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Columbiana, Ohio: Rising Home Values and Shifting Ownership Trends in a Small City
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
Columbiana, a city in Ohio, has experienced notable shifts in its housing market over the past decade. Located in Columbiana County, this charming community has seen fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, Columbiana's homeownership rate remained relatively stable, hovering around 72-73%. However, there was a slight decrease to 69% in 2022. During this same period, average home prices in the city showed a consistent upward trend. In 2013, the average home price was $123,187, which steadily increased to $207,588 by 2022, representing a significant 68.5% growth over nine years.
The relationship between federal interest rates and homeownership rates in Columbiana shows some correlation. For instance, from 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained steady at around 72%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates slightly increased to 73%, possibly due to buyers rushing to secure mortgages before rates climbed further.
Regarding rental trends, the percentage of renters in Columbiana fluctuated slightly between 26% and 29% from 2013 to 2022. Average rent prices showed a general upward trend during this period. In 2013, the average rent was $605, which increased to $660 by 2022, representing a 9.1% rise. The most significant jump occurred between 2020 and 2021, when average rent increased from $721 to $775, a 7.5% increase in just one year.
In 2023, the average home price in Columbiana reached $217,256, continuing the upward trend seen in previous years. This increase coincided with a significant rise in federal interest rates to 5.02%. Moving into 2024, the average home price further climbed to $224,700, while federal interest rates slightly increased to 5.33%. These higher interest rates may impact affordability and potentially influence future homeownership rates in the city.
Looking ahead, based on the observed trends, we can project that average home prices in Columbiana may continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. If the current trajectory persists, average home prices could potentially reach around $250,000 to $275,000 by 2029. For rent prices, the trend suggests a continued increase, possibly reaching an average of $750 to $800 per month within the next five years.
In summary, Columbiana has demonstrated a robust housing market with steadily increasing average home prices and a generally stable homeownership rate. The rental market has also shown growth, with rising average rents and a slight increase in the proportion of renters in recent years. These trends, coupled with the impact of changing interest rates, paint a picture of a dynamic housing market in this Ohio city.
