Foreclosure Help in Ohio
For homeowners and potential homeowners in Ohio, it’s good to start with the knowledge that Ohio has some of the most affordable homes in the country. According to a survey from the National Association of Realtors, four of Ohio’s urban areas are included in the top five most affordable in the country: Youngstown, Dayton, Toledo, and Akron all made it in.
Since the recession, many families across the country have struggled with foreclosure. This includes Ohio. This article will provide information about purchasing homes in Ohio, and defending against foreclosure.
Let’s get a lay of the land and look at some of other factors affecting homeownership in Ohio.
Low supply
Although prices are low, Ohio doesn’t have as many homes up for sale compared with other states. Despite that, after spiking in 2004 and 2005, homeownership rates have sunk since then, indicating an increasing number of homes available for those looking to acquire a home in Ohio. With people moving away from expensive coastal cities, this could create a favorable situation for Ohio.
Value
Housing in Ohio is affordable, and clustered in the range of $50,000 to $200,000, with almost 70% of homes between $50,000 and $150,000. This is considerably lower than the nationwide median of $270,000.
This also means renting can be much more expensive than purchasing, especially in the long run. For many, getting a 10% down payment together for a home in this price range might represent only a couple year’s savings. Indeed, with median rent in Ohio around $500 a month, that means 20 months rent represents a down payment on a $100,000 home.
Have a specific question about Avoiding Foreclosure in Ohio? Check out our Foreclosure FAQ’s section.
Income
The average Ohio family earns about $70,000 a year. This is slightly lower than the national average, but in far smaller a degree than the cost of Ohio homes is below the national average.
Resources
There are many resources for Ohio homeowners, at the local, state, and federal level.
The Department of Housing and Urban Development lists many resources here, on their website. These include:
- the Ohio Housing Finance Agency
- Communities First, a Cincinnati organization offering statewide assistance with down payments
- and the Office of Housing and Community Partnerships, from the Ohio Department of Development
These are among many available resources for potential homeowners.
Foreclosure
In Ohio, mortgage lenders must use the court system if they wish to foreclose on your home. This means homeowners always will have the chance to defend themselves in court against claims. There are a number of resources for those struggling with potential foreclosure.
- the HUD offers housing counselling agencies which provide information on a variety of topics. Find them here
- Save the Dream is an organization dedicated to helping Ohio homeowners stay in their homes
- Ohio Housing Finance Agency also offers assistance and counselling
These are among many available resources.
Conclusion
Acquiring a home in Ohio or maintaining one’s home are very possible and valuable for residents of Ohio. Defense against foreclosure is possible, and beneficial in the current environment of low supply. Investigate some of the resources listed above to find the help you need.