27 Ohio cities ranked by estimated cap rate. The average cap rate across Ohio markets is 3.7%, with median home prices averaging $218K and rents averaging $1,149/mo. Norwalk leads with a 6.4% cap rate at a $185K median price. Note that Ohio's average property tax rate of 1.58% is above the national average — factor this into your underwriting.
Ohio offers 27 investable rental markets tracked by CapRateCity. The state average cap rate of 3.7% is near the 3.81% national average. No cities pass the 1% rule at median prices, so value-add strategies are essential.
Prices and rents: Ohio home prices average $218K, which is 35% below the national average of $333K. Rents average $1,149/mo. The most affordable entry point is Salem at $155K, while Norwalk offers the highest cap rate at 6.4%.
Taxes and costs: Property taxes average 1.58% across Ohio, above the 1.08% national average — investors should model tax expense carefully. Cincinnati has the lowest rate at 1.52%.Vacancy averages 6.7%, in line with national norms.
Growth outlook: Population growth across Ohio averages 0.19% per year, led by Dublin at 1.5%. Home values are appreciating at 2.2% annually on average. Moderate growth provides a stable demand foundation.
Bottom line: Ohio is primarily an appreciation market. Cash flow investing requires below-median purchases or value-add strategies. Consider whether the growth and appreciation potential justifies tighter margins.