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Carey, Ohio: Rising Home Values and Ownership Trends in a Small Community
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
Carey, located in Ohio, is a small community with a population of 4,477 as of 2022. This quaint village has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local dynamics.
The homeownership rate in Carey has shown some volatility between 2013 and 2022. In 2013, 61% of residents owned their homes. This figure peaked at 74% in 2016 before declining to 63% by 2022. During this same period, average home prices in the village steadily increased. In 2013, the average home price was $96,565, rising to $160,490 by 2022, representing a significant 66% increase over nine years. This upward trend in home prices, despite fluctuations in homeownership rates, suggests a complex interplay between housing affordability and local economic factors.
Federal interest rates have played a role in shaping homeownership trends in Carey. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership in the village increased from 61% to 74%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates in Carey declined to 63%, suggesting that higher borrowing costs may have impacted some residents' ability or willingness to purchase homes.
Renter percentages in Carey have inversely mirrored homeownership rates, ranging from a low of 26% in 2016 to 37% in 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $587, which decreased slightly to $549 in 2018 before rising sharply to $709 by 2022. This represents a 20.8% increase in average rent from 2013 to 2022. The increase in both rental rates and the proportion of renters suggests growing demand for rental properties in the village, possibly driven by rising home prices that may have priced some potential buyers out of the market.
In 2023 and 2024, Carey has continued to see growth in average home prices. The average home price reached $168,849 in 2023 and further increased to $177,686 in 2024, representing a 5.2% and 10.7% increase from 2022, respectively. This growth has occurred against a backdrop of significantly higher interest rates, with federal rates at 5.02% in 2023 and 5.33% in 2024, the highest levels in over a decade.
Looking ahead, based on recent trends, it's projected that average home prices in Carey could reach approximately $210,000 by 2029, assuming a continuation of the current growth rate. Average rent prices, if following the trend of the past few years, might increase to around $850 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Carey has experienced a notable increase in both home prices and rental rates over the past decade, with homeownership rates fluctuating in response to economic conditions and interest rate changes. The recent sharp rise in interest rates, coupled with continued growth in home prices, may present challenges for potential homebuyers in the coming years, potentially leading to a sustained demand for rental properties in the village.
