Housing Affordability hits Record High in Cincinnati
Housing affordability in Cincinnati and across the country hit a record high in the first quarter of 2011. What this means is that 74.6 percent of new and existing homes sold in the first quarter were affordable to families earning the national median income of $64,400.
What is Driving Affordability in Cincinnati Real Estate
There are a number of factors that are driving up the affordability of real estate in Cincinnati and across the country. As the economy begins to add approximately 100,000 jobs per month, more households are seeing their finances stabilize. While credit is more difficult to obtain due to more stringent lending practices, home values continue to stay low. The Case-Shiller index declined again in May, noting that nationally home values have decreased.
Combining these three major factors, and you can see how those who are in the market for homes are looking at a market that is highly favorable to them. Simultaneously sellers continue to feel the downard private pressure. If you are in the market for a home, especially if you are a first time home buyer please contact me at 518.1140
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