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Duncan Falls, Ohio: Rising Home Values and Ownership Rates Defy Interest Rate Trends
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
Duncan Falls, Ohio, is a small community located in Muskingum County. This charming town has experienced significant changes in homeownership rates and housing prices over the past decade. The city has seen a general trend of increasing homeownership rates, accompanied by rising average home prices and fluctuating average rent prices.
The homeownership rate in Duncan Falls has shown a notable upward trend, particularly in recent years. In 2013, the homeownership rate was 82%, which increased to 92% by 2022. This substantial rise in homeownership coincided with a significant increase in average home prices. In 2012, the average home price was $90,579, which steadily climbed to $173,578 by 2022, representing a 91.6% increase over a decade.
The relationship between federal interest rates and homeownership rates in Duncan Falls appears to follow the expected pattern. From 2013 to 2022, as interest rates remained relatively low, ranging from 0.11% to 1.68%, homeownership rates increased from 82% to 92%. This trend aligns with the general principle that lower interest rates make home financing more affordable, encouraging higher homeownership rates.
Conversely, the percentage of renters in Duncan Falls has decreased over time, dropping from 18% in 2013 to 8% in 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $691, which decreased to $449 by 2017, before rising again to $544 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market influenced by various factors, including the growing preference for homeownership in the area.
In 2023 and 2024, the housing market in Duncan Falls continued to show growth. The average home price reached $182,045 in 2023 and further increased to $192,343 in 2024. This represents a 10.8% increase over two years, indicating a continued strong housing market. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Looking ahead, based on the historical data and current trends, we can project continued growth in average home prices for Duncan Falls. Applying a simple linear regression model, we can estimate that average home prices could reach approximately $230,000 by 2029. For rent prices, given their historical volatility, predictions are less certain. However, if the current upward trend continues, average rent prices could potentially increase to around $600-$650 by 2029.
In summary, Duncan Falls has experienced a significant increase in homeownership rates and average home prices over the past decade. The inverse relationship between homeownership and renting percentages, coupled with the volatility in rent prices, paints a picture of a dynamic housing market. The continued rise in home prices, even in the face of increasing interest rates, suggests a robust demand for housing in this Ohio community.
