Dayton has been known to be an affordable place to live, but with mortgage rates hovering around 7 percent, many wonder if this is still the case.
Billie Duncan-Heart, 2022 president of the non-profit Dayton Realtors, said it is.
“Absolutely, it still is. The midwest in general is always been a lot more affordable than the rest of the country.” Billie Duncan-Hart said.
With 30 years of experience under her belt, she knows the Dayton housing market.
“In our marketplace, we are still at $131 a square foot, which makes owning a home very affordable,” Duncan-Hart said.
She said buying a home in Dayton has only changed slightly, despite skyrocketing mortgage prices.
“Earlier in the spring when the rates were around 3 percent, maybe that buyer could afford a home for $250,000. Now the interest rates are hovering, let’s say around 7 percent. That 250,000 buyers has now went down to about 180,000,” she said.
While high mortgage rates are negatively impacting buying power, the positive outcome is that the housing market is no longer hyperactive.
Aside from wanting affordable housing in this tough market, there is another thing families are looking for other key things.
“Safe areas. They want good school systems, especially if they have children, and they want easy access to amenities and to their jobs,” Duncan-Hart said.