Abstract

The United States housing market has changed drastically in the past two decades, but literature on housing regularly studies past trends rather than where current affordability is heading. Changes in housing affordability shape the extent in which families can withstand financial hardship and benefit from housing as a source of wealth accumulation. This thesis presents a descriptive and quasi-experimental analysis of housing affordability in Ohio from 2005 to 2023, using mean difference tests, difference-in-differences models, and event study analysis to examine changes in income, interest rates, housing costs, and other key measures of affordability across city groups. The analysis combines housing price data from Zillow, demographic and income data from the U.S. Census Bureau, and interest rate data from the Federal Reserve Economic Data database. The results are consistent with a user cost framework in which financial constraints, limited housing supply growth, and rising housing prices have contributed to greater barriers to homeownership.

Advisor

Smith, Joseph

Second Advisor

Ma, Changzhi

Department

Statistical and Data Sciences

Disciplines

Data Science | Real Estate

Keywords

Housing Affordability, Housing Markets, Difference-in-Differences, Event Study, Price-to-Income Ratio, Mortgage Costs, Housing Prices, Ohio Housing Market

Publication Date

2026

Degree Granted

Bachelor of Arts

Document Type

Senior Independent Study Thesis

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