Introduction

Investing in rental properties can be a lucrative venture if approached with careful consideration and strategic planning. A good rental property offers a balance of affordability, high demand, and the potential for steady income and appreciation over time. One of the most critical factors in determining the success of a rental property investment is its location. A prime location can attract quality tenants, ensure low vacancy rates, and provide excellent returns on investment.

Licking County, Ohio, offers a diverse range of neighborhoods and areas that present unique opportunities for real estate investors. This guide will provide an in-depth analysis of the best neighborhoods in Licking County, grading each area based on convenience, tourist attractions, things to do, average home prices, return on investment, proximity to work-related travel, and an ‘x-factor’ that makes each area unique and desirable.

Best Neighborhoods and Areas in Licking County, OH

1. Newark

Grades:

• Convenience: B+
• Tourist Attractions: B
• Things to Do: B+
• Average Home Prices: A-
• Return on Investment: A
• Proximity to Work-Related Travel: B
• X-Factor: B+

Details:

• Convenience: Newark offers a variety of amenities including shopping centers, schools, and healthcare facilities. Public transportation is decent, making it relatively easy to get around without a car.
• Tourist Attractions: The Midland Theatre and The Works Museum are key attractions, along with a variety of parks and historical sites.
• Things to Do: There are numerous recreational activities available, such as visiting local parks, dining at a variety of restaurants, and attending community events.
• Average Home Prices: The median home price in Newark is approximately $175,000, making it an affordable option for investors.
• Return on Investment: With a growing population and steady rental demand, Newark offers a solid return on investment.
• Proximity to Work-Related Travel: Newark is within a reasonable distance to Columbus, making it accessible for commuters.
• X-Factor: Newark’s blend of historical charm and modern amenities makes it a desirable place for a wide range of tenants.

2. Granville

Grades:

• Convenience: A
• Tourist Attractions: A-
• Things to Do: A
• Average Home Prices: B
• Return on Investment: B+
• Proximity to Work-Related Travel: A
• X-Factor: A

Details:

• Convenience: Granville boasts excellent schools, a charming downtown area, and a close-knit community atmosphere. It’s highly walkable and bike-friendly.
• Tourist Attractions: Home to Denison University, Granville has a vibrant cultural scene, including museums, galleries, and historic landmarks.
• Things to Do: From boutique shopping and fine dining to outdoor activities in the nearby parks, Granville offers a high quality of life.
• Average Home Prices: The median home price is higher, around $350,000, reflecting its desirability and high quality of life.
• Return on Investment: The strong local economy and university presence provide stable rental demand, though higher home prices may impact initial ROI.
• Proximity to Work-Related Travel: Proximity to Columbus and well-connected road networks make Granville convenient for professionals.
• X-Factor: The picturesque, New England-style village setting and prestigious educational institutions give Granville a unique charm.

3. Heath

Grades:

• Convenience: B+
• Tourist Attractions: B
• Things to Do: B+
• Average Home Prices: A
• Return on Investment: A-
• Proximity to Work-Related Travel: B
• X-Factor: B

Details:

• Convenience: Heath offers a variety of shopping options, good schools, and essential services, all within easy reach.
• Tourist Attractions: Notable attractions include the Newark Earthworks and Dawes Arboretum.
• Things to Do: Residents can enjoy parks, local eateries, and community events that cater to families and young professionals.
• Average Home Prices: The median home price in Heath is around $200,000, offering affordability with potential for appreciation.
• Return on Investment: The balance of affordability and growing rental market makes Heath a strong contender for investors.
• Proximity to Work-Related Travel: It’s reasonably close to Newark and Columbus, providing good commuting options.
• X-Factor: Heath’s family-friendly atmosphere and community-focused events make it appealing to a broad demographic.

4. Pataskala

Grades:

• Convenience: B
• Tourist Attractions: B-
• Things to Do: B
• Average Home Prices: B+
• Return on Investment: B+
• Proximity to Work-Related Travel: B+
• X-Factor: B

Details:

• Convenience: Pataskala offers essential amenities and services, although it’s less developed compared to Newark and Granville.
• Tourist Attractions: Limited but includes natural attractions like parks and trails.
• Things to Do: Outdoor activities are prominent, with parks and recreational areas being the main highlights.
• Average Home Prices: Median home prices are around $250,000, making it affordable while still providing quality living.
• Return on Investment: Steady growth and development potential make Pataskala an attractive option for long-term investment.
• Proximity to Work-Related Travel: Reasonable access to Columbus and other major areas via highway.
• X-Factor: Pataskala’s rural charm combined with proximity to urban amenities offers a unique living experience.

5. Johnstown

Grades:

• Convenience: B
• Tourist Attractions: B
• Things to Do: B
• Average Home Prices: B+
• Return on Investment: B+
• Proximity to Work-Related Travel: B
• X-Factor: B

Details:

• Convenience: Basic amenities are available, with a small-town feel and a close-knit community.
• Tourist Attractions: Features local attractions such as the Johnstown Community Sportsman Club and various parks.
• Things to Do: Community events, local dining, and outdoor activities dominate the leisure options.
• Average Home Prices: The median home price is about $220,000, offering affordability with potential growth.
• Return on Investment: The area is seeing steady growth, making it a good prospect for future returns.
• Proximity to Work-Related Travel: Close to major highways, providing decent access to larger cities.
• X-Factor: Johnstown’s community spirit and small-town appeal make it a comfortable and desirable place to live.

Conclusion

Licking County, OH, offers a variety of neighborhoods each with unique characteristics that can appeal to different types of tenants. From the historical charm of Newark to the picturesque village of Granville, there are numerous opportunities for real estate investors to explore. Understanding the strengths and unique aspects of each area can help in making informed decisions to unlock the investment potential in this promising region.