Study: East Liverpool, Youngstown among most affordable places t - WFMJ.com News weather sports for Youngstown-Warren Ohio

Study: East Liverpool, Youngstown among most affordable places to live in Ohio

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A new study ranks two Valley communities among the most affordable places to live in the Buckeye State.

SmartAsset, a financial technology company, released it's fourth annual study on affordable living. 

According to Smart Asset, communities are ranked on an Affordability Index weighing property taxes, homeowners' insurance fees and mortgage payments relative to income. 

In the state of Ohio, the study says that Delhi Hills, in southwest Ohio, ranks highest for affordability. The median income in Delhi Hills is approximately $90,000 a year. 

Not far down the list comes Columbiana County's East Liverpool- which ranks third among most affordable cities. In stark contrast to Delhi Hills, East Liverpool's median income is listed as $30,000. 

The city of Youngstown also made the list, coming in at seventh most affordable in the state, with a median income of $24,000. 

Smart Asset says they took a "holistic approach" to determining affordability, using indicators like closing costs, real estate taxes, homeowners insurance and mortgage rates. 

"Specifically, we found the total cost over five years of these four expenses—closing costs, taxes, insurance and mortgage payments—for the average home in every county in the U.S., and every city with a population greater than 5,000. We then took that five-year cost as a proportion of median household income in each county and city to determine affordability."

Both Youngstown and East Liverpool rank in the top 100 most affordable communities in the nation, 100th, and 65th respectively. 

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