DC deemed most affordable city
In searching for the perfect home, it is important to find a balance between property values and income. It is not enough to find the perfect, ideally located home if the city in which it's situated doesn't have enough high-paying jobs to support the housing market. Conversely, finding an inexpensive home in a city with a struggling economy isn't much better. In this respect, identifying metros with a good balance between median income and median home price may be the key to building an ideal life. People considering buying one of the houses in Washington, DC, will be glad to hear that the city has been identified as among the most affordable cities to call home.
A recent report from the Center for Neighborhood Technology shows that the District offers one of the best balances between living-related costs and median incomes. By taking into account not only mortgage payments and other home-related expenses, but also transportation costs, the study provides a more accurate reflection of the cost of living than similar studies.
Many people may be surprised to learn that the District earned the top spot on this list, given its history of relatively expensive homes. However, the other factors included in the study show that, as a whole, the District offers many financial advantages. First and foremost is income. Part of what gives the city its high property values is the region's strong economy and relative abundance of high-paying jobs. Detroit, for example, may boast significantly cheaper homes, but the city's dearth of profitable employment options shifts the balance.
Transportation is another important factor. According to the DC Streets Blog, the costs of getting around in DC eat up a smaller portion of income than they do in most cities. With many homes in close proximity to high-paying jobs, the District makes an attractive - and surprisingly affordable - place to call home. Cities that rate lower on the affordability metric, such as Cincinnati, may boast cheaper homes, but they are counterbalanced by non-remunerative career options and relatively expensive transportation costs.
For those considering moving to the Capitol, this is good news. Although homes in the District are higher than in most regions - and rising - they are relatively affordable when taking into account the other factors the study incorporates. If you are looking for a highly desirable home in a city with high-paying jobs, DC may be the perfect choice.