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Coal Grove's Housing Market: Declining Homeownership Amid Rising Home Values
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
Coal Grove, located in Ohio, is a small community with a population of 2,244 as of 2022. The village has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Coal Grove has shown a notable shift in recent years. In 2013, the percentage of owner-occupied homes stood at 71%. This rate remained stable until 2016 before increasing to 76% in 2018. However, a significant decline followed, with homeownership dropping to 61% by 2022. This decrease coincided with a rise in average home prices, which increased from $69,556 in 2019 to $89,799 in 2022, representing a substantial 29% increase over three years.
The relationship between federal interest rates and homeownership rates in Coal Grove aligns with general economic principles. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership rates stayed steady at 71%. The slight increase in interest rates to 1% in 2017 coincided with a small uptick in homeownership to 74%. However, as interest rates continued to rise, reaching 1.68% in 2022, homeownership rates declined to 61%, suggesting that higher borrowing costs may have impacted affordability for potential buyers.
Renter percentages in Coal Grove have inversely mirrored the homeownership trends. The proportion of renters increased from 29% in 2013 to 39% in 2022. This shift corresponded with a significant rise in average rent prices. In 2013, the average rent was $677, which increased to $788 by 2022, representing a 16.4% increase. The most dramatic jump occurred between 2018 and 2021, when average rent rose from $800 to $1,004, a 25.5% increase in just three years.
In 2023 and 2024, Coal Grove experienced a slight cooling in the housing market. The average home price decreased from $89,799 in 2022 to $85,512 in 2023, and further to $83,566 in 2024. This decline occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, suggesting local market factors may be influencing housing prices more than national interest rate trends.
Looking ahead, predictive models suggest a potential stabilization in housing prices over the next five years. Average home prices are expected to hover around the $85,000 mark, with modest fluctuations. Rent prices, however, are projected to continue their upward trajectory, potentially reaching an average of $1,200 by 2029. This forecast is based on the historical trend of increasing renter demand and the consistent rise in rent prices observed over the past decade.
In summary, Coal Grove has experienced a shift towards a higher proportion of renters, coupled with rising average rent prices. The housing market has shown volatility, with a recent peak in average home prices followed by a slight decline. These trends reflect the complex interplay between local economic conditions, national interest rates, and changing demographic preferences in this small Ohio community.
