Ohio is ranked as the best state for new homebuyers, but cities like Columbus and Cincinnati face higher home prices.
Columbus: Ohio has been named the best state for new homebuyers, according to a recent study. It takes less than two and a half years to save for a down payment here.
REsimpli ranked Ohio fifth for first-time buyers, using data from various sources. The median home value is around $204,100, with a typical down payment of about $29,390.
Sharad Mehta, CEO of RESimpli, mentioned that knowing where to save for a down payment is crucial for first-time buyers, especially in today’s market.
But what about Columbus and Cincinnati? Well, many folks in Columbus might find home prices higher than expected. The median listing price there is about $279,900, which is above the state average.
Big cities usually have higher prices, but Ohio remains affordable overall, making it a great place to buy, according to Hannah Jones from realtor.com.
Interestingly, Akron and Cleveland are considered more affordable than Columbus. Despite the higher prices in larger cities, the Midwest has become a popular spot to live lately.
Another factor pushing prices up is the low housing stock. Jones pointed out that there are fewer homes available, which keeps prices climbing.
She noted that prices will keep rising until more homes hit the market. The inventory gap is a trend seen not just in Ohio but across the nation.
Current homeowners are less likely to sell because they have lower interest rates than what’s available now. But if inflation eases and mortgage rates drop, more sellers might come back.
Life goes on, though. People are still getting married, moving for jobs, and having kids, which keeps the housing market active, even with high mortgage rates.
In December, home prices in Ohio were up over 45% compared to 2019, showing that prices are still on the rise. Jones mentioned that it’s tough for first-time buyers right now.
As for other states, West Virginia takes the top spot for new homebuyers, with a median home value of $155,100 and an average of two years to save for a down payment.
North Dakota and Iowa are tied for second, needing just over two years to save. The study highlighted how housing costs and income vary across the U.S., affecting how long it takes to save.
Other states in the top five include Oklahoma, Kansas, and South Dakota, all requiring about two years and three months to save.
Ohio ties for fifth with Mississippi, where the median home value is $162,500, and saving for a down payment takes about two years and five months.
On the flip side, states like Hawaii and California are the hardest for first-time buyers, with Hawaii’s median home price at a staggering $820,000, requiring over 13 years to save for a down payment.
So, while Ohio is a great place for new homebuyers, cities like Columbus and Cincinnati have their own challenges with rising prices.
