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» VISIT US ONLINE @ DSNEWS.COM 83 OHIO Ohio Cities Hold Most Purchasing Power Rising home prices, mortgage rates, and less available inventory are causing homebuyers to miss out on getting the most bang for their buck this house-hunting season. Figures determined by the First American Real House Price Index, which measures home price changes adjusted for income, interest rates, and house-buying power, are intended to measure affordability at the national, state, and metro levels. According to Mark Fleming, Chief Economist at First American, a dip in the average rate for a 30-year fixed-rate mortgage and wage gains increased consumer house-buying power sufficiently to offset the gain in unadjusted house prices. "e decline is real, and purchasing power adjusted house prices between March and April was the largest month-over- month decline since July 2016 and a respite from the 8-month- long trend of increasing real house prices," Fleming said. Although finding the right deal to purchase a home has become puzzling for homebuyers, the combination of home prices and local wages are making some markets more appealing than others. Cleveland, Ohio, topped the list of cities with the max purchasing power with a real home price index of 47.04, a year- over-year change of 9 percent, and a median sales price of $123,525. Another Ohio city, Columbus, follows with a real home price index of 54.22, a year-over-year change of 9.61 percent, and a median sales price of $160,000. Cincinnati, Ohio, took the third spot with a real home price index of 58.92, a year-over-year change of about 6 percent, and a median sales price of $135,000. Homebuyers must think about many aspects before considering which city and state to call home. Purchasing power is in the hands of the buyer—as long as the homebuyer chooses a more affordable city to live in. 83