Connell ranked most affordable city in state to own home
Last updated 3/2/2023 at 11:13pm
CONNELL — A recent study by SmartAsset shows that Connell is the most affordable city for homeowners in the state of Washington.
The financial analysis released by the company used an "affordability index" comparing costs of ownership to income.
Costs considered in the study include closing, property taxes, insurance and mortgage payments.
Connell's affordability index was the highest in Washington state at 53.76.
The study showed the average closing cost is $4, 174 in the city and the average annual property tax is $1,332. It also showed the city has an average annual home insurance cost of $423 and an average annual mortgage payment of $8,817.
According to the study, the city's median income is $71,831.
The study showed surrounding Franklin County generally has higher costs and a lower median income.
Homeowners elsewhere in the county pay an average closing cost of $5,835 and an average annual property tax of $2,278, the study shows. Overall, the county has an average home insurance cost of $593 and an average annual mortgage payment of $12,373.
The study said the county's median income is $66,904.
Other "most affordable" cities in the state include Ephrata, Union Gap, Wapato and Toppenish, rounding out the rest of the Top 5, respectively. West Richland ranked sixth, Finley seventh and Quincy eighth.
The only Western Washington city considered affordable was Hoquiam, which ranked ninth.
Clarkston Heights rounded out the Top 10.