While housing prices have continued to rise— the average home price is now up to $220,600 from $160,000 just a few years ago— it is not affecting the affordability factor for Cleveland Ohio area homebuyers. According to the National Association of Realtors, homebuyers are not feeling as though these large home price increases are barring them from purchasing a home in Medina, Strongsville, Brunswick, Hinckley, Valley City, Columbia Station, or North Royalton.
It is the low mortgage rates that have helped to combat the rising home prices, keeping homebuyers optimistic and confident in their abilities to purchase a home in Ohio. Two other important factors that have helped to offset the large increases are the unemployment rate and income levels. The unemployment rate has fallen and on the other hand, the incomes of residents in Medina and Cuyahoga County have risen— all contributing to a more affordable local real estate market.
The NAR’s chief economist notes that if a homebuyer were to purchase a home priced at the average of $220,600, with 20 percent down, they would assume a monthly mortgage payment of about $867. Being that this is 15.9 percent of their monthly gross family income, below the average of 21.3 percent over the past 30 years, affordability is much better given today’s real estate market conditions.
“Overall debt servicing costs, including mortgage and everything else, have also been trending down and reached historic lows,” reports the National Association of Realtors. “Low interest rates are also holding down payments on credit cards, auto loans, and other consumer borrowing costs.”
The real estate market is in prime shape this year for Ohio homebuyers to make a move, sell their current property and purchase their dream home. At BOLD Real Estate Consultants, we can help you time the market just right to get the best deal!
If you’re ready to buy a new home or sell your current property, we’re here to help! Contact BOLD Real Estate Consultants today to discuss the real estate market where you live in Medina, Strongsville, Brunswick, Hinckley, Valley City, Columbia Station, or North Royalton.
Sajag Patel
BOLD Real Estate Consultants
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