Here’s What You Need To Buy A Home In Cuyahoga County

CLEVELAND, OH — Housing in Cuyahoga County remains affordable, bucking a national trend. More than 300 counties in the U.S. have unaffordable housing for average wage earners, according to a new report from ATTOM Data. Over the past year, median home prices in Cuyahoga County grew but the dream of home ownership remained attainable.

The report, which looked at home affordability for the first quarter of 2018, analyzed 446 counties and found that median home prices were not affordable for average wage earners in 304 counties or in 68 percent of the counties.

In Cuyahoga County, the median sales price for a home in the first quarter of 2018 was $$103,000, according to ATTOM. Compared to a year ago, the median home price in Cuyahoga County grew 3 percent, according to the report.

According to ATTOM, the annual income needed to buy a median price home in Cuyahoga County is $$31,459. That means, the average wage earner was qualified to buy a home in Cuyahoga County. According to the report, based on average weekly wages from the Bureau of Labor Statistics, an average wage earner in Cuyahoga County has an annual income of $$55,367.

Cuyahoga County had a home affordability index of 153 and was more affordable for average wage earners than its historic affordability average. Cuyahoga County’s affordability index also increased 29 percent when compared to the previous year.

ATTOM collected data from publicly recorded sales deeds and from the bureau of labor statistics. The affordability index is based on the percentage of average wages needed to make monthly house payments on a median-priced home with a 30-year fixed rate mortgage and a 3-percent down payment, including property taxes, home insurance and mortgage insurance. (Read the full methodology here.)

Check out some of the new homes for sale in the area below.

Photo from Rick Uldricks, Patch