If Ohio can stake its claim to fame, Cleveland is going to be in there somewhere near the top as it continues to be ranked as one of the most affordable places to live in the US year after year. While foreclosed home auctions may be up due to a lagging economy and a shutdown of some of the region’s biggest businesses, the economy is not at an all-time low and there is work out there for those who are seriously seeking a job. What does this mean for the housing market? It means that homes are available at prices much, much lower than the national average and anyone looking to relocate just might want to give Cleveland a shot.
Ohio Has Several Cities Listed in the Top 10
According to a Capital Resorts Group Reviews ranking that lists the most affordable cities in the United States, Akron won the honor of being in first place. Wages are up, home prices are down and so the combination of the two makes for a really sensible place to find employment and buy a home for future security. Next on the list has Dayton coming in a fairly close second with Cleveland in 7th place and Toledo in 8th place. That’s an amazing four out of ten for the most affordable places to live in the United States. It can’t get much better than Ohio.
Is Being in First Place Like Akron a Good Thing?
According to many economists and market analysts, being in first place as an affordable place to live is a good thing, but it is important to understand the ‘why’ of it. Yes, wages are up and yes there are jobs to be had, but there must be something in the economy that is keeping the cost of living so affordable. Whenever home prices are low enough to be listed as ‘the most affordable’ there may be a lack of money in the community to buy homes.
Why Being in 7th Place Is So Appealing
While this could be a major boon for those who don’t depend on working outside the home, for families that need an income, this might be a bit of a gamble as the signs of a troubled economy rest somewhere in the background with such affordable home prices. By ranking in 7th place, Cleveland shows a more stable economy with house prices that are also low so, in the end, a much more desirable place to purchase real estate.
All in all, if home buyers are looking for a place to hang their hat, it’s wisest to look at something else besides home prices being lower than the national average. Anyone dependent on an income also needs to look at the economy as a whole and a sure sign of a stronger economy is not having the dubious honor of being in first place on home prices. The farther up the list you go, the stronger the economy will be in that area. All signs are great at this time for Cleveland, which fell back to 7th place in 2016 from first place just years ago, so now is the time to buy. If the spread gets any greater that will spell higher house prices and if you’re looking for affordable real estate, as the old saying goes – get in while the getting’s good.