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Campbell, Ohio: Rising Home Values Amidst Population Decline
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Campbell, Ohio, a small city nestled in Mahoning County, has experienced notable shifts in its housing landscape over the past decade. With a population of 7,819 in 2022 and covering an area of 3.72 square miles, this compact urban center has witnessed fluctuations in homeownership rates, average home prices, and average rent prices that reflect broader economic trends and local market dynamics.
The homeownership rate in Campbell has shown a slight decline over the years, dropping from 69% in 2013 to 67% in 2022. This trend coincides with a significant increase in average home prices, which rose from $34,996 in 2013 to $75,722 in 2022, representing a substantial 116% increase over this period. The most dramatic rise occurred between 2020 and 2022, with average home prices jumping from $50,934 to $75,722, a 49% increase in just two years.
Federal interest rates have played a crucial role in shaping homeownership trends in Campbell. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%, which likely contributed to the relatively stable homeownership rates during this time. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, we observe a corresponding decline in homeownership percentages, from 68% in 2016 to 67% in 2022.
Conversely, the renter population in Campbell has grown, with the percentage of renters increasing from 31% in 2013 to 33% in 2022. This shift has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $656, which dipped to $618 in 2017 before rising again to $657 in 2022. Despite these variations, the overall trend shows a modest increase in average rent prices, aligning with the growing renter population.
Looking at the most recent data, 2023 saw average home prices in Campbell reach $82,894, a further 9.5% increase from 2022. In 2024, this upward trend continued with average home prices hitting $90,132, representing an 8.7% year-over-year increase. Notably, federal interest rates climbed to 5.02% in 2023 and further to 5.33% in 2024, potentially impacting homebuying decisions and affordability in the area.
Applying predictive models to forecast the next five years, we anticipate that average home prices in Campbell will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $110,000 to $120,000 by 2029. Average rent prices are also expected to increase, potentially reaching $750 to $800 per month in the same timeframe, driven by ongoing demand for rental properties and overall inflationary pressures.
In summary, Campbell, Ohio has experienced a gradual shift towards a higher proportion of renters, coinciding with substantial increases in average home prices. The interplay between federal interest rates, local economic conditions, and housing market dynamics has shaped these trends. As the city moves forward, it faces the challenge of balancing housing affordability with the rising property values, which may continue to influence the homeownership landscape in the coming years.
