Property values in Dayton are our best kept secret. I posted about this before a couple of years ago. The real estate bubble bursting did not affect our values tremendously but has caused a surplus in vacant housing. We have another wave of foreclosures coming. Adjustable rate mortgages that are going to reset at a higher interest rate in the next two years. Then there are all those "interest only" loans that are going to affect the owners of the mcmansions in the suburbs. I would urge anyone to refinance if possible and lock in at a fixed rate and would always recommend 15 years over 30 years. If you have at least 20% equity in your house then a home equity loan used to pay off the first lien holder could save you thousands $$$ in refinancing fees and reduce the term left on a 30 year loan to 20 years.
I'm telling this to the world now and I will continue to over the next few years because we are poised to recover faster than many other parts of the country if people know about our low property values. You can buy decent houses here for less than $40,000. Old houses, big houses, fine houses. Why so cheap? Besides the fact that there are so many empty houses in the area, they are stripped of copper and heating systems in many cases. To fix them up yourself may cost as little as a few thousand $$$. To pay someone may cost $20,000. Not bad for a fixer upper. Most are in solid shape. Here is the real news though. In two years when the banks start loaning mortgage money they are going to go back to the old rules. That means 10% to 20% down on a house. It is going to be easier to save 20% for a house valued at $80,000 or less than for one that is $200,000. What about jobs? We need more well paying jobs here because we have lost many manufacturing positions (just like every where else) but if you ever had the inclination to start your own business, this is certainly the place to be. We have affordable housing and a cost of living that is below the national average. We are located almost equidistant between Indianapolis, Columbus and Cincinnati. If you own a home in New York City then you could sell it and retire here in a much bigger house!