Cincinnati ranks among America’s 5 most affordable cities
Cincinnati is one of the most affordable cities in the United States, according to a new ranking from Forbes.
The Queen City was No. 5 on the magazine’s list, with a median family income of $68,500 and a $133,000 median home sales price in the fourth quarter of 2014. Based on those statistics, 83.9 percent of the area’s housing is affordable for families meeting the median income level.
The ranking was determined based on an assessment of housing affordability in the largest 100 metropolitan statistical areas from the National Association of Home Builders and Wells Fargo. Then, Forbes factored in an index developed by Sperling’s Best Places that measures the cost of a variety of items in each city.
According to the list, Cincinnati also has lower-than-average costs for many necessities. Groceries in the Tri-State cost 4.6 percent less than the national average, while utilities are 5.9 percent less, health care costs are 0.3 percent less and other daily expenses are 7.2 percent less. The only item that Cincinnatians pay more for than the average U.S. consumer is transportation, with a difference of 0.2 percent.
The most affordable city on the list was Birmingham, Ala. To see the full list of America’s most affordable cities, click here.