Lincoln ranks high for first-time homebuyers

By MATT OLBERDING / Lincoln Journal Star

A real estate Web site says Lincoln has one of the most affordable ZIP codes in the country for first-time homebuyers.

Cyberhomes.com ranked Lincoln’s 68507 third, after ZIP codes in Memphis and Phoenix, among places where homes are affordable for first-time buyers.

Cyberhomes.com examined nearly 7,000 ZIP codes across the country, calculating median income for each, and then looking at the median home price in the ZIP code.

The Web site then calculated how much buyers earning the median income for the ZIP code could afford to spend on a home – assuming a 20 percent down payment, 5 percent rate on a 30-year mortgage and a house payment of no more than one-third of monthly income.

A baseline score of 100 indicated that a person earning the median income could afford the median-priced home. Any score above 100 is considered affordable.

The 68507 ZIP code, which covers much of northeast Lincoln including Havelock and part of University Place, scored 313, meaning someone with the median income of $57,900 could afford a home more than three times the median price of $108,000 in that ZIP code.

For more of this story from Matt Olberding at the Lincoln Journal-Star, click here.

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