DAYTON: Five Ohio cities have landed in the top 20 of a survey of the most-affordable places to live in the U.S.
With a median price of $100,000 for a home, Dayton has been ranked the fourth most affordable major city in the nation in an index of housing affordability and other cost-of-living factors compiled by the National Association of Home Builders.
Cincinnati was ranked the third most affordable city, with Akron sixth, Toledo 11th, and Columbus 20th in the survey of the 100 largest metropolitan areas, reported by Forbes magazine and the Dayton Daily News this week.
Buffalo, N.Y., was considered by Forbes to be the nation’s most affordable city in which to live. New York and Honolulu tied for the most overpriced.
The national median home price was $205,000 at the end of 2013, according to the survey.
Across the country, nearly 65 percent of homes sold from October through December 2013 were considered affordable, with payments not exceeding 28 percent of median income, according to the Housing Opportunity Index produced by the National Association of Home Builders and Wells Fargo.
The magazine said it analyzed housing costs, as well as costs of food, utilities, gas, transportation and medical expenses, among other things. Home costs had a heavy weighting in the analysis because a home is typically the single largest purchase most people make.