Homeownership must become more accessible for our communities to get stronger | Opinion

It is a challenging time to be in the market for a new home in the Cincinnati area, as anyone who has dipped their toes into the real estate market lately will attest. Prices have increased sharply. Interest rates are among the highest of the past 20 years. Even though the number of available homes to buy is increasing, as the Enquirer reported earlier this year, inventory still is not enough to meet demand. Especially for first-time homebuyers, the path from renting to owning can be so overwhelming that many simply give up.

This is not good for those individuals. Owning a home is often a step toward financial stability and building wealth. Unlike rents, mortgage costs remain relatively stable. Homeowners generally build equity over time, increasing their net worth.

We need more housing in Greater Cincinnati, and we especially need housing that helps people live healthy lives − housing that doesn’t overextend them financially, in safe, walkable communities, and in neighborhoods where they feel a sense of belonging.

These things should not be a challenge to find, and yet for so many people in our region, they feel out of reach. That’s why our community has to work together to ease the path to homeownership for all. Doing so not only will help those individuals − it will benefit our community in both the short and long term.

Homeownership, regardless of income level, leads to increased civic engagement, a study from Habitat for Humanity found. It makes communities more stable. Homeowners are more likely to participate in local elections and community groups. Homeowners are more likely than renters to invest in their homes and communities, leading to overall healthier places to live.

Some of this is on us as real estate agents. It’s our job to help people connect with housing that fits their lives. We do that every day as we represent our clients, of course, but in Greater Cincinnati, we also do it through community involvement.

For example, one of our members, Darrick Dansby − who is also president of the Greater Cincinnati Realtist Association − has worked closely on Cincinnati’s Connected Communities initiative, which is a series of land use, zoning and policy changes to help our community become more focused on people, accessible housing and healthy lives.

More: Connected Communities plan a major step to fixing Cincinnati's housing crisis | Opinion

Heather Kopf and Jeff Rosa, two Cincinnati-area real estate agents, last year led the efforts to legalize accessory dwelling units on single-family housing lots. Accessory dwelling units can be a critical part of adding affordable housing options and increasing density, but until last fall, Cincinnati prohibited them.

And the entire real estate community − real estate agents, title companies, lenders and more − is partnering this year to build a Habitat for Humanity house in Lockland. But community involvement is only one piece of the puzzle.

As a region, we must support policies that make it easier for people to become homeowners. The accessory dwelling unit ordinance approval was a great start − but we can and must do more to allow for greater density, especially in our urban areas.

At the state level, Ohio should continue to invest in programs that help people save to buy a home. In January, for example, Ohio officially unveiled Ohio Homebuyer Plus, a program that helps Ohioans save for a down payment. The program allows Ohioans to deduct contributions to down payment savings accounts from their state taxes. The state is also supporting those saving accounts with higher interest rates.

Homeownership may not be for everyone, and renting has a place in every community and in certain stages of life. But the housing crisis is a community crisis, one that affects all of us, regardless of whether we already own a home or hope to one day. And it’s something we all should be paying attention to − and working toward solving together.

Tracy Dunne is a Cincinnati real estate agent and president of the Realtor Alliance of Greater Cincinnati.

This article originally appeared on Cincinnati Enquirer: Homeownership the key to making our communities stronger