The homeownership rate for Ohio tied its lowest recorded level, according to a report from the Dayton Daily News.
The state’s homeownership rate was 66% in 2022. The only time the rate fell that low was in 2017 – the rate has been tracked since 1984. The highest rate recorded in Ohio was 75.3% in 2005, when the housing bubble was beginning to inflate.
The shrinking number of homeowners was mirrored by the decline in home sales couple with a spike in home prices. Last year, roughly 209,600 homes were sold in Ohio, the lowest total since 2015, while the median home price of $174,000 was the second highest on record when adjusted for inflation.
The Ohio Finance Agency reported the median home price in Ohio is now roughly 2.6 times the median household income, the largest price-to-income ratio since 2005.
“Low homeownership rates tell us that purchasing a home is not affordable for low- to moderate-income households,” said Julie Harris, director of the HomeOwnership Center in Dayton.
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