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The phrase "a commonly cited approximation" is correct and usable in written English.
It can be used when referring to a numerical value or concept that is frequently referenced or accepted as a rough estimate in a particular field or context.
Example: "In physics, the speed of light in a vacuum is often taken as a commonly cited approximation of 299,792 kilometers per second."
Alternatives: "a frequently referenced estimate" or "a widely accepted approximation."
Exact(1)
Confusingly, no precise value has been attached to this figure, but a commonly cited approximation is 150 – and this is the number of people with whom we can maintain a meaningful relationship, whether in a hunter-gatherer society or on Facebook.
Similar(59)
A commonly cited indicator is wedding practices.
A commonly cited source reports 164,300 refueling stations in operation nationwide.
A commonly cited contraindication to reverse total shoulder arthroplasty is deficient glenoid bone stock.
A commonly cited limitation of software engineering research consists in its detachment from the industrial practice.
The little-changed abortion rate figure is a commonly cited statistic.
In terms of investment, it's a commonly cited maxim that a great business will always find backers.
Jets flying empty legs to pick up passengers is a commonly cited issue keeping prices high.
A commonly cited mechanism is pain.
The cost of care was a commonly cited constraint.
A commonly cited bias is the use of a reference standard that is not accurate [ 1].
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com