Chattanooga is an affordable city in which to buy a home, according to Forbes.com.
An article published on Forbes.com last week says Chattanooga is No. 3 on a list of 10 affordable American cities.
Other Southern cities on the list are Louisville, Ky., and Columbia, S.C.
"Only 18 percent of the average Chattanoogan's salary is devoted to housing costs, and in ... Columbia that number is only 19 percent," Forbes writes.
In Louisville, the percentage is about 20 percent, according to the story.
The article notes that the national slide in housing prices has hindered economic recovery, but it says the cities on its list are a great place to look if you're in a position to buy.
Forbes determined the ranking by looking at the 224 metropolitan statistical areas tracked by the National Association of Homebuilders for affordability, eliminating those with populations of fewer than 500,000.
Researchers also considered U.S. Census data and used information from Local Market Monitor, a real estate research firm, to determine how much home prices are expected to rise or fall over the next three years.
Teresa Groves, executive director of the Home Builders Association of Southern Tennessee, said Chattanooga's ranking is "great" for the city.
"Chattanooga is a great place to live as far as affordability of housing," she said. "We've got the mountains, we've got the water, we're a great-sized city. Chattanooga's just a great place to live for any age, really."
ON THE WEBSee the full article here: www.forbes.com/2010/06/23/most-affordable-cities-homes-lifestyle-real-estate-housing.html
Randy Durham, president of the Chattanooga Association of Realtors, said the ranking doesn't surprise him.
"It's not surprising if you look at our median price now," he said.
"We've got a very good affordability index here. We've got affordable housing, a low cost of living ... a lot of leisure and entertainment that draws a lot of folks to this area," he said.
MOST-AFFORDABLE HOMES
1. Pittsburgh, Pa.
2. Indianapolis, Ind.
3. Chattanooga, Tenn.
4. Louisville, Ky.
5. Oklahoma City, Okla.
6. Syracuse, N.Y.
7. Rochester, N.Y.
8. Columbia, S.C.
9. Dayton, Ohio
10. Cincinnati, Ohio
Source: Forbes.com
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