In the past decade, the median price for a home in the Dayton area has nearly doubled, going from $120,000 in 2014 to $239,900 through October this year, according to data from Dayton Realtors, which includes Montgomery, Greene, Warren, Darke and Preble counties.
But while the price of a home in the Dayton area continues to rise, Dayton Daily News reporting found, first-time homebuyers looking for a helping hand can turn to a variety of local, state and national programs.
Researching various programs about down payments and other financial assistance led Kuykendall to sign up for a course with the HomeOwnership Center, a program of County Corp, Montgomery County’s private nonprofit development corporation.
“After completing that course, I was able to get $10,000 for a down payment assistance to purchase a home,” he said. After that, he applied for County Corp.’s Pathway to Homeownership, a resource for low- to moderate-income individuals and their families to seek homeownership.
Kuykendall said that led to his paying $140,000 for a home County Corp. built on Auburn Street, a 1,200-square-foot, 3-bedroom, 2-bath home with a detached garage.
Credit: Jim Noelker
Credit: Jim Noelker
“Man, I was blessed,’ he said. “I’m always excited to talk about that experience that I went through, but also provide some hope (and) some knowledge that there are things out here in Dayton that can definitely assist the community.”
‘Importance of homeownership’
In October 2024, the median sales price for a home in the the Dayton area was $245,000, which is nearly 4.3% more than a year before when it was $235,000, according to Dayton Realtors data released Thursday.
The region’s home prices trend mirrors what’s going on across Ohio. In October, the average statewide home price reached $290,223, a 6.1% increase from the $273,554 mark posted in October 2023, according to Ohio Realtors data released Thursday.
Potential homeowners are made aware of home ownership assistance in a variety of ways because “communities recognize the importance of homeownership,” according to Anita Schmaltz, vice president of financial wellness at the HomeOwnership Center.
“Homeownership is often associated with long-term wealth generation, and the ability to transfer wealth from one generation to the next,” Schmaltz said. “When first-time homebuyers are successful, they are setting themselves on a trajectory for greater long-term financial stability.”
Assistance available
Buying a home during a challenging time of price increases is feasible, but the results might take time, Schmaltz said.
“Sometimes it just is based on a really long housing search for a home within their price point,” Schmaltz said. “Sometimes it’s a matter of prioritizing needs and wants when you’re looking for a home.”
There are different programs that support first-time homebuyers with getting the down payment assistance they need.
“It might be where jurisdictions are supporting homeownership through down payment assistance funds,” Schmaltz said. “It might be through an Ohio Homebuyer Plus savings account with the (enhanced) interest rate. Some lenders are also offering down payment assistance ... in certain areas that have experienced disinvestment.”
There also are a variety of different tools that are out there that can make first-time homeownership achievable, “(but) not everyone is clearing those hurdles,” she said.
In addition, the U.S. Department of Housing and Urban Development, or HUD, is trying to make it easier for people to know about resources, Schmaltz said.
The Office of Housing Counseling has provided various social media campaigns and marketing support with its #LetsMakeHometheGoal campaign aimed at sharing homeownership opportunities and the impact of HUD-certified housing counseling in helping people achieve their financial and homeownership goals, she said.
“There are increasingly fewer metropolitan areas in which households are able to purchase a home with three times their household income,” Schmaltz said. “This has long been a standard of affordability. Layering different types of assistance and support, along with increasing the supply of affordable housing options, is critical to building the next generation of homeowners.”
Local market
Despite how much the price of a home has increased in the Dayton area, the region remains among the most affordable in the nation, according to Realtor.com. Based on data from the 75 largest metropolitan areas in the country, its median home price year-to-date in September sat at $239,000, well below below the national average of $427,000.
In June, the Dayton area’s median home sales price climbed to $255,000, its highest level ever, before declining for three consecutive months, dipping to as low as $232,000 in September before rising to $245,000 in October.
Dayton area’s home sales prices for the year are on track to top 2023. Year-to-date totals for median home sales price sat at $239,900 as of October, a 6.6% rise compared to 2023′s $225,000 year-to-date price.
Kelly McCormick, president of Dayton Realtors and a realtor for 33 years said year-over-year home sales price increases can be attributed to the Dayton region continuing to see good economic growth, including increased job opportunities, especially in aerospace, research and development, transportation and the medical industry.
“Wright-Patterson Air Force Base, one of Ohio’s largest employers, is a primary source for home sales,” she said. “Our military community adds jobs and cultural contributions to the local area. Their relocation in and out of the suburbs continuously drives our market and increases interest in purchasing homes in our communities.”
Investors like the Dayton market, too, she said, because although the region has shown continuous increases in home prices, it still averages a bit lower than the national statistics, McCormick said.
Realtors are knowledgeable about down payment assistance programs that can benefit first-time buyers and essential to guide first-time home buyers through the complexities of purchasing a home, she said.
“They help buyers understand the current market conditions, navigate financing options and, most importantly, realtors understand how to prepare competitive offers best,” McCormick said.
Getting the word out
To raise awareness about homeownership assistance programs, sometimes jurisdictions offer information sessions, like the city of Kettering did this month at Dayton Metro Library’s Wilmington-Stroop branch, Schmaltz said.
Other times cities and townships will provide information at community meetings, like Dayton’s Wolf Creek neighborhood did during a June meeting or the city of Dayton did via an employee wellness fair in August.
Other times, social service organizations like Habitat for Humanity of Greater Dayton or Five Rivers Health Center will incorporate information about financial literacy and mortgage readiness into their events, Schmaltz said.
Professionals such as real estate agents or lenders will often connect homebuyers with existing resources to help make homeownership a reality, she said.
“Considering that is often the largest purchase that people are making, understanding it, understanding the costs and the process that are associated with it, having that information is incredibly important for any homebuyer, but particularly for first time homebuyers, especially if they come from a household that wasn’t a homeowner in the past,” Schmaltz said.
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