New study finds Louisville the third-most affordable place to live in the U.S.

By:David Serchuk

Source: http://www.bizjournals.com

Relocating to a different state can be tough, but if this is something that is for the better, it is worth reconsidering. Especially if the current city that you live is not that into you. This is definitely a city worth looking at for relocating. 

Louisville continues to be a good deal for residents, relative to most other major metropolitan areas in the United States.The latest source to confirm this is the housing site Trulia.com, which ranked Louisville the third most affordable place to live nationwide, according to a study it published Sept. 16.

The study measured affordability by comparing the percentages of average monthly, middle-class income spent on housing, commuting and utilities in August. The most affordable U.S. metro area was Akron, Ohio, where 28.9 percent of income went toward the above-combined expenses. Dayton, Ohio, was second with 30.9 percent. Louisville was third with 31.1 percent. Kansas City, Mo., was fourth at 31.6 percent, and Wichita, Kan., was fifth at 31.7 percent.

This affordability could be a comparative boon for Louisville residents, according to Trulia. “The U.S. Department of Housing and Urban Development considers housing expenditures greater than 31 percent of your income as unaffordable,” the report said.The study examined living and housing-related expenses in the 100 largest U.S. metropolitan areas. 

The study assumed a 30-year fixed rate mortgage at a 4 percent interest rate, and it included property tax and insurance. In Louisville, 18.2 percent of monthly middle-class income was spent on housing as of August 2015. That's up 0.7 percent from a year earlier. The median listing price for homes in Louisville is currently $159,900, which was the highest of the five most affordable metro areas. Trulia also deemed Louisville a part of “The Bargain Belt,” which centered on the Midwest.

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