TOLEDO, Ohio — Homeownership has its benefits not only for the owner, but also the community.
The city of Toledo has been working on cleaning up neighborhood blight and tearing down abandoned homes, and city council member Cerssandra McPherson would like to see new homes in those vacant lots.
"In those areas where those houses are being torn down, we're going to have to look at how do we replace these housing," she said.
McPherson said new apartment developments continue to come to city council for approval. But with more complexes comes more renters, not homeowners.
"If we don't have homeowners, and building up and revitalizing our neighborhoods, when people drive in and look and see, it's not going to be a good look for the city of Toledo," she said.
Only 50% of Toledoans own a home, according to Toledo Housing and Community Development.
So, why aren't there more homeowners in the city?
Eddie Campos, president of Northwest Ohio Realtors, said interest rates are a major factor.
"When it's nearly 8% and two years ago they were around 3%, it makes some of these budgets out of control," he said. "They can't justify that big of an increase."
Campos recommends prospective home buyers look into the Ohio Homebuyer Plus Savings Program to help ease the burden.
"That's offered from the State of Ohio," he said. "Not only are you having a regular savings account, you're getting an enhanced interest rate, which is going to allow you to save more money to be able to have your down payment when you buy your home."
Campos also said the number of homes for sale has decreased over the years.
McPherson says that trend needs to be reversed.
"Sit down with developers and see how we can do this in our city because if we don't have homeowners, remember, homeowners pay taxes," McPherson said.
For those interested in learning more about buying a home, the city is hosting a homeownership fair at Scott High School on June 22 from 10 a.m. to 3 p.m.