Akron Life November 2023

88% Buyers continue to see purchasing a home as a good financial investment. 88% reported they view a home purchase as a good investment. 26% For first-time home buyers, 26% said saving for a downpayment was the most di ffi cult step in the process. For 47% of buyers, the source of the downpayment came from their savings. 38% of repeat buyers cited using the proceeds from the sale of a primary residence, while 22% of first-time buyers used a gift or loan from friends or family for the downpayment. 47% • 38% • 22% The typical downpayment for first time buyers was 6%, while the typical downpayment for repeat buyers was 17%. 6% • 17% Inside The Numbers The National Association of REALTORS® 2022 Profile of Home Buyers and Sellers analyzed the demographics, preferences and experiences of buyers and sellers across America. 10 Weeks Buyers typically searched for 10 weeks and looked at a median of five homes, and viewed four homes only online. The number of weeks searching for a home grew from eight weeks seen in the 2020 and 2021 reports. 86% • 10% 86% of buyers recently purchased their home through a real estate agent or broker, and 10% purchased directly through the previous owner.

In addition, several new home develop ments in the community feature tax abate ment. New construction can be found in these neighborhoods: Bluestone — 79 loft fl ats and 31 cluster homes, 7-year, 100% tax abatement and special fi nancing available; 500 Severance Place — 39 luxury condo fl ats, 7-year, 100% tax abatement; lease purchase option available; and Kenilworth Mews — 17 townhomes at the top of Cedar Hill. Information: City of Cleveland Heights/ Home Repair Resource Center, 216-381-6100, clevelandheights.com EUCLID The Euclid Development Corporation (EDCOR) Down Payment Assistance Pro gram helps fi rst-time homebuyers purchase a single-family home, an attached sin gle-family home or a condominium. The purchase price of an existing home may not be greater than $166,000 or $269,000 for a newly constructed home. The loan is deferred, interest free and half is forgiven after fi ve years of owner occupancy. Loan amount is based upon household income — 17% of the purchase price with a maximum of $10,000. Funding is on a fi rst-come, fi rst-serve basis. Additional requirements include: • Completion of HUD-approved pre-purchase and home maintenance counseling • Contribution of 3.5% of the purchase price for a down payment • Approval and first mortgage commitment for the purchase of a house from a mortgage lender • Federal income limitations for household size • No more than 30% of a homebuyer’s gross monthly income can go to monthly payments for principal, interest, taxes and insurance. EDCOR also offers a Low Interest Home Improvement Program. This program, made available with HUD funding, pro vides a 3% low-interest, home-improve ment loan to income-eligible residents un able to afford conventional loans for home improvement. EDCOR will also assist with wiring, HVAC and plumbing corrections and updates, structural issues, foundations

awarded in two installments. The fi rst is given upon 10 years of residency in a qual ifying home. The residence must be a sin gle-family home sold for $50,000 or more, If all requirements are met, the grantees re ceive 80% of their award amount. After 15 years of residency, the balance is paid as a second installment. The student debt, incurred upon the completion of a bachelor’s or more ad vanced degree, must be completed within 10 years prior to applying. Additional re quirements include proof of student loan, being current on student loan obligations and being current with all taxes associated with the property. The Student Loan Assistance Grant Pro gram, established in 2019, is funded by lo cal income taxes and administered by the Newburgh Heights Community Improve ment Corporation. Information: Housing and Building Department, 216-641-2716, newburgh-oh.gov/home/ student-loan-assistance-program OHIO HOUSING FINANCE AGENCY Since 1983, the Ohio Housing Finance Agency (OHFA) has provided more than 150,000 Ohio homebuyers with more than $11 billion in affordable mortgage loans. The OHFA is not a direct mortgage lender, but purchases quali fi ed mortgages originat ed through its private sector lending part ner. (Participating Ohio lenders include: First Ohio Home Finance, US Bank Home Mortgage, First Federal Lakewood, Portage Community Bank, CrossCountry Mortgage and more in 600 plus locations.) Ohioans are eligible for an OHFA fi rst time homebuyer program if: they have not owned their primary residence in the past three years; they are a honorably discharged veteran; purchase a house in a target area. Grants for Grads provides grants to bor rowers who have graduated within the past 48 months with an associate’s bachelor’s master’s, doctorate or other post-graduate degree from an accredited school. Addi tional requirements are also necessary, in cluding income and purchase price limits. The OHFA Ohio Heroes program is geared toward homebuyers who are vet erans, active duty military members or members of reserve components, includ ing surviving spouses; police; fi re fi ghters; EMTS and paramedics; physicians and nurses; and K-12 teachers, administrators and counselors. Information: 614-466-7970, ohiohome.org

and driveways and more. Information: cityofeuclid.com NEWBURGH HEIGHTS

The Student Loan Assistance Grant Pro gram allows homebuyers in Newburgh Heights to obtain grants for 50% of stu dent loan debt, up to $50,000. Grants are

STATISTICS SOURCE: NAR.REALTOR/RESEARCH-AND-STATISTICS/CITATION-GUIDELINES-FOR-NAR-RESEARCH-STATISTICS

Akron Cleveland Association of REALTORS ® ACAR 7