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Bloomingdale, Ohio: Average Home Values and Ownership Trends Amid Market Volatility
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
Bloomingdale, Ohio, is a small community located in Jefferson County. This quaint village has experienced significant fluctuations in its population and housing market over the past decade. The trends in homeownership and average home prices have shown notable shifts, while rental rates and prices have also undergone changes.
The homeownership rate in Bloomingdale has seen considerable variation from 2013 to 2022. In 2013, the village boasted a high 92% homeownership rate. However, this figure decreased to 74% by 2018, indicating a shift towards more rental occupancy. Interestingly, the trend reversed in subsequent years, with homeownership climbing back to 89% in 2020. As of 2022, the homeownership rate stood at 66%, showing a significant drop. During this period, average home prices in the village increased steadily. From 2016 to 2022, average home prices rose from $114,008 to $170,278, representing a 49.4% increase over six years.
The relationship between federal interest rates and homeownership rates in Bloomingdale shows some correlation. As interest rates remained low from 2013 to 2015 (below 0.15%), homeownership rates were high, above 80%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed more volatility, ultimately decreasing to 66% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Rental trends in Bloomingdale have shown interesting patterns. The percentage of renters increased from 8% in 2013 to 26% in 2018, coinciding with a period of stable median rent prices at $850 to $863. However, as the population declined from 735 in 2017 to 448 in 2022, rental rates became more volatile. In 2022, the renter percentage jumped to 34%, the highest in the observed period, with median rent reaching $1,024, a 20.5% increase from 2019.
Looking at the most recent data, the average home price in Bloomingdale rose to $171,510 in 2023 and further increased to $176,884 in 2024. This represents a modest but steady growth of 3.9% from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the village.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Bloomingdale will continue to rise, potentially reaching around $200,000 by 2029. This projection is based on the consistent upward trend observed from 2016 to 2024. For rent prices, the forecast suggests a potential increase to approximately $1,200 per month by 2029, considering the sharp rise observed between 2020 and 2022.
In summary, Bloomingdale has experienced significant shifts in its housing market. The community has seen a general trend of increasing home values, fluctuating homeownership rates, and rising rental prices. The interplay between federal interest rates, population changes, and local economic factors has contributed to these dynamic housing market conditions. As the village moves forward, it will likely continue to see evolving trends in both homeownership and rental markets, shaped by broader economic conditions and local demographic shifts.
