Loading Content...
Evendale, Ohio: Rising Home Values and Ownership Rates Defy National Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Evendale, located in Ohio, is a small community with a population of 2,683 as of 2022. The village has experienced a notable trend of high homeownership rates and relatively stable property values over the past decade. This analysis will explore the dynamics between homeownership, rental markets, and housing prices in Evendale.
Homeownership in Evendale has shown a strong upward trend, particularly in recent years. The percentage of owner-occupied homes increased from 91% in 2019 to an impressive 97% in 2022. This surge in homeownership coincided with a significant rise in average home prices. In 2019, the average home price in Evendale was $326,421, which climbed to $423,601 by 2022, representing a 29.8% increase over just three years.
The relationship between federal interest rates and homeownership rates in Evendale appears to defy conventional wisdom. Despite rising interest rates from 0.08% in 2021 to 1.68% in 2022, homeownership in the village continued to increase. This suggests that local factors, such as job market stability or the desirability of the area, may have a stronger influence on homeownership trends in Evendale than national interest rates.
As homeownership rates increased, the rental market in Evendale experienced a corresponding decline. The percentage of renter-occupied units decreased from 9% in 2019 to just 3% in 2022. Interestingly, despite the shrinking rental market, average rent prices showed volatility. The average rent rose from $1,302 in 2019 to $1,669 in 2021, before dropping to $1,279 in 2022. This fluctuation could be attributed to the limited rental inventory and changing demand dynamics in the village.
Looking at the most recent data, the average home price in Evendale reached $450,559 in 2023 and further increased to $468,967 in 2024. This continued appreciation in home values occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing in the village.
Applying predictive models to forecast future trends, it's anticipated that average home prices in Evendale will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. The average home price could potentially reach around $525,000 by 2029. Rent prices, given their recent volatility and the shrinking rental market, are more challenging to predict but may stabilize or show modest increases, potentially reaching an average of $1,400-$1,500 per month by 2029.
In summary, Evendale has demonstrated a remarkable trend towards homeownership, with owner-occupied homes reaching 97% in 2022. This shift has been accompanied by significant appreciation in home values, which have continued to rise even in the face of increasing interest rates. The rental market has contracted substantially, with only 3% of units being renter-occupied as of 2022. These trends suggest a strong preference for homeownership in Evendale, potentially driven by local economic factors and the desirability of the area as a residential location.
