FY 2024 Housing Needs Assessment Sections:

This section looks at homeownership rates, homebuying, and how homeowners are balancing housing costs. The strength of the housing market can provide insight into how the supply and demand for housing may create challenges to realizing and maintaining the dream of owning a home.

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Section Highlights

• The rate of homeownership in Ohio has started to decline after a period of improvement from 2017 to 2020 when the rate reached a 10-year high of 70%. By the end of 2022, the rate had fallen to 64%–lower than the national average for the first time on record.
• The gap in homeownership between white and Black Ohioans has been widening steadily for over a decade to 37 percentage points by 2021—eight points larger than the national gap (29).
• Homes sales have steadily declined since the start of the pandemic. In 2022 there were 209,612 homes purchased in Ohio—the lowest annual number since 2015. The 2022 median home price in Ohio was $174,000, higher than in any year on record other than 2021 when adjusted for inflation. The median home price in Ohio in 2021 was 2.6 times the median household income—the largest price-to-income ratio since 2005—making homeownership more unaffordable to many prospective homebuyers.
• Mortgage holders are spending less on housing than they were a decade ago—both the median monthly costs relative to inflation ($1,293) and median share of income spent on housing (19%) are the lowest figures on record. At the same time, the prevalence of severe mortgage burden is on the rise. In 2021, 8.4% of Ohio mortgage holders were spending at least half their income on housing—up from a record low of 7.2% in 2019—putting them at risk of mortgage default and foreclosure.
• One-in-eight mortgage holders aged 55 and over (13%) is severely housing cost-burdened. Nineteen percent of mortgage holders aged 65 and over and 25% of those aged 75 and over are severely mortgage burdened.
• Both Black and white potential homebuyers in Ohio are less likely to be denied on a mortgage loan application than they were a decade ago. While the denial rate gap between them has also narrowed, Black Ohioans are still more likely to be denied (26% compared to 15%). Black mortgage holders are also more likely to be severely mortgage burdened. The gap is the widest in Northeast Ohio, where 17% of Black homeowners with a mortgage spend more than half their income on housing, compared to 8% of white mortgage holders in the region.

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Jump to: Homeownership Rate | Home Sales & Home Value | Mortgage Lending & Home Prices | Mortgage Loan Denial | Monthly Homeowner Costs | Severe Mortgage Burden

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Downloadable Tables

• Homeownership Tables (150 KB Excel File)

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Related Reports

• Fiscal Year 2021 Housing Needs Assessment
• Fiscal Year 2022 Regional Housing Needs Assessments
• Legislative Reports and District Maps
• Ohio Housing Finance Agency 2022 Annual Report (5.06 MB Adobe PDF File)
• Ohio Housing Finance Agency 2024-2025 Annual Plan (2.74 MB Adobe PDF File)
• OHFA Economic Impact Report (2.79 MB Adobe PDF File)

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Notes

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Data Sources

• Consumer Financial Protection Bureau, Home Mortgage Disclosure Act Data
• CoreLogic, Real Estate Analytics Suite
• Fair Isaac Corporation (FICO) (public data request)
• Ohio Development of Development, TourismOhio, Ohio Regions
• U.S. Department of Commerce, Bureau of the Census, American Community Survey (ACS)
• U.S. Department of Commerce, Bureau of the Census, Current Population Survey/Housing Vacancy Survey
• U.S. Department of Commerce, Bureau of the Census, Small Area Income and Poverty Estimates
• U.S. Department of Labor, Bureau of Labor Statistics, Consumer Price Index
• University of Minnesota, IPUMS USA
• University of Missouri, Missouri Census Data Center, Geocorr Applications