Leave a Message

Thank you for your message. We will be in touch with you shortly.

Regional Affordability Highest In The Midwest

Regional Affordability Highest In The Midwest
Much of the media buzz has been about the ‘struggling’ real estate market. National statistics paint a cautionary picture. Remember, though, that real estate is local! Housing has always been priced more reasonably – and more affordably – in the Midwest. Buyers are usually shocked by lenders’ willingness to loan them large sums of money for a home purchase. Most buyers shy away from the maximum loan amount a lender is willing to finance. This area is a consumer market where residents have more disposable income to spend on ‘stuff’: consumer goods and larger purchases for the home or for transportation, and on activities such as eating out and going to OSU games at the Horseshoe (which now seems to require a small mortgage to finance!).
 
The National Association of REALTORS has analyzed affordability by region in the US, and it shows that the market in the Midwest remains very affordable. Even with the current higher interest rates (which are still historically low), the real estate market has barely slowed here. The accompanying chart compares the median family income with median qualifying income (to finance a home purchase) by region, and here is where the Midwest’s affordability shines. Area natives and workers no longer tied to an office are coming to this region – often with sizeable proceeds from a much more expensive home. Both the general increase in demand and the greater wealth and/or income of some buyers relocating into this market have contributed to the rise in prices here.
 

Read More Articles

Indoor Air Quality

Jim Bidigare  |  October 31, 2022

With more time being spent at home, we are all breathing more of the air inside our homes.

Insurance Rates Rising

Jim Bidigare  |  August 2, 2022

Insurance experts expect rates to stay high and think they are very likely to go up even more.

Regional Affordability Highest In The Midwest

Jim Bidigare  |  September 2, 2022

Buyers are usually shocked by lenders’ willingness to loan them large sums of money for a home purchase.

2022 Market Observations and Predictions

Jim Bidigare  |  March 2, 2022

The ‘inventory’ existing homes that are listed for sale is expected to be smaller in 2022 than it was last year.

Real Estate is Local. Remember That.

Jim Bidigare  |  October 1, 2022

As portrayed in the national news, you would think the real estate market is in dire straits.

View All

Work With Jim

This "client first" philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I've found that the latest technologies are enabling me to do everything I've always done, only much more quickly and efficiently.

Let's Connect
Get in Touch
Contact Details

Jim Bidigare

(740) 587-2000
[email protected]