First-time homebuyers are up against the ropes. As a nationwide housing shortage keeps US home prices elevated and buyer affordability at an all-time low, the demographic — largely consisting of millennial and Gen Z buyers — have started to give up hope on ever owning a home. There's a glimmer of hope, at least in the data: There are still several small cities in the US where affordable homes remain available to middle-income earners, a category ripe with first-time homebuyers. So where are these homes located? Some may be found in Ohio, according to data from the National Association of Realtors and Realtor.com.
Indeed, an analysis from the two companies shows that among the 100 largest US metropolitan areas, three cities from Ohio — Youngstown, Akron, and Toledo — have the most affordable homes available to middle-income buyers. In Youngstown, buyers earning at least $75,000 can afford to purchase 72% of listings, while those in Akron and Toledo can afford to buy 61%. In each of these cities, the median home listing price is more than $300,000 below the national average of $445,000, as of June, according to data from realtor.com. The median home price in Akron is $125,000, in Youngstown it is $119,900, and in Toledo it is $120,000. It begs the question: Is Ohio really that great of a place for first-time homebuyers?
Ian Beniston, who has been the executive director of the Youngstown Neighborhood Development Corporation for 14 years, attributes Ohio's lower home prices to the docile nature of its housing market.
To read the full story from the Business Insider, click here.
Sitemap
, 
, 
, 
, 
, 
, 
, 
, 
