Real Estate Investing in Millersburg, Ohio (44654)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 44654 (Millersburg, OH)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High price-to-rent: Price-to-rent ratio 35.6 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Millersburg, OH (44654)?
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Market Analysis: 44654 Millersburg
Not every below-median market is a bargain. Millersburg's 44654 ZIP posts signals that favor experienced operators who can absorb the risk $373K pricing implies.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $373K asset, 44654 is the wrong submarket. If the plan prices in friction, the yield can still work.
Statewide comparisons place 44654 among OH's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Who lives in 44654 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Strategy in 44654 is an operator game, not a passive one. In practical terms, entry prices of $373K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Millersburg:
Property Strategy for 44654
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $309,182 | $970 | 2.3% | +7.1% | $154,591 |
| 3BR | $347,436 | $1,200 | 2.5% | +7.8% | $115,812 |
| 4BR | $440,158 | $1,340 | 2.2% | +8.1% | $110,039 |
| 5BR | $518,963 | — | — | +7.7% | $103,793 |
Market Trends
Home Value History (with trend line)
📊 How Does 44654 Compare?
| Metric | 44654 | Millersburg | Ohio |
|---|---|---|---|
| Home Value | $372,742 | $372,742 | $237,530 |
| 5-Year CAGR | 5.2% | 5.2% | 7.4% |
| Avg Rent | $873 | $873 | - |
| Cap Rate | 1.8% | 1.8% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 44654 (Millersburg, OH). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $372,742 |
| Monthly Rent | $873 |
| Price-to-Rent | 35.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.8% |
| Cap Rate | 1.8% |
| 5-Year IRR | 7.1% |
📈 Home Appreciation
| 1-Year | +7.0% ▲ |
| 3-Year CAGR | +4.3% ▲ |
| 5-Year CAGR | +5.2% ▲ |
| 10-Year CAGR | +7.0% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.8%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 44654
Population: 20,329
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 44654
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
Frequently Asked Questions
What do landlords charge for rent in Millersburg, OH?
Expect rents around $873/mo per month in Millersburg, OH. With home values at $373K, the yield math works out to reasonable levels for rental investors.
What is the tenant pool like in Millersburg, OH?
The tenant pool in Millersburg, OH is solid, supported by local employment and population fundamentals. Rents of $873/mo are well-absorbed by the market.
Is vacancy a concern in Millersburg, OH?
Expect elevated vacancy in Millersburg, OH. Rents at $873/mo are absorbed by the tenant base without meaningful lag.
What type of investing works in Millersburg, OH?
A careful cash-flow rentals with hands-on management strategy Millersburg, OH best. The market produces stable results for that approach at the $373K price point.
What price range are homes in Millersburg, OH?
The median home value in Millersburg, OH is roughly $373K. That puts it reasonable relative to the OH statewide average.
You know 44654 now. You don’t know where it ranks.
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