February 2 – The Decatur housing market has been ranked the number 3 most affordable housing market in the world.
The 13th Annual Demographia International Housing Affordability Survey published last week shows Decatur homes are affordable. The report scores middle-income housing affordability using the “median principle,” which takes the median house price divided by the gross annual median house hold income. Decatur’s median home price is at $99,400 and the median income is $49,100, resulting in a market score of 2.0. The median household income statistic only includes residents who live in Decatur.
“We are already ranked as one of the best places in the nation for physicians. We’re ranked second by Forbes for the thriving farm economy in the nation,” Decatur & Macon County Community Marketing Manager Nicole Bateman says. “On top of all that, we are affordable. When we can tout all of those other things on top of being a very affordable place to live and an affordable place to own a home, that really speaks well for us.”
According to the survey, ratings of 3.0 and under are “affordable”, 3.1-4.0 are “moderately unaffordable,” 4.1-5.0 are “seriously unaffordable,” and 5.1 and over are “severely unaffordable.”
“The affordability of housing in Macon County has long surprised those locating to our area. And, perhaps, a major advantage often overlooked by our residents,” Carla Brinkoetter, owner of Brinkoetter & Associates, says. “When you look at our housing costs along with the many other quality of life factors afforded area residents, I have to ask, ‘why wouldn’t you want to live in Macon County?’”
A total of 406 urban markets in nine countries were analyzed for this survey – Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, United Kingdom, and the U.S. – using data from the third quarter of 2016.
Other central Illinois cities making the list were Peoria, ranked 5th nationally, Springfield at 15, Bloomington at 19, and Champaign at 52.