I could buy a 2-family house today. It’s in an up-and-coming neighborhood. It’s within walking distance of an ice cream store and a library (which is pretty much all I need to survive). It’s down the block from Iron Chef Michael Symon’s restaurant, Lolita. It’s on a street called Literary Road (I mean, come on, is there anything more adorable?). Renting out one of the apartments to my brother or sister and shelling out a down payment I’d be completely comfortable with, I would be making a monthly payment that’s a fourth of the cost of renting a cheap studio in Manhattan.
The only catch: it’s in Cleveland.
Obviously there’s something to be said for location…location, location. And before now, I’ve had a really hard time imagining myself living permanently in the area where I grew up. But when I see a property listing like the one above, it’s hard to remember why.
But you’d be in Ohio, you may be thinking. Oh yeah, right. There’s that. But these days, that argument seems less and less viable, especially since I am currently in Ohio and so far nothing too tragic (aside from last week’s torturous illness) has happened to me. So I’d be in the same area as my entire family, including my nephew and soon-to-be niece? I’d be paying next to nothing to own property? I’d be taking a gamble on a neighborhood that promises to–well, maybe it doesn’t promise, but it strongly alludes to the possibility that it will–become even trendier in the coming years?
I’m not actually going to purchase property today. But that one “downside” doesn’t seem quite so far down as it has in the past.