FY 2021 Housing Needs Assessment Sections:

Executive Summary Table of Contents Homeownership Rental Housing Home Energy & Transportation Housing Insecurity Housing Stock Income & Labor Demographics How Ohio Compares COVID-19

Homeownership

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 related to maintaining homeowner status. For example, the drop in home values during the housing crisis put a financial strain on many homeowners.


Section Highlights

  • Over two-thirds of Ohio householders (68%) owned their homes at the end of 2019, which is above the national average of 65%.
  • The gap in homeownership between white and Black Ohioans has been widening steadily for over a decade to 37 percentage points by 2018, nine points larger than the national gap (28).
  • The median home price in Ohio in 2019 ($132,317) was 2.4 times the median household income–the largest price-to-income ratio since 2006–making homeownership more unaffordable to many prospective homebuyers.
  • 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, however the denial rate gap between them remains large–Black Ohioans are still far more likely to be denied (38% compared to 22%).
  • More than 40% of mortgage holders aged 65 or over are housing cost-burdened. Out of this age group, one-in-six mortgage holders (17%) are severely cost-burdened.
  • Black homeowners are twice as likely to be severely cost burdened as white homeowners (14% compared to 7%), meaning they spend at least half their income on housing.

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


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Homeownership Rate


Quarterly Homeownership Rates for the U.S. & Ohio

Source: Current Population Survey/Housing Vacancy Survey (CPS/HVS), U.S. Census Bureau

Homeownership Rate Gap, White & Black

Source: American Community Survey (ACS) One-Year Estimates, Tables B25003A & B25003B

Homeownership Gap, White & Black, by Income

Source: IPUMS USA, University of Minnesota (based on 2014–2018 five-year estimates)


Homeownership Rate

Source: 2014–2018 American Community Survey (ACS) Five-Year Estimates, Table B25003; 2018 Current Population Survey/Housing Vacancy Survey (CPS/HVS), U.S. Census Bureau

Homeownership Gap, White & Black, by Region

Source: 2014–2018 American Community Survey (ACS) Five-Year Estimates, 2018 ACS One-Year Estimates, Tables B25003A & B25003B

Homeownership Gap, White & Black, by Typology

Source: 2014–2018 American Community Survey (ACS) Five-Year Estimates, 2018 ACS One-Year Estimates, Tables B25003A & B25003B



Home Sales & Home Value



Monthly Number of Home Sales

Source: Real Estate Analytics Suite, CoreLogic

Monthly Median Home Price

Source: Real Estate Analytics Suite, CoreLogic

Median Home Value

Source: American Community Survey (ACS) One-Year Estimates, Table B25077

Median Home Value by Year Structure Built

Source: 2014–2018 American Community Survey (ACS) Five-Year Estimates, 2018 ACS One-Year Estimates, Tables B25036 & B25107



Median Home Price

Source: Real Estate Analytics Suite, CoreLogic

Median Home Value

Source: 2014–2018 American Community Survey (ACS) Five-Year Estimates, 2018 ACS One-Year Estimates, Tables B25003 & B25077



Mortgage Lending & Home Price Affordability



Median Debt-to-Income Ratios for the U.S. & Ohio

Source: Board of Governors of the Federal Reserve System

Median Price-to-Income Ratios for the U.S. & Ohio

Source: Real Estate Analytics Suite, CoreLogic; Small Area Income and Poverty Estimates (SAIPE), U.S. Census Bureau

Median Price-to-Income Ratio by Quintile of Income

Source: 2018 American Community Survey (ACS) One-Year Estimates, Table B19081; Real Estate Analytics Suite, CoreLogic (based on 2018 data); 2018 Small Area Income and Poverty Estimates (SAIPE), U.S. Census Bureau

Households by Highest Priced Home in Price Range

Source: IPUMS USA, University of Minnesota (based on 2018 data)



Average FICO® Score by Region

Source: Fair Isaac Corporation (FICO) (public data request, based on a random sample from April 2019); 2014–2018 American Community Survey (ACS) Five-Year Estimates, Table B18101

Average FICO® Score

Source: Fair Isaac Corporation (FICO) (public data request, based on a random sample from April 2019)

Median Household Debt-to-Income Ratio

Source: Board of Governors of the Federal Reserve System (based on Q4 2018 data)

Median Home-Price-to-Income Ratio

Source: Real Estate Analytics Suite, CoreLogic (based on 2019 data); 2018 Small Area Income and Poverty Estimates (SAIPE), U.S. Census Bureau



Mortgage Loan Denial Rate



Mortgage Loan Denial Rates for the U.S. & Ohio

Source: Home Mortgage Disclosure Act (HMDA) data, Consumer Financial Protection Bureau

Mortgage Loan Denial Rate by Race & Ethnicity

Source: Home Mortgage Disclosure Act (HMDA) data, Consumer Financial Protection Bureau

Denial Rate Gap, Black & White

Source: Home Mortgage Disclosure Act (HMDA) data, Consumer Financial Protection Bureau

Denial Rate Gap, Black & White, by Income

Source: Home Mortgage Disclosure Act (HMDA) data, Consumer Financial Protection Bureau



Mortgage Loan Denial Rate by Region

Source: Home Mortgage Disclosure Act (HMDA) data, Consumer Financial Protection Bureau

Mortgage Loan Denial Rate

Source: Home Mortgage Disclosure Act (HMDA) data, Consumer Financial Protection Bureau

Mortgage Loan Denial Rate by Typology

Source: Home Mortgage Disclosure Act (HMDA) data, Consumer Financial Protection Bureau

Denial Rate Gap, Black & White, by Region

Source: Home Mortgage Disclosure Act (HMDA) data, Consumer Financial Protection Bureau

Denial Rate Gap, Black & White, by Typology

Source: Home Mortgage Disclosure Act (HMDA) data, Consumer Financial Protection Bureau



Monthly Homeowner Costs


Median Homeowner Costs by Mortgage Status

Source: American Community Survey (ACS) One-Year Estimates, Table B25088

Homeowner Costs as Share of Income, U.S. & Ohio

Source: American Community Survey (ACS) One-Year Estimates, Table B25092



Median Homeowner Costs for Mortgage Holders

Source: 2014–2018 American Community Survey (ACS) Five-Year Estimates, 2018 ACS One-Year Estimates, Tables B25081 & B25088

Change in Homeowner Costs for Mortgage Holders

Source: American Community Survey (ACS) Five-Year Estimates, 2018 ACS One-Year Estimates, Table B25088

Costs as Share of Income for Mortgage Holders

Source: 2014–2018 American Community Survey (ACS) Five-Year Estimates, 2018 ACS One-Year Estimates, Tables B25088 & B25092



Severe Homeowner Cost Burden


Severe Homeowner Cost Burden in the U.S. & Ohio

Source: American Community Survey (ACS) One-Year Estimates, Table B25091

Severe Homeowner Cost Burden by Age

Source: IPUMS USA, University of Minnesota (based on 2018 data)

Severe Homeowner Cost Burden by Race & Ethnicity

Source: 2012–2016 Comprehensive Housing Affordability Study (CHAS) data, Table 9



Severe Homeowner Cost Burden by Region

Source: 2014–2018 American Community Survey (ACS) (ACS) Five-Year Estimates, Table B25091

Severe Homeowner Cost Burden

Source: 2014–2018 American Community Survey (ACS) Five-Year Estimates, Table B25091

Severe Homeowner Cost Burden by Typology

Source: 2014–2018 American Community Survey (ACS) Five-Year Estimates, Table B25091

Severe Cost Burden Gap, Black & White, by Region

Source: 2012–2016 Comprehensive Housing Affordability Study (CHAS) data, Table 9

Severe Cost Burden Gap, Black & White, by Typology

Source: 2012–2016 Comprehensive Housing Affordability Study (CHAS) data, Table 9


Downloadable Tables

Related Reports


Notes

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.

Mortage 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 a 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.


Data Sources