To determine the most affordable housing markets among cities with populations greater than 200,000, the researchers totaled the closing costs, real estate taxes, homeowners insurance, and mortgage rates of each city over a five-year period, and then took these totals as a proportion of each city’s medium household income.
According to the study’s stated methodology “The most affordable cities were those in which total housing costs on an average house accounted for the smallest proportion of the median income.”
The index also ranked each category individually, giving an even deeper look into how each city stacks up.
Louisville ranked No. 6 in the country for the lowest closing costs, with an average of $2,165 per closing. The city’s average annual property tax came in at $1,401, while the average annual mortgage payment equaled $6,682, which propelled Louisville to the No. 21 spot for overall affordability.
Learn More About Louisville
While affordability is a major benefit of Louisville, it doesn’t do justice to how incredible this city is. From the thriving local food scene and the area’s vibrant cultural attractions, to the renowned schools and celebrated amateur athletics, Louisville has something for the entire family.
Louisville is also home a number of incredible Elite Homes communities, making it one of the best places to live in the United States. To learn more about Elite’s Louisville communities, contact us today.