Loading Content...
Andover, Ohio: Fluctuating Home Values and Ownership in a Small Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Andover, located in Ohio, is a small community that has experienced fluctuating demographic and housing trends over the past decade. The city has seen variations in homeownership rates, average home prices, and average rent prices, reflecting broader economic and social changes. The homeownership rate in Andover has shown some volatility between 2013 and 2022. In 2013, the homeownership rate stood at 73%, which then declined to 65% in 2019, before rebounding to 73% in 2022. This trend coincides with changes in average home prices. The average home price in Andover has seen consistent growth, rising from $81,191 in 2010 to $150,629 in 2022, representing an 85.5% increase over 12 years. The relationship between homeownership rates and average home prices suggests that as prices increased, some residents may have found it more challenging to purchase homes, leading to the temporary dip in ownership rates. However, the recent uptick in homeownership despite rising prices could indicate improved economic conditions or changing preferences among residents.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2015, interest rates remained extremely low, hovering between 0.1% and 0.18%. During this period, homeownership rates in Andover were relatively stable, ranging from 69% to 73%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, we observed more fluctuation in homeownership rates. This suggests that while low interest rates generally encourage homeownership, other factors such as local economic conditions and housing supply also influence ownership trends.
Renter percentages in Andover have inversely mirrored homeownership rates, ranging from a low of 21% in 2016 to a high of 35% in 2019. Average rent prices have shown an overall upward trend, increasing from $542 in 2015 to $778 in 2022, a 43.5% rise. Interestingly, the peak in renter percentage (35% in 2019) coincided with a significant jump in average rent prices, from $645 in 2018 to $698 in 2019. This suggests that despite rising rents, more residents were renting, possibly due to constraints in the homebuying market or changing housing preferences.
In 2023 and 2024, average home prices in Andover continued to rise, reaching $154,846 in 2023 and $157,388 in 2024. This represents a modest increase of 1.6% from 2023 to 2024. Concurrently, federal interest rates have remained elevated, at 5.02% in 2023 and 5.33% in 2024, which may impact housing affordability and homeownership rates in the near future.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in Andover to continue their upward trajectory, albeit at a potentially slower pace. A 5-year forecast suggests average home prices could reach approximately $175,000 to $180,000 by 2029. Average rent prices are also likely to increase, potentially reaching $900 to $950 per month in the same timeframe. However, these projections may be influenced by broader economic factors, local development initiatives, and changes in population dynamics.
In summary, Andover has experienced notable changes in its housing market over the past decade. The community has seen a general trend of increasing home prices and rents, with fluctuations in homeownership rates. The interplay between federal interest rates, local economic conditions, and housing market dynamics continues to shape the residential landscape of this Ohio village.
