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Cadiz, Ohio: Homeownership Trends and Rising Property Values
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
Cadiz, Ohio, is a small community located in Harrison County. This charming village has experienced significant changes in its housing market over the past decade, with notable shifts in homeownership rates, average home prices, and average rent prices. The homeownership rate in Cadiz has remained relatively stable, with a slight decrease from 73% in 2018 to 71% in 2022. During this same period, average home prices have shown a substantial increase. In 2018, the average home price was $85,069, which rose to $121,995 by 2022, representing a remarkable 43.4% increase over four years. This upward trend in home prices appears to have had a minimal impact on homeownership rates, suggesting that local residents have maintained their ability to purchase homes despite rising costs.
Federal interest rates have played a role in shaping homeownership trends in Cadiz. From 2018 to 2020, interest rates declined from 1.83% to 0.38%, which likely contributed to the stability in homeownership rates during this period. The low interest rates made mortgage financing more affordable, potentially offsetting the impact of rising home prices. However, as interest rates began to climb in 2022 to 1.68%, we see a slight decrease in homeownership rates from 72% in 2020 to 71% in 2022.
The rental market in Cadiz has shown interesting trends as well. The percentage of renters increased slightly from 27% in 2018 to 29% in 2022. Average rent prices have fluctuated during this period, with a peak of $632 in 2020 before decreasing to $596 in 2022. This decrease in average rent prices, coupled with the slight increase in the renter population, suggests that the rental market has become more competitive or that there may have been an increase in more affordable rental options.
Looking at the most recent data, the average home price in Cadiz continued to rise, reaching $122,281 in 2023 and $123,784 in 2024. This represents a modest increase of 1.2% from 2022 to 2023 and another 1.2% from 2023 to 2024, indicating a slowdown in the rapid price growth seen in previous years. Interestingly, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Cadiz to continue rising, albeit at a more moderate pace. Based on the historical data and current economic conditions, average home prices could potentially reach around $135,000 to $140,000 by 2029. For average rent prices, the forecast suggests a possible increase to approximately $650 to $675 per month over the next five years, assuming economic conditions remain stable and housing demand continues to grow.
In summary, Cadiz has experienced significant growth in average home prices over the past decade, with a more recent moderation in price increases. Homeownership rates have remained relatively stable despite these price increases, likely supported by low interest rates in earlier years. The rental market has seen a slight increase in the percentage of renters, with fluctuations in average rent prices. As interest rates continue to rise, it will be crucial to monitor their impact on both the homeownership and rental markets in Cadiz in the coming years.
