Decatur Secures Spot in World’s 10 Most Affordable Housing Markets
February 2, 2017 Decatur, Illinois – In the 13th Annual Demographia International Housing Affordability Survey published last week, Decatur ranks as the 3rd most affordable housing market both nationally and internationally. First reported by CNN Style, the Demographia report scores middle-income housing affordability using the “median multiple” principle, which takes median house price divided by gross annual median household income to calculate affordability. This method has been recommended by the World Bank and the United Nations. For instance, the median house price in Decatur is $99,400 and the median household income is $49,100, resulting in a housing market score of 2.0. Ratings of 3.0 & Under are rated “Affordable,” 3.1-4.0 “Moderately Unaffordable,” 4.1-5.0 “Seriously Unaffordable,” and 5.1 & Over “Severely Unaffordable.
A total of 406 urban markets were analyzed in nine countries – Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, United Kingdom, and the United States – using data from the third quarter of 2016. Decatur tied for 3rd place with Elmira, New York for most affordable housing market. Other central Illinois cities making the list were Peoria ranking 5th nationally, Springfield – 15th, Bloomington – 19th, and Champaign – 52nd. Among the least affordable were Hong Kong, clocking an 18.1 median multiple score, Sydney scored 12.2, and Vancouver 11.8.
“The affordability of housing in Macon County has long surprised those locating to our area. And, perhaps, a major advantage often overlooked by our residents,” said Carla Brinkoetter, owner of Brinkoetter & Associates. “When you look at our housing costs along with the many other quality of life factors afforded area residents, I have to ask, “why wouldn’t you want to live in Macon County?””
“Combine Decatur’s affordable housing market, our low cost of living, and higher average wages than surrounding communities and we have a very compelling story,” said Nicole Bateman, Community Marketing Manager for Decatur and Macon County. “We’re experiencing major investments that enhance the area’s quality of life, and data like that from Demographia reiterates that this is a wonderful and affordable place to live, work, and play.”