Really- a stress test for greater Cincinnati real estate?
Exactly how does the test work? Load a neighborhood onto a tread mill, hook up the wire and see what happens?
If only it were so easy to calculate exactly what's happening in metro Cincinnati real estate. A blog named Real Time Economics
from the Wall Street Journal has taken the time and available census data to come up with a Stress Indicator by State
. And just like medical stress tests, the indicator calculates housing health based on the following items:
- Households where mortgage spending is over 30% of income
- % of population without health insurance
- % of unemployed population
Based on the factors, housing stress in the greater Cincinnati market measures 70.8%; Columbus 73.4% and Cleveland 79.4%. Not great-but my hometown area of Detroit measures 91%- so in comparison our housing market appears healthy enough to run a marathon.
Like many real estate market "predictors" stress in housing is just one indicator of real estate's general health. And like any test-it's open to interpretation- so don't base your decision to buy or sell property in the metro Cincinnati without obtaining all the information.
Potential sellers can lower their real estate stress level by getting a good "physical" done by a certified home inspector, decluttering and staging the property and taking the time to understand the dynamics of the metro Cincinnati real estate market- before putting a for sale sign out front.
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