Cincinnati: 49% More Home Buying Power
Locally, the public has 49% more home buying power than the nation, when you factor in (1) the median home price, (2) monthly mortgage payment, and (3) median annual income. Cincinnati wins in all three categories from a nationwide third quarter 2010 study shown below.
More Buying Power
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.
1) Median-priced home: Nation: $177,900 Cincinnati Area: $137,250
2) Monthly mortgage payment (based on a 20% down payment): Nation: $745 Cincinnati Area: $562
3) Median annual income: Nation: $61,652 Cincinnati Area: $69,500
Overall Home Affordability Index* Nation: 172 Cincinnati Area: 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!
Press Release, Cincinnati Area Board of Realtors® December 22, 2010
For more information about sales in your local Cincinnati neighborhood, or to find out what your home is worth, contact Team Annett at email@example.com or 513-527-3060.
Team Annett Office