Affordability Shines in Cincinnati
9 Apr2009
Filed Under Buying, Housing Market · Tagged: Affordability, Buyers Market, Cincinnati, Home Prices, inventory · Print This Article
CABR released a statement last week regarding Cincinnati’s exceptional level of affordability! We all know it’s a buyers market. These are the factors that come together to make a buyers market:
- Inventory of homes for sale is strong.
- Mortgage rates are low
- Home prices are favorable.
More specifically, in Cincinnati there is ample supply of homes, mortgage rates are near 5% and the median home price in Cincinnati’s 4-county area is $123,000. Perfect for buyers. There are also, as you know, home buyer tax credit programs. We’re talking about the $8,000 tax credit, which we’ve mentioned several times. You cannot have owned a primary residence in the last three years (eg.: be a first-time buyer.)There are also additional, albeit limited, deals for Ohioans which we discussed recently – the Mortgage Credit Certificate and the Homebuyer Tax Credit Advantage program. So, what does ‘affordability’ mean? It means, for one, that living costs are low. If you’ve ever lived in a city larger than Cincinnati, you already know this. It also means that the price for homes is lower than the national average in comparison to income levels. Check out this handy chart. It illustrates an affordability index of 244.4 (vs. the national index of only 166.8).
So, in the Cincinnati Real Estate market, we have plenty to be grateful for! The status of the national market is important, but what is most important is the market in our area. It’s great to see news like this!
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