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Clyde, Ohio: Home Values and Ownership in the Washing Machine Capital
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
Clyde, Ohio is a charming city located in Sandusky County, known for its rich history and small-town atmosphere. Over the past decade, Clyde has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market conditions. The homeownership rate in Clyde has remained relatively stable, hovering around 75% between 2013 and 2022. This high rate of homeownership indicates a strong preference for property ownership among residents. Concurrently, average home prices have shown a steady upward trend, particularly in recent years. In 2013, the average home price was $103,781, which gradually increased to $164,272 by 2022, representing a significant 58.3% increase over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in Clyde. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. This coincided with a slight increase in homeownership rates from 75% in 2013 to 76% in 2016. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, there was a minor fluctuation in homeownership rates, which settled at 75% in 2022. This demonstrates the inverse relationship between interest rates and homeownership, as lower rates typically make mortgages more affordable and encourage home buying.
Renter percentages in Clyde have shown slight variations, ranging from 22% to 28% between 2013 and 2022. The average rent prices have generally increased over this period, with some fluctuations. In 2013, the average rent was $631, which rose to $764 by 2019, representing a 21% increase. However, there was a slight decline in subsequent years, with the average rent settling at $677 in 2022. These trends in rental rates and percentages appear to be influenced by factors such as local economic conditions and housing supply.
In 2023 and 2024, Clyde's housing market continued to evolve. The average home price reached $173,656 in 2023 and further increased to $180,937 in 2024, showing a continued upward trajectory. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the city.
Looking ahead, based on the observed trends and current market conditions, we can project potential scenarios for Clyde's housing market over the next five years. Average home prices are likely to continue their upward trend, potentially reaching around $200,000 to $220,000 by 2029. However, the rate of increase may moderate due to higher interest rates. Average rent prices could also see modest increases, potentially reaching $750 to $800 per month by 2029, assuming steady demand for rental properties.
In summary, Clyde's housing market has demonstrated resilience and growth over the past decade. The city maintains a high rate of homeownership despite rising home prices, indicating a strong local economy and desirable living conditions. The interplay between federal interest rates, home prices, and rental markets will continue to shape Clyde's housing landscape in the coming years, with a trend towards increasing property values and potentially more balanced homeownership and rental markets.
