Best Cin/NKY Neighborhoods For Young Low Income Couple? (Cincinnati: for sale, real estate)

[Cinci315]

I'm a 25 year old Asian male with a college degree and recently took a job as a clerk in Covington. My girlfriend is 23 years old, Caucasian, and will likely be in school for the next couple of years as a full-time student with no income. We have two large dogs so we'd need a house with some kind of yard, even if small.

After looking at the calculators, I figure I'd need to keep my prospective houses generally below $40,000 (or slightly more depending on real estate taxes). I make around $30K a year but I do have student loans.

I know it's a tough price range, but it seems the housing market has opened a bit. Does anyone have any recommendations for possible neighborhoods in the Cincinnati/NKY region?

Thanks so much for any responses and advice.

[tntnb]

I've done a very, very quick check and found a few houses in the Deer Park/Silverton area that are close to your price range. Of course, I don't know the conditions of the properties. But that might be one area for you to consider.

[hensleya1]

Hi Cinci315--

In the $40,000 range, I'd suggest checking out Covington on the Kentucky side of the river. Kentucky calculates property taxes in a different way than Ohio does, and in any case Kentucky property taxes are a fraction of Ohio's. You'll pay only a few hundred per year instead of a thousand or more in Cincinnati. In either case, be prepared to appeal the value of the house after you buy it, as many houses are horridly over-assessed and county governments are willing to blithely ignore the housing values dropping because it means they get fewer tax dollars.

Plus, having lived there for more than 10 years, I can confidently say the Kentucky side of the river is far safer than anything in Cincinnati at that same price point.

Here's everything under $50,000: 41011 Real Estate & 41011 Homes For Sale — Trulia.com

And here's one at $40,800: 2234 Diana Place, Covington KY - Trulia

[TomJones123]

I have to agree with Hensleya. Covington. Especially since you are going to be working there.

[kjbrill]

Originally Posted by TomJones123

I have to agree with Hensleya. Covington. Especially since you are going to be working there.

I chime in with a third - Covington. As you will be working there simplify things all the way around and look for housing there.

[TomJones123]

Originally Posted by hensleya1

Plus, having lived there for more than 10 years, I can confidently say the Kentucky side of the river is far safer than anything in Cincinnati at that same price point.

With that said, Covington has it's issues. There are housing projects, and rougher neighborhoods in many locations. Do your due diligence before moving.

[kjbrill]

Originally Posted by TomJones123

With that said, Covington has it's issues. There are housing projects, and rougher neighborhoods in many locations. Do your due diligence before moving.

Good advice. I keep reading on here over and over that specific neighborhoods can change significantly in a couple of blocks or so. It dismays me to think that is true, but it must be since so many comment on it over and over.

OP, you might look for an area with a lot of old people in it. They will hardly be a threat to you. I live on a street with a lot of old people, including myself. There are very few younger families, but the ones here seem pleased with their choice. The old farts pretty well keep to themselves, you may see them at Kroger once in awhile, but always during the week, and when the nice spring winter blossoms you may run into them out in their yards trying to determine whether they have enough energy to actually change anything. The answer is usually no, just keep the grass cut and trimmed. If they are physically up to it they either hire a lawn service or have a kid/grandkid who does it.

[Sarah Perry]

In Covington, look in the Mainstrasse area or in Wallace Woods. There's also a good neighborhood right on the riverfront. I suggest you rent for a while instead of buying immediately.

[DM32]

With your income, my advice is DO NOT buy a house for $40,000, unless you're very experienced fixing things up yourself, and have the time to do that.

You might be able to cover the mortgage ok with your income, but new gutters, new roof, any of the standard maintenance things on a house could wipe you out in a flash. This has been my experience in my last 2 years as a homeowner. I looked extensively in the NKY, and settled on Bellevue. I'm happy with my location, and after some more fix-ups (and lots more $$$), I'll be happy with my house, but it's been very challenging, even with $50k in income.

My advice is to rent.

[kjbrill]

Originally Posted by DM32

My advice is to rent.

I believe your advice is the most practical. Rent, do not buy. Once you buy, everything is on you. As DM32 said, just one major failure in the house and you can be in deep **** financially. If you rent there is always the potential the landlord will not adequately take care of problems with the property. But you do have a recourse - move. If the landlord attempts to stick you with a lease, etc. providing you have adequate documentation of not repaired problems following adequate notification, ignore it and move on.