Metropolitan Statistical Area (MSA):
Portsmouth, OH is a Metropolitan Statistical Area (MSA) comprising counties including .
The Portsmouth, OH metropolitan statistical area (MSA) is located in the southern part of the state and includes the cities of Portsmouth, Chillicothe, and Jackson. The MSA has a population of just over 100,000 people and is home to several colleges and universities. The economy in the MSA is largely driven by manufacturing, healthcare, and education.
The housing market in the Portsmouth MSA has been fairly stable over the past few years. However, there are some trends that are worth noting. First, home prices in the MSA have been slowly rising since 2013. In fact, according to Zillow, the median home value in the Portsmouth MSA was $85,000 in 2013 and is now $93,000. This is an increase of nearly 9%. Secondly, rental prices have also been on the rise in recent years. According to Rent Jungle, the average rent for an apartment in Portsmouth was $532 per month in 2013 and is now $623 per month. That’s an increase of nearly 18%.
There are a number of factors that are driving these trends in the housing market. One reason for rising home prices is that there has been an increase in demand for housing in recent years. This is due to population growth as well as people moving into the area from other parts of Ohio and neighboring states. Another factor that has contributed to rising rents is a decrease in available rental units on the market. This has led to more competition among renters and higher prices for landlords.
Overall, these trends indicate that housing costs are becoming increasingly unaffordable for many people living in the Portsmouth MSA. This could eventually lead to problems with attracting new residents and businesses to the area if not addressed properly by local leaders