The state of Ohio has an impressive housing market. With a rich history and a bustling economic growth in recent years, the state has become an attractive destination for people eager for a shot at the life that living in Ohio can offer. The US census showed that in 2002 Ohio had 4,445,773 total housing units. The construction of new homes has been considerable since then, and the number of housing units in Ohio has continued to grow.
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The home ownership rate in Ohio as listed by the 2000 US census was 69.1%, which eclipsed the national average that same year of 66.2%. The higher home ownership rate in Ohio can be attributed to the down home values that the state exhibits, as well as the cost of home ownership in Ohio. In 2000, the US census showed that the median value of an owner occupied housing unit in Ohio was $103,700. This is compared with the national average that same year of $119,600. When the two numbers are put side by side there may not seem to be a significant difference, however, even a variance of a few thousand dollars can spark a flurry of purchasing in the housing market. The median household income in Ohio in 1999 was listed as $40,956, which is only slightly less than the national average that year of $41,994. The Ohio job market has done a great job of cushioning bubbles and bursts in the housing market for the state.
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Despite the fact that the Cleveland metropolitan area’s economy has stayed in a recession since the last quarter of 2000, there are signals that the recession may be coming to its end. Employment analysts recorded small but constant gains in the first half of 2002. While the total nonagricultural employment in the Cleveland metropolitan area consisted of 1,161,000 jobs by June 2002. For the 12-month period ending June 2002, nonagricultural employment was down by 0.5 percent compared to a 1.6-percent fall in the previous 12-month period.
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The housing market is growing steadily along with the job market, and Ohio has been recently ranked by some as one of the most affordable housing markets by the NAHB. The amount of home available for your dollar in Ohio makes it a very attractive place to buy a house.
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