SOUTH EUCLID, Ohio — Homebuyers in Northeast Ohio have found themselves still struggling to buy a home years after the pandemic as inventory remains low and mortgage rates and home values remain high or on the rise.
"I have never seen the inventory so low," realtor Denise Franklin said. "I went to search for a home in one city, and zero came up. I couldn’t believe it. Did I put this in incorrectly? Not one house."
In the 1930s, the term "The American Dream" was coined, meaning anyone can achieve success and move up in society.
But for some, moving up feels like it's never been so out of reach.
For Brandon and Yolanda Sloan, it’s time to move out of their South Euclid home. That’s what happens when three kids grow up and take over the home's one full bathroom.
"Somebody is running out of hot water," Yolanda Sloan laughed.
For the past three months, these parents quickly realized that finding a new dream home with more space is a lot less easy than it was when they bought it in 2009.
"It would be a list of 150 houses or more [for sale], whereas now if you look up South Euclid, everything is contingent and pending, and it’s a good 20 houses to look at but none are what you’re looking for," Brandon Sloan explained.
It's a growing gap: People trapped where they are, facing the shrinking value of their dollar and unable to afford the next logical step in the game of life.
"Is the American dream still alive? It’s still alive, it’s just harder to get to it," Franklin said.
Data from the National Association of REALTORS shows that first-time home buyers wait longer than ever. That amounts to an average age of 38 years old, compared to 35 years old just last summer.
If you’re looking for new home builds to help bridge that gap, keep looking, argues Andrew Gotlieb.
The president at Keystate Homes and the 2025 President of the Greater Cleveland Homebuilders Association explained most of their portfolio is in higher-end homes because that’s just where the numbers make sense.
"Right now, it’s really hard to build an affordable home for under $400,000," Gotlieb explained. "It's tough for people to swallow that, and I don’t think it’s getting any cheaper. Do you think the American dream of owning a home still alive? I think it’s tough for people in my age demographic because they’re in the gap between the recession and COVID-19."
In the years ahead, Gotlieb hopes to see that change.
For the Sloans, they’re searching for a house at least 50% larger. But that means they’re preparing to spend more than double to get there in order to live their version of the American dream.
"You put in the work, you set a goal and you do the best you can to achieve it," Brandon Sloan added.
So what does 2025 look like for those looking to buy a home?
The National Association of REALTORS announced after the election they don’t expect mortgage rates to change too must, anticipating those to stabilize at around 6% percent next year, which would still be double what home buyers saw back in 2020 and 2021.
The NAR also expects to see home sales rise 9% nationally, with new homes jumping by 11% thanks to a healthy stock market and improving job numbers.
Clay LePard is a special projects reporter at News 5 Cleveland. Follow him on Twitter @ClayLePard, on Facebook Clay LePard News 5 or email him at Clay.LePard@WEWS.com.
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