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Chesterhill, Ohio: Rising Home Values and Ownership Rates in a Small Village
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
Chesterhill, located in Ohio, has experienced significant fluctuations in its housing market over the past decade. This small community has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics. The homeownership rate in Chesterhill has shown a general upward trend, with some fluctuations. In 2013, the homeownership rate stood at 83%, dipping to 64% in 2016 before rebounding to 84% in 2022. This overall increase in homeownership coincides with a steady rise in average home prices. In 2013, the average home price was $69,942, which has consistently increased over the years, reaching $125,147 in 2022. This represents a substantial 78.9% increase in average home prices over a nine-year period.
The relationship between federal interest rates and homeownership rates in Chesterhill appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), we saw varying levels of homeownership, with a low of 64% in 2016. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership actually increased to 84%, suggesting that local factors may have played a more significant role than national interest rates in this particular market.
Renter percentages in Chesterhill have generally decreased as homeownership rates increased. The renter population peaked at 36% in 2016 and has since declined to 16% in 2022. Interestingly, average rent prices have shown a significant upward trend, particularly in recent years. In 2013, the average rent was $577, which remained relatively stable until 2019 when it was $586. However, from 2020 to 2022, there was a sharp increase, with average rent reaching $938 in 2022, representing a 62.6% increase from 2013 levels.
Looking at the most recent data, the average home price in Chesterhill reached $127,163 in 2023 and further increased to $132,407 in 2024. This continued upward trend in home prices occurs alongside a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and market dynamics.
Applying predictive models to forecast 5-year trends, we can expect the upward trajectory in both average home prices and rent prices to continue, albeit potentially at a more moderate pace. Average home prices could potentially reach around $150,000 to $160,000 by 2029, while average rent prices might approach or exceed $1,200 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, Chesterhill has experienced a notable increase in homeownership rates and a significant rise in both average home prices and rent prices over the past decade. The community has shown resilience in maintaining high homeownership rates despite rising property values and recent increases in interest rates. The sharp rise in rent prices, particularly since 2020, suggests a tightening rental market, which could further encourage homeownership if the trend continues.
