![Ariel photo of a residential community.](https://www.uc.edu/news/articles/2024/02/n21229101/jcr:content/image.img.cq5dam.thumbnail.500.500.jpg/1708636563437.jpg)
This Old House: Ohio homes among the nation’s most affordable
UC professor says data shows Cincinnati is one of the nation’s hottest housing markets
Buying a house in Ohio requires a lower down payment than in almost any other state, This Old House found, but a University of Cincinnati professor said Ohio cities such as Cincinnati could see that affordability wane.
Gary Painter
This Old House analyzed median home sale price data from Redfin to calculate the down payment needed to purchase a house in each state and the largest American cities.
In Ohio, the median down payment required was $35,250, which was third lowest among all states behind only Iowa and Mississippi.
Among 50 of the largest metro areas in the nation, Cincinnati was 41st in the median down payment required to buy a house. The average down payment in the Queen City was $42,000.
Gary Painter, PhD, the academic director of the Carl H. Lindner College of Business real estate program and a professor of real estate, said cities such as Cincinnati are relatively affordable for people looking to buy a house. However, that could change in the near future.
“Given the relatively robust economy, a young household’s ability to afford a down payment in Cincinnati and other Ohio cities is quite high relative to regions of similar size across the United States,” Painter said. “Unfortunately, this might be changing as Zillow projects Cincinnati and Cleveland and the No. 2 and 3 hottest housing markets in the U.S. Unless new housing supply can keep up with this rising demand, Cincinnati and other Ohio cities will lose its affordability advantage that makes the region attractive to newcomers.”
As part of an expert tips and insights portion of the This Old House article, Painter encouraged people to start saving as early as possible if they want to purchase a house while providing additional advice.
“New home buyers should investigate FHA loans as well as conventional loans,” Painter said. “FHA loans may only require a 3% down-payment. Borrowers should keep in mind that if they have a down payment lower than 20%, they may have to pay mortgage insurance as well. However, the opportunity to purchase a home sooner might pay off in a market that is experiencing rapid appreciation. Once a homeowner has 20% in their home, then can often refinance and get rid of mortgage insurance.”
Featured image at top: Ariel photo of a residential community. Photo/Aiden Frazier via Unsplash
Impact Lives Here
The University of Cincinnati is leading public urban universities into a new era of innovation and impact. Our faculty, staff and students are saving lives, changing outcomes and bending the future in our city's direction. Next Lives Here.
Related Stories
Prestigious green and gold accolades highlight UC Earth Day 2021
April 19, 2021
There’s no making light of the ‘Gold’ accolade recently earned by the University of Cincinnati’s Carl H. Lindner College of Business’ new home on campus.
UC’s summer semester offers students short sessions, flexibility
April 12, 2021
Coming into the summertime of 2020, Sumedha Kappagantula was considering ways to make the most her opportunities during what is usually a break from the academic rigor of her traditional school year. As a Biomedical Engineering major in the UC’s College of Engineering and Applied Sciences, Kappagantula is minoring in Chemistry and Biological Sciences, taking classes through the College of Arts and Sciences. She thought summer semester would be a great time to get ahead in her coursework, and move her degree forward.
UC garners sustainable, green campus success
April 19, 2021
University of Cincinnati Gold LEED certifications, student-involved energy-efficient programs and climate-friendly green technologies elevate UC to a national award-winning sustainable campus.
2021 University Recognition Ceremony honors student achievements
April 13, 2021
The University of Cincinnati recognizes students each year who have made significant service, leadership, and academic contributions to the UC community. These students exemplify the spirit of what it means to be a Bearcat.
Futuristic cars may soon take flight
April 28, 2021
The Cincinnati Innovation District and University of Cincinnati team up with partners in 1819 Innovation Hub DriveOhio, Cincinnati Bell and Microsoft to innovate with UC talent and help bring future innovation within reach in FlyOhio student challenge.
UC Day of Giving a success
April 28, 2021
University of Cincinnati Day of Giving’s 24-hour challenge was a tremendous success this year, raising $2,219,197 with 3,232 gifts. The fourth annual UC Day of Giving raised its most money to date with alumni, donors, students, faculty and staff joining together to support UC and UC Health.
'To make him proud was high on her list'
April 1, 2021
Alex Lewis lost her 82-year-old grandfather to Covid-19 just five weeks before her dream school showed up on the front steps of Roger Bacon High School to tell the senior that she has been admitted to the University of Cincinnati College of Nursing as part of a touching Decision Day surprise effort this year.
President picks exceptional talent
April 28, 2021
The University of Cincinnati 2021 Presidential Leadership Medal of Excellence Awards honor six undergraduate scholars for scholarship, leadership, character, service and the ideals of the university. Awardees are spotlighted for exceptional academics, creativity, community service and innovation.
Arts & Sciences graduate tapped as Mr. Bearcat 2021
June 8, 2021
Chase Morris, a College of Arts and Sciences graduate, is UC's 2021 Mr. Bearcat.
U.S. News top grad school rankings include several UC programs
March 30, 2021
Several graduate school programs at UC improve in latest U.S. News and World Report rankings, including from nursing, medicine, engineering, criminal justice, law and business.