Mar 26, 2024 - News
First-time buyers dominate Ohio housing market
Add Axios as your preferred source to
see more of our stories on Google.
First-time homebuyers received 63% of mortgage offers in Ohio in 2023, per a recent LendingTree report.
Why it matters: It's one more sign current homeowners are still feeling the golden-handcuffs effect of not wanting to give up existing low-rate mortgages, Axios' Brianna Crane and Simran Parwani write.
The big picture: Nationwide, around two-thirds of mortgage offers in 2023 went to first-time homebuyers, per the report.
- The share of first-time buyers has increased over the past five years.
Reality check: Fewer people overall took out mortgages in 2023.
- "First-time buyers simply appear to make up a larger portion of a relatively small pool of buyers," LendingTree senior economist Jacob Channel says.
Zoom out: President Biden proposes to loosen up the market via a $10,000 tax credit to home sellers.
- The credit is aimed at middle-class families angling to move up the "housing ladder" and to empty nesters looking to "right size," the administration says.
Go deeper: Inside Biden's plan to unlock the housing market's golden handcuffs