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Belpre, Ohio: Rising Home Values and Ownership Rates Amidst Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Belpre, a charming city located in Ohio with a population of 9,286 as of 2022, has experienced notable shifts in its housing landscape over the past decade. This small community has witnessed interesting trends in homeownership rates, average home prices, and average rent prices. The homeownership rate in Belpre has shown a general upward trend from 2013 to 2019, with some fluctuations in recent years. In 2013, 67% of residents owned their homes, and this percentage increased steadily to reach a peak of 78% in 2019. However, there has been a slight decline since then, with the ownership rate settling at 67% in 2022. Concurrently, average home prices in Belpre have experienced consistent growth. In 2013, the average home price was $110,029, and it has steadily increased to $178,118 by 2022, representing a substantial 61.9% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in Belpre. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This coincided with the initial rise in homeownership rates from 67% to 73%. As interest rates began to climb from 2017 onwards, reaching 2.16% in 2019, we still saw homeownership rates peak at 78%. However, the subsequent drop in ownership rates to 67% by 2022 occurred despite relatively low interest rates, suggesting other factors may have influenced this trend.
Renter percentages in Belpre have generally mirrored the inverse of homeownership rates. In 2013, 33% of residents were renters, and this figure decreased to a low of 22% in 2019 before rising again to 33% in 2022. Average rent prices have shown volatility over this period. Starting at $721 in 2013, average rent declined to a low of $565 in 2017 before rebounding to $734 in 2022. This represents a modest 1.8% increase in average rent over the entire period, significantly less than the growth in home prices.
Looking at the most recent data, average home prices in Belpre remained relatively stable from 2022 to 2023, with a slight decrease from $178,118 to $178,050. However, 2024 has seen a modest increase to $180,774. This trend occurs against a backdrop of rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, the highest levels in over a decade.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in Belpre to continue their upward trajectory, potentially reaching around $200,000 by 2029. Average rent prices are expected to follow a similar pattern, potentially increasing to approximately $850-$900 per month in the same timeframe.
In summary, Belpre has experienced significant growth in average home prices over the past decade, with homeownership rates peaking in 2019 before a recent decline. Rent prices have shown more volatility but have ultimately increased as well. The city's housing market has demonstrated resilience, with recent data showing continued growth despite rising interest rates. These trends suggest a dynamic housing market in Belpre, balancing between homeownership and rental options for its residents.
