Clay Ranked Among Most Affordable Cities In Alabama

CLAY, AL - In a recent study of the country's most affordable cities, Clay ranked among the top 10 most affordable cities in Alabama.

New York financial technology company SmartAsset ranked cities on an affordability index, weighing property taxes, homeowners’ insurance fees and mortgage payments relative to income. The study found the total cost over five years of these four expenses for the average home in every county in the U.S., and every city with a population greater than 5,000. SmartAsset then took that five-year cost as a proportion of median household income in each county and city to determine affordability.

The most affordable cities and counties were those in which total housing costs on an average house accounted for the smallest proportion of the median income.

Clay ranked No. 6 with an annual property tax of $912, annual homeowner’s insurance of $1,638 and an average annual mortgage payment of $7,038. The median income was listed at $69,973.

Photo courtesy of the City of Clay