• OHFA Executive Summary Press Release


Wednesday, July 12, 2023

Media Contact:  Penny Martin

Phone: 614.728.2911

Email: [email protected]

OHFA Publishes the 2023 Ohio Housing Needs Assessment and its FY 2024-2025 Annual Plan

COLUMBUS, OH – The Ohio Housing Finance Agency (OHFA) published the Executive Summary of the 2023 Ohio Housing Needs Assessment and its Fiscal Year 2024-2025 Annual Plan. Using a wide range of data, the Ohio Housing Needs Assessment identifies the scale and scope of Ohio’s housing challenges. Along with input from a variety of stakeholders, the Ohio Housing Needs Assessment helps OHFA develop its Annual Plan, which highlights the strategic and programmatic priorities on which the Agency will focus over the next two years.

The Executive Summary of the 2023 Ohio Housing Needs Assessment identifies the following challenges:

  • Vacancy rates have been falling steadily since 2009. In 2021, both homeowner and rental vacancy rates hit their lowest recorded levels – 0.4% and 4.0% respectively. At the end of 2022, these rates remained relatively low – 0.9% and 6.2% respectively – indicating an extremely tight housing market.
  • As rents increase faster than incomes, Ohio renters are finding themselves severely cost-burdened and at risk of eviction and homelessness. Adjusted for inflation, median gross rent in Ohio increased by 10% from $788 per month in 2012 to $870 per month in 2021. Rent is higher than in any year on record other than 2021 when adjusted for inflation.
  • While Ohio builds more multifamily housing, there are still not enough affordable rental units for the lowest income Ohioans, and the gap between supply and demand is widening. New residential construction has been steadily increasing since 2009; however, production is still far below pre-recession levels. In 2022, 30,936 new privately-owned housing units were constructed in Ohio, representing a 29% increase from 2017.

The complete 2023 Ohio Housing Needs Assessment will be available on OHFA’s website at the end of July.

Earlier this week, Governor Mike DeWine signed the Fiscal Year 2024-2025 State Budget, which creates two new programs: the State Low-Income Housing Tax Credit, which will help create additional rental housing for low- to moderate-income Ohioans, and the Single-Family Housing Tax Credit, which will support the development of single-family homes for Ohio’s workforce. These new initiatives are integral to addressing Ohio’s housing needs.

In addition to administering the two new programs OHFA will continue to:

  • Connect low- to moderate-income Ohioans with the resources and opportunities needed to achieve and maintain the dream of homeownership.
  • Create and preserve safe, quality, accessible, and affordable rental housing that meets the needs of low-income Ohioans.
  • Create a more equitable housing landscape for all Ohioans by removing barriers to accessible and affordable housing and reaching out to underserved populations.

To read OHFA’s 2024-2025 Annual Plan in its entirety, visit ohiohome.org/2024-25-AnnualPlan.pdf.

The Ohio Housing Finance Agency is an Equal Opportunity Housing entity. Loans are available on a fair and equal basis regardless of race, color, religion, sex, familial status, national origin, military status, disability or ancestry. Please visit www.ohiohome.org for more information.


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