The U.S. housing market is booming, but with a shortage of available, affordable homes middle-income buyers are increasingly faced with competition to secure their dream house. Real estate platform Redfin highlights the Buckeye State as a top source of these homes, despite national issues such as skyrocketing mortgage rates and diminishing property listings.
In a recent report, real estate platform Redfin highlighted the Buckeye State as a top source of affordable homes. Despite rising mortgage rates and a shrinking pool of listings, the report found that the current market is offering competitive bidding wars in many areas, with 37% of homes that sold in May going for more than the list price. It’s clear why the two sisters from the Broadway hit “Wonderful Town” asked the musical question, “why, oh, why oh, did I ever leave Ohio?”
Shortage of Affordable Homes for Middle-Income Buyers
The shortage of affordable housing for middle-income buyers is a serious issue in the U.S. housing market. According to the National Association of Realtors and Realtor.com’s analysis, there is still a shortage of more than 300,000 affordable houses for those earning up to $75,000 – which accounts for 51% of American households. Although the overall housing inventory has increased by five percent from one year ago, NAR and Realtor.com have calculated that a home priced at up to $256,000 would be affordable for these individuals.
Despite the national housing inventory crunch, the U.S. housing market is actually doing well, with a five percent increase in available homes from one year ago. According to the National Association of Realtors and Realtor.com’s analysis, however, there is still a shortage of more than 300,000 affordable houses for middle-income buyers – those earning up to $75,000. This is especially concerning as 51% of American households fall into this income bracket. Despite this, NAR and Realtor.com have calculated that a home priced at up to $256,000 would be affordable for these individuals.
The report is a testament to the resilience of the housing market and demonstrates that even in the face of adversity, there are still ways for middle-income households to become homeowners.
Most Affordable Housing Markets in 2023
The National Association of Realtors Study
Ohio Cities
– Youngstown
– Akron
– Toledo
Other Cities
– El Paso, Texas
– Boise, Idaho
– Spokane, Wash.
The National Association of Realtors (NAR) recently conducted a study on the most affordable housing markets in 2023. According to the study, Ohio cities Youngstown, Akron, and Toledo offer the most affordable homes for households earning up to $75,000 – with more than half of listed homes considered affordable for middle-income buyers. Other cities that rank highly include El Paso, Texas; Boise, Idaho; and Spokane, Wash., which have the fewest affordable homes available for middle-income buyers.
The study found that in a balanced market, middle-income buyers can purchase more than 50% of the listings in each city.
Despite rising mortgage rates and competing bidding wars in many areas, the Ohio market is providing some relief to middle-income borrowers. By offering more houses than the national average and providing homes that are within reach of middle-income earners, Ohio homes represent an excellent opportunity for potential buyers looking for an affordable home. So why, oh, why oh, did these prospective residents ever consider leaving Ohio?
