I am constantly telling people that the Cincinnati is a great place to live and work. We have so many wonderful things going for us- pretty parks, great local fare and friendly people too! Now from the Cincinnati Area Board of Realtors here’s another reason to tout Cincinnati.
Real estate experts say that trying to buy a home at the lowest possible price is understandable, but affordability is the one of the best metrics for helping you decide when to buy. In simple terms, if the cost of owning your own home is even close to renting, and you can afford the costs, then buying a home is the way to go.
Nation Cincinnati Area
1) Median-priced home $177,900 $137,250
2) Monthly mortgage payment $745 $562
(based on a 20% down payment)
3) Median annual income $ 61,652 $ 69,500
Overall Home Affordability Index* 172 257 (a 49% improvement; higher is better)
*An index score of “100” means a qualified home buyer with a median income has exactly enough income for an 80% mortgage on a median-priced home. [The illustration above is from the July-September 2010 time period.]
The above comparison shows Home Affordability for Greater Cincinnati has never been better. The Cincinnati area was favorable in all three measured components and, correspondingly, the overall Home Affordability Index. Comparing Cincinnati’s affordability index of 257 vs.172 for the nation means that local buyers have 49% more buying power than the average national buyer!