Medina County

Medina County sits at a gross rent-to-price ratio of 6.39%, which puts it squarely in the middle of the cash-flow versus appreciation spectrum, though the numbers tilt toward appreciation. At a 4.15% cap rate and a median home price of $348,695, the market does not pencil for leveraged cash flow at current rates. Running a standard 20% down ($69,739), the monthly mortgage at 6.85% comes to $1,828, and with estimated operating expenses of $650 on top of that, total monthly carry exceeds the $1,856 median rent by $621. That produces a cash-on-cash return of negative 9.29%, which is not a rounding error, it is a structural feature of buying at this price point with today's cost of debt. The appreciation score of 83 out of 100, paired with 4% year-over-year home price growth, is the counterweight. Medina scores 63 overall and ranks in the 62nd percentile nationally across 1,000 counties, and 55th out of 88 Ohio counties, which puts it in the upper-middle tier of the state but not near the top.

The investor this market suits is not a day-one cash-flow buyer. Anyone who needs the property to service its own debt at a 6.85% rate is buying the wrong asset here. The market makes sense for an appreciation-oriented buyer with a long hold horizon, or an investor with enough equity from other positions to absorb monthly drag while the asset compounds. The affordability index of 55 and population of 182,347 suggest a market with meaningful owner-occupant competition, which supports prices but also means you are not buying distress at scale. A value-add operator can find opportunity if purchase price can be negotiated below the $348,695 median, because the rent-to-price ratio at that median is already at 6.39%, and any basis improvement flows directly to cap rate and eventual cash-on-cash.

The 1.56% state-average property tax rate deserves its own line on your underwrite. Ohio's effective rate is high enough that it materially compresses cash flow, and Medina's annual tax estimate of $5,440 translates to roughly $453 per month in tax alone. Add $67 per month for insurance at the 0.23% rate, and the combined tax-and-insurance burden is approximately $520 per month before you touch mortgage principal, interest, maintenance, or vacancy. That $520 figure is 28% of the $1,856 median rent, which is a significant drag that many investors undermodel when they first look at Ohio markets. The data carries the honest caveat that 1.56% is a state-average estimate from Tax Foundation 2024, and actual Medina County or township-level rates may differ, so pull the county auditor's current millage before finalizing any underwrite.

The specific risk in Medina worth tracking is price-point concentration. At a median of $348,695, you are not buying into a deep pool of sub-$200,000 workforce housing. If rate-sensitive demand cools further, the upper half of the price distribution in a suburban Ohio county has more downside exposure than lower-cost markets. The stability score of 50 out of 100 reinforces this, it is the weakest individual score in the dataset and suggests the market does not carry the demand floor that more economically diversified metros provide.

Comparing Medina to its neighbors clarifies the trade-offs precisely. Columbiana County has a higher rent-to-price ratio at 6.53% and a median price of only $153,705, meaning leverage is dramatically cheaper and cash flow is structurally more achievable, though its overall score of 64 is only marginally higher than Medina's 63. Muskingum County at $202,550 and a 6.37% ratio offers a similar yield profile to Medina at roughly half the capital outlay. Warren County at $395,975 and a 5.86% ratio is worse on cash flow metrics and costs more capital. Clermont County at $316,533 comes in at a 5.82% ratio, the weakest in the peer group for yield. You choose Medina over its neighbors when you are prioritizing the appreciation score of 83, which is likely the highest in this peer set, and you believe suburban Cleveland proximity drives sustained price appreciation. You choose Columbiana or Muskingum when you need the deal to generate positive cash flow from day one, even if the long-term price upside is more limited.