and modern homes adds to its charm3.
Current Real Estate Trends
The real estate market in Elyria, OH, is lively. Both buyers and sellers have advantages. The average house list price is around $217,450, with $115 per square foot as of July 20243. Rent averages about $1,598 a month, but short-term rentals go for more, at about $2,4423. South Lorain offers affordable options with a median price of $127,143 and rents for $1,1323.
In Eastern Heights, prices are higher, showing more investment potential4. The average home costs $190,030, and rents are $1,727. With a vacancy rate of 6.4%, this area is in demand4. Elyria offers great opportunities for both single and multi-family investments.
Elyria’s real estate market is growing, with steady values. It’s known for its culture and economic benefits. These factors make Elyria a top choice for investors.
Pros and Cons of Investing in Elyria, OH
Investing in Elyria, OH has its ups and downs. One big perk is the affordable property prices. You’ll find a variety of prices across different areas. This attracts many investors. Yet, the difference in rental earnings and property conditions needs careful thought.
Investors should really look into these differences. Some areas are clean and safe, others not so much5. Crime rates also affect decisions5. For those interested in rentals, it’s key to look at the local economy and social scene. Sadly, Elyria has seen better days, with many businesses closing and not many places to eat5.
But, Elyria’s good location and easy access are big pluses5. Also, investors from places like California find Elyria attractive. They’re moving away from high costs and strict rules6. Shows like The MLS Search & Analysis Show have featured investors checking out rentals here. They stress knowing the good and bad of investing far from home6.
Deciding between long-term rentals and Airbnb is important too. Market trends show investing in Section 8 housing can be profitable. But, managing the property well is key6. Returns can really vary, making a deep dive into Elyria’s market a must.
Even with issues like poverty and crime concerns, there’s hope for Elyria. New projects, like a hospital, promise growth5. The city’s diversity and community spirit are plus points for investors5.
In short, Elyria has its challenges, but also offers great opportunities for those who do their homework. By getting to know the local market, taking advantage of low-cost properties, and choosing the right rental approach, investors can find success.
Popular Neighborhoods for Traditional Rentals
Elyria, OH, is a prime spot for real estate investors, especially for those focused on traditional rentals. Heslop Morningview and South Lorain are top picks because of their appeal and solid investment potential. These areas provide a mix of property types, perfect for stable, long-term income.
Heslop Morningview
Heslop Morningview is known for being great for families. It offers a wide variety of homes, from 686 sq.ft to 4,288 sq.ft7. This variety means investors can find lots of opportunities7. Those investing here often see a high return, with profits ranging from 2.52% to 11.53%7.
This neighborhood doesn’t just offer a nice place to live. It also gives investors strong returns on Elyria rentals. By using different data sources, investors can figure out how much money they can make.
South Lorain
South Lorain is another key spot in Elyria for profitable rental properties. It’s known for its diverse community and plenty of investment choices. Rental incomes in this area tend to be higher than Airbnb ones, with earnings from $705 to $3,059 for traditional rentals in Elyria7.
The ROI in South Lorain is impressive, between 2.52% and 11.53%7. This shows how profitable investing here can be. Its stable rental income makes it a top choice for those interested in Elyria rentals.
Looking for more real estate investment tips? Check out the best places to buy rental property on Real Wealth8.
Best Neighborhoods To Invest In Elyria, OH
Elyria, OH is a great place for investors to make money in real estate. It has many neighborhoods with potential for growth and good rental income. This is true for both short stays and long-term rentals.
High ROI Areas
Elyria’s top investment spots offer excellent rental profits. The average price for a house here is $217,450. Investors see an average profit of 6.00% each month9. Rent for homes is about $1,598, and for Airbnb, it’s $2,442 monthly. These numbers show why investors find Elyria attractive9.
Growth Potential Locations
Places like Western Heights in Elyria are promising. Homes here cost $110,138 on average. This is cheaper than most places in Ohio and the U.S. It’s a good spot for investors because of its affordability10. Even with lower rents at $1,076, high demand makes it worth considering10. Elyria is also a profitable suburb close to Cleveland, adding to its potential11.
For detailed information on investing in Elyria, check out the properties listed here. With the right knowledge, investing in Elyria can bring both quick and long-term gains910.
Neighborhood Insights: South Lorain
South Lorain is a top spot for real estate investors. It’s known for its diverse community and strong rental market. The area’s mix of cultures makes it appealing to many. This diversity also helps create a welcoming place to live.
Demographics and Community
South Lorain’s vibrant mix of cultures stands out. This diversity boosts the community and can increase property values and rental demand. The neighborhood has many events that bring people together. As a result, both local and outside investors see its value. According to Cleveland Magazine, these factors make it a strong choice in the real estate market.
Average Rental Incomes
South Lorain’s rental income is similar to Elyria’s, making it a good place to invest. The average rent in Cleveland is $1,335, which is low compared to national figures12. South Lorain’s rentals offer financial benefits and add to the community. This makes the area an attractive option for investors.
Investing in South Lorain offers a great opportunity. It has a supportive community and good rental income possibilities. Investors who understand the area’s demographics and economy can make wise choices. This helps support South Lorain’s growth, making it a preferred location for investors and residents.
Neighborhood Insights: Heslop Morningview
Heslop Morningview neighborhood in Elyria is known for its suburban charm. It draws families and professionals alike. Homes in this area range from $69,900 to $425,00013. You can find various types of homes here, from 2-bedroom houses to 5-bedroom homes. Prices reflect Elyria’s affordability and potential for growth13.
Heslop Morningview offers a wide range of lot sizes. They go from 0.85 acres to 7,840 sq ft13. With a median market time of three years, it shows steady demand and a stable market13. This means Heslop Morningview is a great place to invest for both quick sales and long-term stability.
The neighborhood has homes ranging from 2 to 5 bedrooms. This variety meets the needs of almost any family size13. First-time buyers and experienced investors are taking notice. The median sale price in Lorain, Ohio, has gone up by +5.7% as of May 202413.
Heslop Morningview isn’t just about the houses. It’s about the community and local services too14. Together, they make living here appealing. Anyone looking to buy here can expect a mix of comfort, stability, and the chance for growth.
Investing in Multi-Family Units in Elyria
Investing in Elyria’s multi-family properties comes with big advantages. You could earn more from rent and save on managing properties. These factors make investing in Elyria a smart choice for expanding your property collections.
Advantages of Multi-Family Investments
Multi-family investments mean you save on costs for upkeep across many homes. You also get the chance to earn more rent than with single homes. By managing these properties well, owners can see steady money flow and have less empty homes, thanks to having many renters.
Available Properties
Elyria’s market has lots of multi-family homes for sale, fitting different investment plans. For example, a triplex needing fixes is up for grabs at $1, needing $35,000 to $40,000 in renovations. After fixing it up, you could make $1,400 to $1,600 a month in rent. A great investment opportunity is found here15.
There’s also big projects like Reaser Pointe Crossing, a $200 million venture. It will have 422 townhouses and lots of shops15. This project will bring in more places to eat and help the city’s economy. If you’re looking to invest big, this project has a lot of potential15.
Elyria offers great chances for investors from everywhere, similar to markets like Cleveland, Ohio. It’s known for low buying costs and good rent possibilities16. Investing here can give you strong returns from rent and value growth.
Whether you’re experienced or new to real estate, Elyria is a great place to grow your investments. The city’s development and available properties are perfect for adding valuable, in-demand homes to your portfolio.
Single-Family Homes Investment Opportunities
In Elyria, single-family homes are chosen often by investors. They are liked by small families and professionals. The property market here shows good chances for profit with these homes. The average price for listings is about $180,000. Homes here sell fast, usually in 23 days, and often get several offers17.
Top Areas for Single-Family Homes
South Lorain and Heslop Morningview are the best spots for single-family houses in Elyria. These areas are wanted a lot and bring in strong investment returns. Properties in Elyria don’t stay up for sale long, with most selling in under a month17. For those looking to invest, there are affordable homes in these areas worth checking out17.
Expected Returns
The profits from investing in Elyria look good. Returns on single-family homes can vary widely. Cash on cash return can be from -1.31% to 11.39% for traditional ways. For Airbnb, it ranges from -5.07% to 9.8%18.
Rental incomes are encouraging too. Airbnb could bring in between $995 to $5594 in income. Traditional rentals make between $585 to $363617. These numbers show investing in Elyria’s single-family homes could be very promising18.
Factors Affecting Real Estate Prices in Elyria
Real estate prices in Elyria change due to several important elements. This affects both buyers and sellers. Knowing these factors helps investors make smart choices.
The economy plays a big role in local real estate prices. A study shows how the economy’s ups and downs change property values. For example, Cleveland homes were priced at $110,000 in February 2024, dropping by 4.3% from the year before19. This dip might worry investors.
Rental demand is also key. Elyria’s rental properties are getting more popular, especially in good areas. The median sale price for homes was $170,900 as of January 31, 202419. High rental demand can push property values up.
New infrastructures, like schools and parks, help property prices go up. The University Circle area is an example. It has many amenities close by, making it attractive for investment19.
Watching economic trends is essential. Investors should track changes in interest rates and job growth. These factors directly impact real estate prices. Homes in Cleveland are selling faster now than before, with houses staying on the market for 34 days19. Such details help plan better investments.
Advice from experts like Damien Baden is very valuable20. With over 20 years in the business, he assists investors in the Elyria market successfully20.
To make good investment decisions in Elyria, understanding real estate factors is crucial. Regular analysis and staying informed help develop strong investment strategies. This maximizes returns.
Conclusion
Elyria, OH, is a great place for investing in real estate, thanks to its diverse neighborhoods and money-making chances. With 53,844 residents, it has a strong base for a thriving housing and rental market21. Places like South Lorain and Heslop Morningview are especially promising. They offer high investment returns due to good demographics, affordable homes, and a lively community feel.
Elyria is also notable for its affordability. The average home price is $107,600, which is less than the Ohio average. This makes it easier for more investors to buy here21. The cost of a home compared to income is also lower than the state’s average, making Elyria an even more attractive option for investors21.
For those considering Elyria’s market, it’s a competitive choice in the Greater Cleveland area. Owning a home in Cleveland-Elyria costs just 11.6% more than renting22. To succeed, investors should research well and adapt their strategies to Elyria’s unique neighborhood traits. For insights into Cleveland and its investment hotspots, check out the detailed analysis on Ark7.
FAQ
What are the best neighborhoods to invest in Elyria, OH?
Heslop Morningview and South Lorain are top picks. They offer high investment returns and appeal to a diverse community.
What is the current state of Elyria’s real estate market?
As of July 2024, Elyria’s homes cost about $217,450 on average. The price for each square foot is around $115. Rental properties are in high demand, attracting investors.
What are the key factors influencing real estate prices in Elyria?
Local economy, rental demand, and neighborhood developments play a big role. Property values also rise with infrastructural improvements and amenities.
What are the pros and cons of investing in Elyria, OH?
Elyria offers affordable homes and great ROI potential. But, prices and rental income vary across areas. Investors need a deep market understanding.
How do traditional rentals compare between Heslop Morningview and South Lorain?
Heslop Morningview is great for long-term tenants due to its family vibe. South Lorain’s diverse community ensures stable rental incomes. Both areas are ideal for traditional renting.
What are the demographics and community features of South Lorain?
South Lorain boasts a multicultural community. Its diverse culture brings in various tenants. This makes it a good spot for investment.
What makes Heslop Morningview a notable area for investment?
Its suburban charm attracts families and professionals. Heslop Morningview is known for being a great place to live. That’s why it’s smart for investing in properties with steady tenants.
What are the benefits of investing in multi-family units in Elyria?
Multi-family homes can earn more rental income. They also make managing properties cost-effective. Elyria offers many of these homes, promising continuous cash flow and high tenant demand.
Which areas are best for investing in single-family homes in Elyria?
South Lorain and Heslop Morningview are best for single-family homes. Investments here do better than the national average, offering strong profit potential.
How is the Elyria real estate market evolving?
Elyria’s market is changing, with a variety in home types. Development in amenities and infrastructure is raising property values over time.
Source Links
- Elyria, OH Investment Property for Sale | Mashvisor – https://www.mashvisor.com/ohio/elyria-investment-property-for-sale/c
- FINLEY floor plan from Drees Homes – https://www.newhomesource.com/homes/oh/cleveland-area/elyria
- ELYRIA SOUTH – https://www.neighborhoodscout.com/oh/elyria/elyria-south
- EASTERN HEIGHTS – https://www.neighborhoodscout.com/oh/elyria/eastern-heights
- Elyria, OH Reviews – https://www.niche.com/places-to-live/elyria-lorain-oh/reviews/
- How to Invest in Ohio Real Estate: The MLS Search & Analysis Show | Episodes 1,201-1,250 – https://www.holtonwisepropertygroup.com/tv/the-mls-search-analysis-show/episodes-1-201-1-250/
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- Cleveland Real Estate Investing: The Investment Properties For Sale Show – 2021 – https://www.holtonwisepropertygroup.com/tv/the-investment-properties-for-sale-show/2021/
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- WESTERN HEIGHTS – https://www.neighborhoodscout.com/oh/elyria/western-heights
- Cleveland Rental Properties For Sale: The Investment Properties For Sale Show – 2022 (2) – https://www.holtonwisepropertygroup.com/tv/the-investment-properties-for-sale-show/2022-2/
- 2024 Cleveland Real Estate Market Insights – https://realwealth.com/markets/cleveland-ohio/
- Lorain, OH Homes for Sale – https://www.redfin.com/city/11424/OH/Lorain
- How to Choose the Right Type of Home in Sunbury, Ohio – https://www.localrealestateonline.com/blog/how-to-choose-the-right-type-of-home-in-sunbury-ohio/
- Elyria announces new multi-use development for city – https://www.morningjournal.com/2024/04/29/elyria-announces-new-multi-use-development-for-city/
- How to Invest in Real Estate in Ohio: The MLS Search & Analysis Show | Episodes 1,101-1,150 – https://www.holtonwisepropertygroup.com/tv/the-mls-search-analysis-show/episodes-1-101-1-150/
- Ohio Investment Property for Sale | Mashvisor – https://www.mashvisor.com/explore/ohio
- Fixer Upper Homes for Sale in Elyria, OH – https://www.redfin.com/city/6504/OH/Elyria/fixer-upper
- Cleveland Housing Market Trends and Forecast for 2024 – https://www.noradarealestate.com/blog/cleveland-real-estate-market/
- Buy a House in Elyria Ohio with Realty Done! – https://www.clevelandrealestatetopagent.com/buy-a-house-elyria-ohio/
- Living In Elyria, OH – https://www.areavibes.com/elyria-oh/livability/
- Study Shows Renting Is More Affordable In The 50 Largest Metros | Bankrate – https://www.bankrate.com/real-estate/rent-vs-buy-affordability-study/
