The cost of housing continues to rise, partly because of the market price
of a home and partly because of the increase in home construction costs.
At right are average percentage changes for construction costs in Ohio
and the US. As an example, a residential home built in 1995 for $100,000
in Ohio would cost approximately $110,800 to build in 2000 ($100,000 x
1.108, which is the factor for 10.8%).
Most insurance companies readily include an endorsement on homeowners insurance policies known as “Inflation Guard Protection,” which automatically adjusts each year the amount of insurance coverage provided on a home in accordance with similar construction cost factors.
| • | Minorities: | 48.2% |
| • | Hispanics: | 46.7% |
| • | Residents of central cities: | 51.9% |
| • | Female-headed households: | 53.3% |
| • | Households under the median family income: | 52.2% |
| • | Married couples under age 35: | 61% |