Builders Patch | HousingCount: Ohio affordable housing data and latest news
Ohio
Summary
Ohio state is facing challenges to housing affordability. For every 100 low-income renter households, there are 66 units available that are affordable to them. The median household income in the state is $36,609 whereas the median rent in the state is $700. Currently, the state is short over 136,886 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
Renter population data
Renters vs homeowners
| Households | % share |
|---|---|
| Renter households | 1,588,226 |
| Homeowner households | 3,165,935 |
| Total households | 4,754,161 |
Low-income renter households
| Renter households by income group | Households | % share |
|---|---|---|
| Extremely low-income (≤30% AMI) | 225,871 | 14.2% |
| Very low-income (31-50% AMI) | 179,508 | 11.3% |
| Low-income (51-80% AMI) | 239,542 | 15.1% |
| All low-income households (<80% AMI) | 644,921 | 40.6% |
Rent-burdened households
| Share of income spent on rent | Households | % share |
|---|---|---|
| Moderately rent-burdened | 323,554 | 20.4% |
| 30.0–34.9% | 122,719 | 7.7% |
| 35.0–39.9% | 85,864 | 5.4% |
| 40.0-49.9% | 114,971 | 7.2% |
| Severely rent-burdened | 320,623 | 20.2% |
| ≥50.0% | 320,623 | 20.2% |
| All rent-burdened households | 644,177 | 40.6% |
Affordable housing shortage
| Median household income | Amount ($) |
|---|---|
| in 2010 | 25,590 |
| in 2021 | 36,609 |
| Increase (2010–2021) | 43.1% |
| Median rent | Amount ($) |
|---|---|
| in 2010 | 532 |
| in 2021 | 700 |
| Increase (2010–2021) | 31.6% |
| Supply, demand & shortage | Units |
|---|---|
| Supply (current stock) | 268,493 |
| Demand (total units needed) | 405,379 |
| Shortage | 136,886 |
| Total shortage | 136,886 |
| Supply/Demand Ratio | 66.2% |
Finance institutions
Ohio Housing Finance Agency
Ohio Housing Finance Agency
2600 Corporate Exchange Drive, Suite 300
Columbus, OH 43231
List of loan programs
- Housing Tax Credit Program
- Housing Development Assistance Programs (HDAP)
- Community Housing Development Organizations (CHDOs)
- D.O.L.L.A.R. Deed Program
- Housing Development Loan (HDL) program
- Multifamily Lending Program (MLP)
- Multifamily Bond Program
- National Housing Trust Fund
- Ohio 811 Project Rental Assistance Program
- Ohio Department of Medicaid Subsidy Demonstration
QAP document (Qualified Allocation Plan)
QAP
The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria. Each QAP must spell out a housing finance agency’s (HFA’s) priorities and specify the criteria it will use to select projects competing for tax credits. The priorities must be appropriate to local conditions.
Housing news
Fast Company
How Fed Rate Cuts Impact the Housing Market
The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Although lower rates make borrowing more affordable, the ongoing housing shortage and existing conditions in the market remain tough obstacles. Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%. This could ease the burden for homebuyers and those refinancing.
- Home Sales: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some of the housing market’s stagnation. However, a full recovery of the resale market is expected to be gradual.
- Ongoing Supply Issues: Despite lower rates, housing supply shortages will persist, especially in high-demand areas. Supply constraints, driven by zoning restrictions and labor/material shortages, remain a barrier to affordability.
While the Fed’s actions are a positive step toward stabilizing the housing market, broader structural challenges—particularly the lack of new housing supply—will continue to affect the market.
New York Post
Housing market won’t come ‘unstuck’ until 2026, economists predict — here’s why
Bank of America economists predict the US housing market won't recover until at least 2026, with home affordability improving only with a recession. They attribute the prolonged downturn to a surge in demand during the pandemic, followed by high inflation and mortgage rates. Home prices are expected to rise by 4.5% in 2024 and 5% in 2025, then stabilize in 2026. The "lock-in effect" of current homeowners unwilling to sell due to high mortgage rates will persist. However, improving credit conditions and less restrictive monetary policies may attract some buyers back to the market.
US News
States With the Largest Homeless Populations
In 2023, the number of homeless individuals in the U.S. reached approximately 653,000, the highest since such records began in 2007. This figure represents a significant 12% increase compared to 2020, as reported by the U.S. Department of Housing and Urban Development in their Annual Homelessness Assessment Report to Congress. Data for this report is gathered from point-in-time counts conducted every January by volunteers, local outreach teams, shelters, and service providers. Here are the top 10 states with the largest homeless population:
- California (181,399)
- New York (103,200)
- Florida (30,756)
- Washington (28,036)
- Texas (27,377)
- Oregon (20,142)
- Massachusetts (19,141)
- Colorado (14,439)
- Arizona (14,237)
- Pennsylvania (12,556)
NBC News
The homebuying affordability gap is widening across the country, creating 'an impossible market'
The worsening housing affordability crisis in the U.S. has broken several records, the recent being the national affordability gap nearing a 10-year high. Only 63% of counties are now affordable for median-income households, compared to 94% in 2019. The median home price exceeds what the average household can afford by nearly $70,000. The West, especially the San Francisco Bay Area, is facing significant gaps due to supply shortages and continues to top the list of one of the most unaffordable housing markets in the country. Even traditionally affordable areas like Henry County, Indiana, are seeing dramatic price increases, making homeownership increasingly unattainable for many. High interest rates, low construction, and rising prices are key factors.