The Future of Household Formation and Homeownership in Ohio

Forecasting State Homeownership Trends

Trends in household formation and homeownership have important implications for states’ housing markets and broader economies. They also reveal who has benefited from homeownership and who has been shut out of this critical wealth-building tool. To better understand the past and future of household formation and homeownership in Ohio, we look at trends by age, race, and ethnicity. Our projections, using data from decennial censuses and the American Community Survey, show what will happen over the next two decades if current policies stay the same. For more details on the methodology, see our report.

Household Formation

We look at changes in the number of households (defined as one or more people who live in a housing unit) for four racial and ethnic groups: Hispanic, non-Hispanic white, non-Hispanic Black, and people of other races, which includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people (all of whom are non-Hispanic). We also examine household formation trends for people younger than 65 and people ages 65 and older.

Number of Households and Household Growth

Number of Households in Ohio, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 4,079,913 4,445,432 4,603,330 4,768,876 4,965,094 5,041,013
White 3,596,688 3,798,891 3,832,140 3,825,340 3,824,103 3,691,276
Black 410,076 484,749 549,280 620,180 686,165 746,002
Hispanic 38,219 62,191 98,210 151,955 212,429 280,524
Other 34,930 99,601 123,700 171,401 242,398 323,211
  Household Growth: Ohio Household Growth: Nationwide
2010–2020 2020–2030 2030–2040 2010–2020 2020–2030 2030–2040
Total 3.6% 4.1% 1.5% 5.9% 6.4% 5.4%
White −0.2% −0.0% −3.5% 0.1% 0.5% −1.3%
Black 12.9% 10.6% 8.7% 9.9% 10.1% 8.8%
Hispanic 54.7% 39.8% 32.1% 22.1% 19.2% 17.3%
Other 38.6% 41.4% 33.3% 20.9% 20.0% 18.4%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Number of Households in Ohio, by Age


 

Number of Households in Ohio, by Age, Race, and Ethnicity
 
  Younger than 65 65 and older
White Black Hispanic Other White Black Hispanic Other
1990 2,755,538 333,296 34,983 32,637 841,150 76,780 3,236 2,293
2000 2,910,005 398,544 55,889 90,129 888,886 86,205 6,302 9,472
2010 2,883,010 452,030 88,550 109,850 949,130 97,250 9,660 13,850
2020 2,641,802 483,752 134,483 150,453 1,183,538 136,429 17,472 20,948
2030 2,381,547 498,428 183,542 206,432 1,442,556 187,737 28,887 35,966
2040 2,254,874 537,311 235,483 273,969 1,436,402 208,691 45,041 49,242
Number of Households in the United States, by Age, Race, and Ethnicity
 
  Younger than 65 65 and older
White Black Hispanic Other White Black Hispanic Other
2000 60,344,232 9,972,344 8,293,773 4,728,999 18,748,904 1,835,658 928,629 627,564
2020 55,784,880 11,872,258 14,733,722 7,456,779 26,591,297 3,379,648 2,550,232 1,616,708
2040 48,524,107 13,051,680 19,825,205 10,817,807 33,236,589 5,553,598 6,026,735 3,088,951

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020 and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Household Racial and Ethnic Composition, by Age, in Ohio, and Nationwide

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Homeownership

We look at changes in homeownership for four racial and ethnic groups: Hispanic, non-Hispanic white, non-Hispanic Black, and people of other races, which includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people (all of whom are non-Hispanic). We also examine trends in the number of homeowners and renters younger than 65 and people 65 and older.

Ohio Homeownership Rates, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 67.5% 69.1% 67.6% 66.4% 66.0% 65.3%
White 70.8% 73.4% 72.9% 73.1% 73.3% 73.1%
Black 42.1% 42.7% 38.7% 34.7% 35.0% 35.3%
Hispanic 49.8% 46.8% 44.3% 47.6% 51.4% 54.4%
Other 48.7% 48.1% 50.8% 48.8% 51.8% 55.0%
National Homeownership Rates, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 65.3% 66.2% 65.1% 64.7% 63.6% 62.2%
White 70.1% 72.4% 72.2% 73.0% 72.5% 71.4%
Black 45.2% 46.3% 44.3% 41.9% 41.1% 40.6%
Hispanic 43.3% 45.7% 47.3% 49.0% 50.2% 51.3%
Other 53.7% 53.0% 56.3% 58.1% 57.9% 57.4%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Homeowners and Renters, by Age, in Ohio and Nationwide

Ohio Homeownership Rates, by Age
 
  1990 2000 2010 2020 2030 2040
Younger than 65 65.0% 66.4% 64.3% 61.9% 61.1% 61.2%
65 and older 76.1% 78.4% 78.3% 77.9% 75.4% 73.0%
National Homeownership Rates, by Age
 
  1990 2000 2010 2020 2030 2040
Younger than 65 62.3% 63.0% 61.6% 59.5% 57.5% 56.5%
65 and older 75.8% 78.1% 77.5% 78.4% 76.0% 73.0%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Note: Values for 2020, 2030, and 2040 are projected values.

Millions of Owners and Renters in Ohio and Nationwide, by Age

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Note: Values for 2020, 2030, and 2040 are projected values.