Dayton has a reputation as an affordable place to live, but with mortgage rates hovering around 7%, many still wonder if this is the case.
Billy Duncan Hart, 2022 president of the nonprofit Dayton Realtors, said yes.
“It’s definitely a long way off. The Midwest is generally much more affordable than the rest of the country,” said Billy Duncan Hart.
With 30 years of experience, she knows the Dayton housing market inside and out.
“In our market, it’s still $131 per square foot, making owning a home very affordable,” says Duncan-Hart.
She said buying a home in Dayton has changed only slightly, even with mortgage prices skyrocketing.
“At the beginning of the spring, when interest rates were about 3%, that buyer could probably afford a house for $250,000. It’s down to 180,000,” she said.
High mortgage rates have had a negative impact on purchasing power, but the positive outcome is that the housing market is no longer overactive.
Besides seeking affordable housing in this tough market, there is one more important thing families are looking for.
“A safe zone. Especially if you have children, they want a good school system and they want easy access to amenities and jobs,” said Duncan Hart.