Eastern Wake News

K’dale most affordable in state

The town was recently named one of the most affordable places to live in the state, according to a real estate company called SmartAsset.com.

Clayton was named the second most affordable, and two other Wake County towns – Garner and Holly Springs – were among the top 10.

The company’s infographic pointed to Knightdale as one of the best values in terms of cost of living statewide. Nationally, the town ranked in the top 500 affordable towns.

SmartAsset compared each town’s median annual income to cost of living. Researchers compared closing costs, taxes, insurance and mortgage payments for the average home over a 5- year period.

“There’s a lot more to home affordability than the price a homebuyer agrees to pay the seller,” SmartAsset pointed out on their website.

They looked at every county in the U.S. and each city with more than 5,000 residents. They totaled the five-year overall cost “as a proportion of median household income in each county and city to determine affordability,” according to their website, SmartAsset.com.

Knightdale, for example, has an annual $8,309 average annual mortgage payment, average closing costs of $2,553, annual property taxes of $1,461, annual homeowner’s insurance of $820 with a resident median income is $70,512.

These comparisons among others gave the town an affordability index of 37.11 out of 100 – signifying that those who choose to live in Knightdale can get one of the best deals on real estate in the state.

Movoto, a real estate blog, did their own study that included similar factors – food costs, utility costs, median home prices, median income and unemployment ranks – and found that Knightdale came up third most affordable, with Garner and Holly Springs following at sixth and seventh, respectively, in the state.

“This study is just more evidence that Knightdale is the best combination of location, quality, price and amenities in North Carolina,” said Mayor Russell Killen.

“We're certainly not the least-expensive place in North Carolina; but for the money you earn and invest, the payoff is excellent,” he said.

Visit the interactive map to see all towns and counties nationwide at SmartAsset.com.