Niche, which ranks places to live, K-12 schools, and colleges, analyzed 223 U.S. cities with populations of more than 100,000 to find out which are the most inexpensive to live in relative to income.
They focused on criteria such as the ratio of home value to income, as well as median home values. The cost of other expenses, such as gas and groceries, was also taken into account.
Cities were ranked based on consumer price index and access to affordable housing, which is measured by the ratio of monthly housing cost to income. Louisville came out ranked 13th out of 223 cities, with an overall grade of A-.
Traditionally, experts say that people should spend no more than about 30% of their income on housing per month, but it’s not uncommon for residents in pricier urban centers such as New York City or San Francisco to spend more than half of their income on housing. In Louisville:
· The median monthly household income spent on monthly housing costs is around 20%
· The median home value is $140,400 vs the national average of $176,700
· The median monthly housing costs for homeowners is $817
· 60.8 % of people own the property they live in
As far as quality of life goes, Louisville has great schools, and was named as one of Niche’s 2016 Best Cities to Raise a Family, too. It has a diverse population, an easy commute, and a dynamic array of recreational opportunities available.
Unsurprisingly, Louisville comes out as one of the Best Places to Live in the U.S. – something we here at Elite Homes have known forever!