Making it easier for Ohioans to become homeowners: Scott Williams
COLUMBUS, Ohio -- Across the country, and indeed, right here in Ohio, would-be homebuyers are feeling the pain of rising prices, high interest rates and housing shortages. This is especially true for people younger than 35, who are postponing homeownership by as much as a decade compared to 2013. Think pieces and blog posts dub these individuals and families “forever renters” — people who have, simply, given up on that part of the American dream.
Yet in Cleveland, as a recent cleveland.com story showed, buying a home is actually cheaper than renting one. In a study that explored the costs of buying versus renting in different markets, Cleveland ranked second in the country among large cities, the only large city in Ohio to crack the top 20.
This is heartening news and something all Northeast Ohioans should celebrate. It should be a selling point for this region, as we look to attract new employers, grow existing ones, and recruit and retain bright minds to our workforce. And it is something we should share with people across the city. Because even though in Cleveland buying is more affordable than renting, fewer than half of Cleveland’s residents own their homes, according to the city of Cleveland’s 2020 Citywide Plan.
