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Ashley, Ohio: Rising Home Values and Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ashley, Ohio: A Decade of Housing Market Transformation Ashley, located in Ohio, is a small community that has experienced notable changes in its housing market over the past decade. The city has seen a gradual shift from homeownership to renting, accompanied by significant fluctuations in average home prices and rent costs. This analysis will explore these trends and their interrelationships, providing insights into the local real estate dynamics. From 2013 to 2022, Ashley experienced a substantial decline in homeownership rates, dropping from 71% to 56%. During this same period, average home prices showed a consistent upward trend. In 2013, the average home price was $111,378, which steadily increased to $236,774 by 2022, representing a remarkable 112.6% growth over nine years. This inverse relationship suggests that rising home prices may have contributed to the decreasing rate of homeownership, as properties became less affordable for potential buyers.
The federal interest rate trends appear to have influenced homeownership rates in Ashley. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 70%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates declined more rapidly. This trend aligns with the general economic principle that higher interest rates can discourage home buying due to increased borrowing costs.
As homeownership declined, the percentage of renters in Ashley increased from 28% in 2013 to 44% in 2022. Correspondingly, average rent prices rose from $638 in 2013 to $966 in 2022, a 51.4% increase. This upward trend in rent prices may be attributed to the growing demand for rental properties as fewer residents opted for homeownership. The population fluctuations during this period, ranging from a low of 1,537 in 2013 to a high of 2,185 in 2018, likely contributed to the varying demand for rental properties and subsequent rent price adjustments.
In 2023 and 2024, Ashley continued to see growth in average home prices. The average home price reached $250,103 in 2023 and further increased to $253,741 in 2024, representing a 7.2% rise from 2022 to 2024. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the village.
Looking ahead, based on the observed trends, it's projected that average home prices in Ashley will continue to rise over the next five years, albeit at a potentially slower rate due to the high interest rates. A conservative estimate suggests average home prices could reach around $280,000 to $300,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,100 to $1,200 per month by 2029, driven by the ongoing shift towards renting and general inflationary pressures.
In summary, Ashley has experienced a clear trend of declining homeownership and rising home prices over the past decade. This shift has been accompanied by an increase in the renter population and rising rent costs. The interplay between federal interest rates, housing affordability, and population changes has significantly shaped these trends. As the village moves forward, it's likely to see continued growth in both home values and rent prices, with the balance between owners and renters potentially stabilizing as the market adjusts to new economic realities.
