Cincinnati Real Estate

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Kathy S. Koops GRI

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Is Greater Cincinnati Housing Affordable?

filed under: Real Estate posted on March 10th, 2015

Salary needed to live in Cincinnati

Picture Source: HSH.com

Is greater Cincinnati housing affordable?  Well if you compare it to places like Chicago or LA, buying property in greater Cincinnati is really affordable.  Tim Mann of HSH.com (a mortgage research site) released a report “based on 2014’s fourth quarter sales data and rates for a 30-year, fixed-rate mortgage — on the salaries required to live the homeowner life in cities from Atlanta and Miami to Boston and Minneapolis.”

The winner for the most affordable area with a median home price at $135,000, is the Pittsburgh metro area.  Cincinnati ranks 4th and -no surprise-San Francisco had the highest salary requirements: You’d need to pull in $142,448 to buy a home in that West Coast metro, where the median price is $742,900.

Affordable Cincinnati

Picture Source: HSH.com

According to the report, a salary of  $33,485. is required to buy a property in our market where the median house price $138,100.  The affordablity is a great recruiting tool for local businesses as well as people looking to relocate to more livable areas from the high priced cities.  It also indicates local renters probably need to take a look at cost effectiveness of owning vs. renting.

Fourth place is great when is comes to affordable housing and the greater Cincinnati area needs to concentrate on upgrading our housing inventory in all price ranges so we remain affordable in the future.

 

 

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