In collaboration with our national partner CFED, we co-released the 2016 Assets and Opportunity Scorecard today. Ohio has made some improvements in job creation and public policy supports for working families but overall, the statistics and grades regarding the status of Ohio’s housing and financial assets are below average.
Specifically, Ohio received a “D” In the Housing & Homeownership category, driven by a high foreclosure rate (2.43%), high percentage of high ‐ cost mortgage loans (7.42%) and large racial disparities in homeownership rates, which are 1.8 times higher for white residents than for residents of color. The state received “C” grades in Financial Assets & Income fueled by high asset poverty rates, a 27% un- and under-banked rate, and infective rules on high-cost small dollar lending.
Specific statistics are listed below:
* 2.43% of mortgage loans issued in Ohio are in foreclosure
* 7.4% of mortgage loans issued in Ohio are high-cost
* 24.7% of homeowners in Ohio are cost-burdened
* 65.3% of Ohio households are homeowners
* 2.59 times as many of the richest 20% of households in Ohio own a home compared to the poorest 20%
* 48.1% of renters in Ohio are cost burdened
* 23.7% of Ohio households live in asset poverty
* 44.7% of Ohio households live in liquid asset poverty
* 15.1% of Ohio households live in income poverty
* 50.1% of Ohio credit users have prime credit
* 7.2% of Ohio households are unbanked
* 65.6% of Ohio households have savings accounts
* 20.0% of Ohio households are underbanked
There are a host public and private policies that can help working families reach greater stability. Specific policies are listed below:
* Create a broader, more inclusive down-payment assistance to fund to help achieve homeownership.
* Improve access to fair and safe mortgage products to help increase the home ownership rate.
* Reestablish foreclosure prevention efforts to help curb the stubbornly high foreclosure, delinquency, and vacancy rats.
* Better inform and protect tenants in foreclosure.
* Enforce payday and auto-title lending rules to protect Ohio families from debt cycles.
* Make the Earned Income Tax Credit a refundable credit at the state level.
* Regulate paid tax preparation to help with claiming the EITC and delivering a full refund to families.
* Increase access to fair and no cost checking and saving costs.
Access to the Ohio-specific report here.
Access to the national report here.