FY 2021 Housing Needs Assessment Sections:

Homeownership Rate

Home Sales & Home Value

Mortgage Lending & Home Price Affordability

Mortgage Loan Denial Rate

Monthly Homeowner Costs

Severe Homeowner Cost Burden

Homeownership rates and gaps are suppressed at the county level when there are estimated to be fewer than 100 Black householders.

Household debt data from the Equifax/Federal Reserve Bank of New York Consumer Credit Panel incorporates all types of household debt except student loans. Household income is based on wage data from the U.S. Bureau of Labor Statistics. U.S. figures represent the median of the 50 states plus the District of Columbia.

Qualifying income is based on the average home-price-to-income ratio for Ohio to qualify for a home mortgage on a median new home without spending more than 28% of monthly gross household income on a mortgage payment (including interest, property tax and homeowners' insurance) from the National Association of Home Builders. Assumptions include a 10% down payment, 30-year fixed mortgage rate, an interest rate of 4.85%, a mortgage insurance annual premium of 73 basis points, and a credit score of 738 (the national median), as well as local estimations of property taxes and homeowners' insurance constructed from the 2016 ACS Public Use Microdata Sample (PUMS).

The FICO® Score is the consumer credit score used by most U.S. banks and credit grantors. It is based on data gathered by third-party consumer credit reporting agencies.

Typical household income is represented by the mean income for quintiles of income.

Mortgage loan denial rate is the percentage of total mortgage loan applications denied by lenders. Applications include preapproval requests. Applications approved but not accepted are counted as approved. Applications withdrawn by applicant, files closed for incompleteness and loans purchased by a financial institution are excluded from the analysis.

Selected homeowner costs include mortgage payments, property taxes, utilities and condominium or mobile home fees (if applicable).

Severe homeowner cost burden is defined as an owner-occupied household spending at least 50 percent of income on homeowner costs or having no income.

Inflationary adjustments are based on the Consumer Price Index for All Urban Consumers (CPI-U), from the U.S. Bureau of Labor Statistics, for "all items less shelter."

Ohio Regions are defined at the county level by TourismOhio, part of the Ohio Development Services Agency.

Typologies are defined at the census tract level in the OHFA 2018–2019 USR Opportunity Index by the Kirwan Institute for the Study of Race and Ethnicity at The Ohio State University. They are based on a combination of road network density, housing density, population density and age of housing.