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Cairo, Ohio: Home Values Soar as Ownership Rates Decline
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
Cairo, located in Ohio, is a small community that has experienced significant demographic and housing market changes over the past decade. The city has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, Cairo witnessed a notable decline in homeownership rates. In 2013, the percentage of owner-occupied homes stood at 91%, but by 2022, this figure had dropped to 78%. This 13 percentage point decrease coincided with a substantial increase in average home prices. In 2013, the average home price was $67,236, which rose dramatically to $127,661 by 2022, representing a 90% increase over this period.
The relationship between federal interest rates and homeownership rates in Cairo shows some correlation. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained relatively high, above 83%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined. This trend aligns with the general economic principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Conversely, the percentage of renters in Cairo increased from 9% in 2013 to 22% in 2022. This rise in the renter population coincided with fluctuations in average rent prices. In 2013, the average rent was $805, which decreased to $631 by 2017, before rising again to $742 in 2022. The population of Cairo also experienced significant changes during this period, growing from 738 in 2013 to 830 in 2022, which likely contributed to the increased demand for rental properties.
In 2023 and 2024, Cairo's housing market continued to evolve. The average home price in 2023 was $126,231, showing a slight decrease from 2022. However, in 2024, the average home price increased to $129,468. These changes occurred against a backdrop of significantly higher federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that Cairo may continue to see modest growth in average home prices over the next five years, potentially reaching around $140,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $800 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Cairo has experienced a shift towards a higher proportion of renters, coupled with substantial increases in average home prices over the past decade. The interplay between federal interest rates, local population changes, and housing market dynamics has shaped these trends. As the community continues to evolve, it will be important to monitor how these factors influence housing affordability and accessibility for both homeowners and renters in the coming years.
