Cincinnati has Affordable Real Estate and Low Cost of Living

Cincinnati has affordable real estate and a low cost of living according to a report from the Cincinnati Area Board of Realtors. The report in question focuses on the Overall Home Affordability Index which calculates the median cost of a mortgage on a median priced house and considers the ability of the median wage earner to buy that house.  In other words –

Can the average household with average income buy an average home?

Compared to the rest of the nation Cincinnati has a few things in its favor. The report lists the national median home price at $177,900, and Cincinnati’s median home price at $137, 250.  Our home prices are 22% less expensive than the national average. On to of that our median household income is $8,000 higher than the national average. These two things combined give Cincinnati an affordability index of 257 vs the national average index of 172. In this case a bigger number is better!

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