Let's follow a family that moved to Cincinnati. Their budget is around $300,000. When they received the first property list, there were 201 condos, 52 townhouses, and 185 multi-family units. The number of single-family homes was overwhelmingly high. Cincinnati is still a market centered around single-family homes.

We examined the prices one by one. The overall median price in Cincinnati is $299,450. This is a 6.95% increase from the previous year. Condos are around $228,000. Single-family homes are around $312,250. Townhouses are around $295,000. One thing stood out: townhouses were cheaper than single-family homes but more expensive than condos. This was different from the commonly known order.

When asked why, it was noted that townhouses in Cincinnati are generally new constructions or located in urban redevelopment areas. They have good locations and new finishes. In contrast, condos often involve older buildings that have been renovated. While the locations are good, the buildings are older. This difference is directly reflected in the prices.

Ultimately, this family chose a townhouse for three reasons. First, the maintenance fees. In Cincinnati, townhouses typically have the HOA manage only the exterior walls and roofs. The interior is the owner's responsibility, resulting in lower maintenance fees compared to condos. Second, the commuting distance. Townhouses in urban redevelopment areas were close to their workplaces. Third, the school district. They checked the assigned school ratings on GreatSchools in advance. However, school district boundaries change frequently, so it's necessary to verify directly before purchasing.

Another family was considering condos. They wanted to minimize maintenance. They preferred to leave building maintenance to the association and wanted to travel frequently after retirement. Condos suited this lifestyle. However, older buildings may incur sudden large repair costs. It's important to check the financial status of the management association before purchasing. Requesting meeting minutes to see if there have been special assessments in recent years is also a good approach. Most will share this information if asked in advance.

All three families initially started by looking only at their budgets. The outcomes were different. Maintenance fees, commuting distances, and lifestyles ultimately influenced their final choices. This difference is not visible when looking solely at the sale prices. It's better to first envision how they would actually live. Cincinnati has distinct characteristics for each type, so setting priorities before viewing properties can speed up the decision-making process.

There was also a family that chose a single-family home. They needed a yard because they had a pet dog. Although the property tax was higher, they could keep their total expenses similar by not having monthly HOA fees.

Families moving to Cincinnati from other states might easily overlook that Ohio's property tax rates differ from their previous residences. Tax rates vary by county, so it's essential to check in advance. For families newly immigrating from Korea and preparing for their first settlement, the differences among these three types may be unfamiliar. Condos are similar to apartments in Korea. Townhouses resemble multi-family homes. Single-family homes are just like standalone houses with yards. For first-time settlers, rather than aiming for a single-family home from the start, it might be better to begin with a condo or townhouse to familiarize themselves with the area and lifestyle before considering the next step.

Investors looking for rental income should note the high proportion of new townhouses. However, it's advisable not to make definitive predictions about rental income. Vacancy risks always exist. Looking back at the cases of the three families, Cincinnati's property type ratios directly lead to its price structure. A high number of townhouses indicates active new construction, while a relatively low number of condos suggests that inventory is primarily made up of older buildings. It's efficient to first determine the budget and lifestyle, then narrow down the property types accordingly. This article does not constitute investment or legal advice. Please consult a professional before making any actual contracts.