Cincinnati among nation’s most affordable cities for homeownership

Posted on: March 6th, 2015 by Andrew Clark No Comments

via Cincinnati Business Courier

It’s more affordable to own a home in Cincinnati than in most other major cities across the nation, according to a new ranking from Next City.

The Queen City ranks No. 4 for the lowest salary needed to afford a home in the area at $33,485.23.

The rankings are based on fourth quarter sales data and rates for a 30-year, fixed-rate mortgage using a standard 28 percent front-end debt ratio and 20 percent down payment subtracted from median-home-price data.

Cincinnati is listed with a 4.09 percent 30-year fixed mortgage rate and median home price of $138,100. That represents a 0.16 and 7.32 percent change, respectively, from the third quarter. The expected monthly payment for a home in Cincinnati is $781.32.

The data showed that homeownership costs went down last quarter in all but one of the 27 metropolitan areas included on the list but Americans still need to earn more than the national median income of $52,250 in 11 of those cities to afford a home.

Pittsburgh had the most affordable homes in the country, while Cleveland and St. Louis followed to top the list. San Francisco homes were ranked the least affordable, with a required monthly income of $142,448.33.  To see the full ranking, click here.