In the face of escalating housing challenges across Ohio, the 2024 Ohio Housing Needs Assessment provides a comprehensive examination of the multifaceted issues facing homeowners and renters alike. This analysis, integral to the Ohio Housing Finance Agency's (OHFA) strategic planning, brings to light the pressing need for affordable and accessible housing.

The past few years have marked a significant downturn in homeownership rates, which, after peaking at a 10-year high of 70% between 2017 and 2020, plummeted to 64% by the end of 2022, marking a historical low compared to the national average. This decline is juxtaposed with an increase in the median home price to $174,000 in 2022, setting a record for unaffordability when considering the price-to-income ratio. Meanwhile, homeowners find themselves in a paradox where, despite historically low median monthly costs, a rising percentage are severely burdened by mortgage payments, risking foreclosure.

The rental market is no stranger to strain either, as vacancy rates for both homeowners and renters have hit their lowest recorded levels since 2009, painting a grim picture of the tight housing market. Adjusted for inflation, median gross rent has surged by 10% since 2012, leaving a significant portion of Ohio renters severely cost-burdened and vulnerable to eviction and homelessness.

Compounding the issue is the glaring deficit in affordable rental housing. Despite an uptick in multifamily housing construction, the gap between supply and demand continues to widen, particularly for extremely low-income (ELI) renters, with a shortage of over 270,000 units. This scarcity is exacerbated by the loss of over 15,000 affordable units between 2020 and 2021, highlighting the increasing inaccessibility of affordable housing.

Amid these challenges, the pandemic-induced shift towards teleworking has underscored the digital divide, with a notable fraction of Ohio households lacking reliable broadband access, thus hindering the potential for remote work. Moreover, the state's aging housing stock poses significant health risks, especially to the most vulnerable populations, including children, the elderly, and those with disabilities.

The assessment also sheds light on the stark racial disparities in housing security, with Black Ohioans facing the highest rates of housing insecurity and severe mortgage burden. The widening homeownership gap between white and Black residents, coupled with a higher likelihood of mortgage and rent burden among Black Ohioans, underscores the entrenched inequities within Ohio's housing market.

Ohio's housing crisis extends beyond mere numbers, affecting real lives and communities. The findings of the 2024 Ohio Housing Needs Assessment call for urgent action to address the intertwined issues of affordability, accessibility, and equity. As the state looks to the future, prioritizing sustainable solutions to the housing crisis will be critical in ensuring that all Ohioans have access to safe, affordable, and stable homes.

In the heart of Northeast Ohio, amidst a landscape marked by an urgent need for affordable living, GHC emerges as a beacon of community commitment. With a keen eye on the secondary market's untapped potential, GHC zeroes in on the 1930-1960’s multi-family/workforce housing niche, a move that not only addresses the pressing demand for cost-efficient housing but also revitalizes communities with assets steeped in value yet overlooked by many. Through strategic acquisitions of well-built B & C grade properties, GHC delivers more than just affordable rents to the working class; it crafts environments of stability and pride, ensuring high occupancy and resilient cash flows even in challenging economic times. Situated in areas ripe for economic growth, GHC’s approach is a testament to its dedication to fostering sustainable living experiences in Ohio, making it a pivotal force in navigating the state's housing challenges.

‍