As the fall buying season looms, Matt Maison, director of research and analysis at Arbor Commercial Mortgage, offers up this study of the most- and least-affordable markets for buying apartment communities.

Maison sifts through transaction data from Real Capital Analytics to figure out which markets have the highest and lowest weighted-average price per unit over the past 12 months. And San Francisco emerged as the most expensive, weighing in at $492,500 per unit, followed by Manhattan; San Jose, Calif.; Washington, D.C.; and Boston.

The least-expensive markets are headed up by Memphis, Tenn., and Indianapolis:

Three Ohio markets, Cleveland ($59,600/unit), Columbus ($63,100/unit), and Cincinnati ($77,300/unit) were among the lower priced markets. Data from Real Capital Analytics shows that the average apartment cap rate in Ohio came in at 7.6% during Q2 2016. The local economy in these markets should continue to pick up steam in the near term, based on strong growth of [the] healthcare and professional services sectors.

Houston ($73,700/unit), where the local economy has been hurt by falling energy prices, rounded out the top five lowest priced markets.

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