Good news, St. Louis! We live in one of the most affordable cities in America.
That’s according to Forbes, which published its annual list of affordable cities Tuesday. St. Louis ranks at No. 7, between No. 8 Dayton, Ohio, and No. 6 Memphis, Tennessee.
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It’s no surprise St. Louis ranked high in the study of housing affordability and cost-of-living factors. Last year’s ranking put the Lou as the 13th most affordable city.
To create its affordability index, Forbes studies median home prices as well as the costs of other daily expenses, including food, utilities, gas, transportation and medical expenses.
More than 85 percent of homes in the St. Louis metro area are affordable to families earning the local median income, which is $67,00, with median home sales prices at $140,000 at the end of 2014, according to data from the National Association of Home Builders and Wells Fargo.
Here’s how St. Louis ranks, according to the Forbes study:
Housing affordability:
Median Family Income: $67,100
Q4 2014 median home sales price: $140,000
Housing affordable at median family income: 85.9 percent
Cost Below National Average:
Groceries: 2.2 percent
Utilities: +9 percent
Transportation: 1.2 percent
Health: 0.9 percent
Misc.: 4.1 percent
