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Carthage Housing Market: Rising Home Values Amidst Fluctuating Ownership Rates
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
Carthage, a neighborhood in Cincinnati, Ohio, has experienced significant changes in its housing market over the past decade. This historic area has seen a substantial increase in average home prices, while homeownership rates have remained relatively stable. From 2010 to 2022, the average home price in Carthage rose from $59,929 to $116,846, representing a 95% increase. Despite this appreciation, homeownership rates have fluctuated only slightly, ranging from 49% to 57% during this period. Federal interest rates have influenced homeownership trends in Carthage. In 2020, when interest rates dropped to 0.38%, the homeownership rate increased to 57% from 53% the previous year. This demonstrates the impact of lower interest rates on encouraging homeownership through more affordable financing options. However, other factors such as local economic conditions and housing supply also play a role in determining homeownership rates. The rental market in Carthage has also seen changes, with renter percentages fluctuating between 39% and 51% from 2013 to 2018. Average rent prices have generally increased, rising from $655 in 2013 to $1,073 in 2021, a 64% increase over eight years. However, in 2022, there was a notable decrease in average rent to $789, possibly due to shifts in local housing market conditions or economic factors.
As of 2024, the average home price in Carthage has reached $128,096, continuing the upward trend observed in previous years. This represents a 7.8% increase from the 2023 average price of $118,873. Concurrently, federal interest rates have risen to 5.33% in 2024, up from 5.02% in 2023. These higher interest rates may impact homebuying decisions in the neighborhood, potentially affecting future homeownership rates.
Looking ahead, based on the historical data and current trends, it's projected that average home prices in Carthage will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties in the area. However, the rate of increase may be tempered by affordability concerns and potential shifts in the local economy.
In summary, Carthage has experienced a significant appreciation in average home values over the past decade, with a more moderate increase in average rent prices. Homeownership rates have remained relatively stable despite these changes, suggesting a resilient housing market. The interplay between federal interest rates, local economic conditions, and housing affordability will likely continue to shape the neighborhood's real estate landscape in the coming years.
