Ashtabula (Geneva on the Lake), OH

Population: 18,673
Average annual home appreciation rate: -0.27%
Total of homes for sale in this market: 187
Median home price: $76,902
Median Rent: $483 per room
Home price range: 52.89% of homes are between $47,001 – $94,000
Median sales price: $52,150
Number of homes: 176
Median foreclosure sales price: $47,950
Foreclosure discount: 8%
Most common home type: 66.82% of homes are SINGLE FAMILY DETACHED
Number of vacant homes: 15.81%
Number of renters: 47.78%
Number of owner occupied: 52.22%
Number people living below poverty level: 32.01%
Unemployment rate: 5.20%
Is this area perfect for real estate deals going on right now? It is clear that Ashtabula has been hit by the downturn in the market like many other areas in the US, but there is some promise in its market. Some may say there is elements of the ‘perfect storm’ in the market. Low home prices, higher than average rent, many struggling with poverty and unemployment, and almost 1/2 of the residents renting. Multiple vacant and other ‘troubled’ properties available on the market spell great opportunities for savvy investors due to the motivated sellers who own the properties. Real estate investors who have invested in a ‘down’ market have historically done well when the market makes its long promised return.

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