Louisville: A Great Place To Be
Louisville Kentucky is more than just home to the Kentucky Derby and the Louisville Slugger baseball bats. Louisville has become a great place live, work and raise a family. There are more than enough activities to entertain a young family or keep a retired couple having fun. That’s why it’s no surprise Louisville is beginning to make headlines as a great place to live, a great place to work and a great place to buy a home.
Louisville houses one of the nations most in demand neighborhoods
Realtor.com recently released a countrywide analysis and the Louisville 40205 zip code, which includes neighborhoods like the Highlands and Seneca Gardens, came in the top 25.
Evidently when a home in the 40205 zip code goes on the market, it doesn’t stay there for long. “In each top-ranked ZIP code, supply and demand are about five times stronger than the rest of the country,” the report said. “Homes in these communities sell four to nine times faster than the national average, with days on market 45 percent, or 20 days, lower than their respective metropolitan statistical areas.”
Louisville ranked as the 3rd Most Affordable Place to Live
Trulia.com recently released a study that named Louisville the third most affordable place to live. Louisville placed third to Akron and Dayton, Ohio respectively. One of the key reasons Louisville ranked third was because of the amount of middle-class income spent on housing. As of August 2015, 18.2 percent of middle-class income in Louisville was spent on housing. This is a 0.7 percent increase from the year before. Keep in mind, the U.S. Department of Housing and Urban Development considers spending 31 percent of income on housing unreasonable.
This is great news for potential Louisville homebuyers who can look forward to a modest $159,900 median home price in Louisville. Compare this to California, which holds the title for seven of the top ten most expensive cites to live. According to the list, all of the most expensive cities in California have a medium home valued at more than $599.000. “In these least affordable markets, middle-class households would need to spend at least 42% of their monthly income to buy the median priced home,” the report said. “But in pricey San Francisco, that number jumps to an incredible 77% of income. San Jose, Miami, Orange County, San Diego, and Los Angeles follow with middle-class homebuyers needing to fork over at least 50% of their monthly income on housing.”
Southern Indiana is part of Louisville too!
Strange as it may seem, parts of Indiana actually make up a third of the Greater Louisville Region. The Greater Louisville Region is made up of ten counties in Kentucky and five in Indiana. Since Southern Indiana is just across the river, it’s no surprise many commuters live in Indiana and work in Louisville. And that applies to Louisville as well. With the opening of the east end bridge from the Ohio River Bridges Project and River Ridge Development Corporation there will be more and more Kentucky residents crossing the river to work in Indiana.
Kentuckyiana ranked in the top 10 places for First Time Home Buyers
Louisville and Southern Indiana, or “Kentuckyiana” as it’s called around here, beat out nearby Lexington, Kentucky to come in eighth place in a list of best cities for first time homebuyers.
In March Business Insider published their report and the results came from research focusing on cities with a population greater than 300,000 and factors are divided by affordability (40%), accessibility (30%) and stability (30%). “For each of the cities in our study,” the report stated. “We combined those three factors to produce a single index, scaled from 0-100.”
As the study pointed out, purchasing a home as a first time homebuyer is the “financial decision of a lifetime — a home, after all, is not only a place to live, but a significant investment in the sometimes volatile housing market.” New homeowners, including those who may have lower incomes and shorter credit histories, must be confident in their decision to purchase a new home.
And Kentuckyiana has clearly become a place to buy a new home.