In addition to recently being named The 5th Most Affordable City in America, Cincinnati has been ranked as the 15th Most Undervalued Housing Market In The Nation. Both of these recent mentions speak volumes about how great of a city Cincinnati is to live in from a financial and real estate standpoint.
Thanks to a combination of affordable real estate and a healthy ratio of income to living costs Cincinnati is one of the Most Affordable Cities in America. At the same time, in being the 15th Most Undervalued Housing Market, you are getting more for your money in terms of real estate in Cincinnati. Read the below article on Cincinnati’s housing market being undervalued.
Cincinnati is one of the most undervalued housing markets in the nation, according to an analysis featured on CNNMoney.com.
According to Local Market Monitor, a North Carolina firm that provides investors with housing-market analysis, the Cincinnati-Middletown metropolitan statistical area, with its median home price of $175,347, ranked as the 15th most undervalued market in the nation. According to the analysis, Cincinnati is 15 percent underpriced.
Other Ohio cities on the underpriced list include:
• Akron, No. 2, with a median home price of $155,673, undervalued by 22 percent;
• Cleveland, No. 3, with a median home price of $154,674, undervalued by 21 percent;
• Dayton, No. 9, with a median home price of $139,885, undervalued by 16 percent; and
• Columbus, No. 13, with a median home price of $186,228, undervalued by 16 percent.
While Ohio has most of its major cities in the under-priced category, most of the nation’s metro areas are now balanced. Eight markets are overpriced and 15 are underpriced.
The most undervalued metro area was Las Vegas, 27 percent below the equilibrium price, with a median price of $144,636. On the flip side, the most overpriced market according to Local Market Monitor is Nassau-Sufflok, N.Y., overvalued by 26 percent with a median home value of $418,416.
Local Market Monitor compares actual home prices in a market to its Equilibrium Home Price to determine if a market is balanced, overpriced or underpriced. The equilibrium price is based on economic and population growth, construction costs, vacancies, household income and interests rates with an “X factor” thrown in. The X factor represents the premium or discount that buyers have paid for homes in the past, based on what buyers consider to be more desirable locations.
via Business Courier