Loading Content...
Eldorado, Ohio: Rising Home Values and Ownership in a Small Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Eldorado, located in Ohio, has experienced significant shifts in its housing market and population dynamics over the past decade. This small community has seen notable changes in homeownership rates, average home prices, and rental trends, reflecting broader economic patterns and local developments.
The trend in homeownership in Eldorado has shown a steady increase from 2013 to 2022. In 2013, the owner-occupied rate was 70%, which grew consistently to reach 84% by 2022. This substantial 14 percentage point increase in homeownership coincided with a general upward trend in average home prices. In 2013, the average home price was $87,764, which rose to $147,955 by 2022, representing a 68.6% increase over this period.
The relationship between federal interest rates and homeownership rates in Eldorado appears to follow the expected pattern. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 1.68%, homeownership rates continued to climb. This trend aligns with the general understanding that lower interest rates make mortgages more affordable, encouraging home buying.
Conversely, the percentage of renters in Eldorado has decreased from 30% in 2013 to 16% in 2022. Despite this decline in the renter population, average rent prices have shown an overall increase. In 2013, the average rent was $768, which increased to $978 by 2022, a 27.3% rise. This trend suggests that while fewer people are renting, those who do are paying higher prices, possibly due to limited rental inventory or improved quality of available rentals.
In 2023 and 2024, Eldorado experienced further increases in average home prices. The average home price rose to $152,142 in 2023 and $155,971 in 2024, representing a 2.8% and 2.5% year-over-year increase, respectively. These increases occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on the observed trends, we can project continued growth in average home prices in Eldorado over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $170,000 to $180,000 by 2029. Rent prices are also likely to continue their upward trajectory, potentially reaching an average of $1,100 to $1,200 per month in the same timeframe.
In summary, Eldorado has witnessed a strong shift towards homeownership, with rising home values and increasing rent prices. The community has demonstrated resilience in its housing market, with consistent growth in property values even in the face of rising interest rates. These trends suggest a robust local economy and an attractive housing market that continues to favor homeownership.
