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- Akron, Toledo, and Youngstown are considered among the most affordable US metros for homebuying.
- With a higher share of low- to mid-priced homes for sale, middle-income buyers have more options.
- Are you a first-time homebuyer who recently moved to Ohio? We want to hear from you.
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.
"Youngstown is a weaker market in terms of home values," Beniston previously told Insider. "Since housing is much more affordable here at all times, your money can definitely go further here."
With higher levels of affordable homes for sale, a strong job market and a cost of living 8.1% below the US national average, it's not shocking that real-estate company This Old House ranks several cities in Ohio — including Toledo and Columbus — among the top areas for first-time home buyers looking to purchase a starter home.
That being said, Eric Cooper, an Akron-based real-estate agent with Coldwell Banker, told Insider he's still not convinced that Ohio's real estate market is working in favor of buyers.
"It still feels like we don't have enough inventory," Cooper said. "Sellers think they can squeeze you for every penny," We are very much in a seller's market, he said.
These dynamics could be turning buyers off. Data from the US Census Bureau shows that from December 2021 to 2022, Ohio was among the top 3 states with the highest share of residents leaving the area at 19,543.
We want to hear from current Ohio residents who are first-time homebuyers or recently relocated to or within the state. Tell us your reasons. Email reporter Alcynna Lloyd at alloyd@insider.com to share your story.