The Home-ownership rate in the Cincinnati area is dropping. In recent years the financial crisis and foreclosure crisis have adversely impacted a number of families. Throughout the tri-state a number of urban, suburban, and even rural areas are seeing decreases in the ownership rate according to a recent Cincinnati.com article.
The Ohio home ownership rate fell 1.5 percentage points to 67.6 percent, and the Kentucky home ownership rate fell 2.1 points to 68.7 percent. It’s a value reset that we’re seeing,” says Mike Ford, director of Xavier University’s Center for the Study of the American Dream. “The economic crisis we’re in that has been reflected in the housing market is very similar to what happened during the Great Depression. Spending habits and the aspirations of people changed a great deal after the Depression.”