Cincinnati Real Estate

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Kathy S. Koops GRI

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Affordable Homes in Cincinnati

filed under: Real Estate posted on July 24th, 2014

Cincinnati affordable homesAre there affordable homes for sale in greater Cincinnati?

Affordable real estate means different things to different people but with the average sale price of $189,000 in our market “affordable” housing may seem out of reach for many of today’s buyers.  Many of today’s buyers are using FHA backed mortgages which have a loan limit of $271,050 and a fairly low down payment requirement, many buyers are able to buy their dream home.

Search for Homes

According to data pulled from the Multiple Listing Service of Greater Cincinnati there is a lot of number single family homes for sale priced under $500,000.

Price Range # SFH Active Listings
$1 to $80,000 1687
$80,000 to $100,000 786
$100,000 to $125,000 919
$125,000 to $150,000 984
$150,000 to $200,000 1253
$200,000 to $300,000 1441
$300,000 to $400,000 771

There are two ways to look at affordable housing and many buyers want to stretch their limits to get more space or a better location-just because you qualify for a higher mortgage (and mortgage payments) doesn’t mean you have to spend up to your max.  The lessons learned from the recent housing bust seem to be fading as politicians push to change the lending limits so more people can buy homes.

Be realistic about how you live, how much you have in reserves to handle major issues with your home or personally and then make a decision about what’s affordable for you.

 

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