First-time buyers dominate Ohio housing market
Most mortgage offers went to first-time buyers last year. First-time homebuyers dominated the Ohio housing market in 2023, according to a recent LendingTree report. The report stated that 63% of mortgage offers in Ohio were given to first-time homeowners. This is seen as a sign current homeowners are reluctant to give up existing low-rate mortgages. Nationwide, around two-thirds of all mortgage offers for 2023 went to these households. President Biden has proposed a $10,000 tax credit to home sellers, aimed at middle-class families looking to move up the "housing ladder" and empty nesters looking to "right size."
Published : a month ago by Ned Oliver,Brianna Crane,Simran Parwani in Finance
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Data: LendingTree; Note: Mortgage offer refers to any type of mortgage offered to a LendingTree marketplace user by a LendingTree lender; Map: Axios Visuals 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
Topics: Real Estate, Markets