By Jennifer Hilinski

UK students shouldn’t have to worry about moving back in with their parents after graduation because the Lexington area has many affordable homes for the average income, according to a recent study.

The UK Center for Business and Economic Research found encouraging results from its Housing Affordability study, which examined the price of homes between 1998 and 2007.

The study shows there are plenty of affordable houses available for the average Fayette County resident. An individual earning a salary of $44,000 per year can afford to buy almost 30 percent of the homes for sale in the Lexington area.

Families making the average income of around $47,000 per year can afford nearly half of the homes currently on the market.

According to the news release, the study defined “affordable housing” as spending no more than 30 percent of a household’s yearly income on housing.

“An affordable house is one where the expected total monthly payments for mortgage, taxes, utilities and insurance are 30 percent or less of gross income,” said Chris Jepsen, the associate director for the Center for Business and Economic Research department at UK.

According to the CBER report, affordable housing exists in Fayette County even for families with very low incomes and students beginning their first job after graduation. Students debating on buying a home rather than renting have to consider the risk involved with being a homeowner.

Alex Currie, a UK student and Lexington homeowner, said owning a home was a good investment but a lot of upkeep.

“I don’t think many students could handle the responsibility involved with buying and maintaining a house,” Currie said.

The maintenance and repairs associated with owning a home can become expensive. Housing costs greater than 30 percent of income are believed to be a cost burden; therefore, homeowners would have less money to spend on other items such as food, clothing and healthcare.

However, for students starting out on their own, the results of the CBER report are encouraging.

“If a student plans to stay in the property for at least three years and has enough money so that he or she does not have to invest all of it in real estate, then purchasing a property is a good investment,” Jepsen said.