Ohio cities rank among the world’s ‘most affordable’ housing markets, study finds
Ohio’s cities shine in terms of housing affordability, according to findings of a recent study that examined more than 378 markets worldwide.
The study, which calculates affordability by dividing the median house price by the gross annual median household income, finds that locales throughout the Buckeye State are among the most affordable markets. According to the 11th Annual Demographia International Housing Affordability Survey: 2015 only 98 markets are deemed “affordable,” meaning that the cost of housing is at or below 3.0 times the area’s annual household income.
Youngstown tied four other markets — Limerick, Ireland; Rockford, Ill.; Terre Haute, Ind.; and Utica, NY — as the world’s most affordable housing market, with a 2.0 affordability ranking. In terms of markets with a population of more than 1 million, Cleveland tied for third with a ranking of 2.6. Cincinnati tied for fifth (2.7), while Columbus tied for 13th (3.0) in the affordability scale. Detroit tops the ranking of most affordable major metro markets (with a 2.1 rating), while Hong Kong is the least affordable with a 17.0 rating.
The survey’s complete Ohio market rankings:
|Ohio City||Int’l Rank||Major Rank||U.S. Rank||Rating||Median Price||Median HH Income|