Loading Content...
Fairmount, Canton: Housing Market Shifts and Doubling Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Fairmount, a neighborhood in Canton, Ohio, has experienced significant shifts in its housing market over the past decade. This community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Fairmount has shown a notable decline over the years. In 2013, 68% of residents owned their homes, but by 2022, this figure had dropped to 53%. This decrease in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price in Fairmount was $36,086. By 2022, it had more than doubled to $77,389, representing a 114% increase over nine years. The relationship between federal interest rates and homeownership rates in Fairmount follows a well-established trend. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 0.40%, homeownership rates initially remained relatively stable. However, despite these low rates, homeownership began to decline more sharply from 2020 onwards, dropping from 66% in 2019 to 53% in 2022. This suggests that other factors, such as rapidly increasing home prices, may have outweighed the potential benefits of low interest rates for potential homebuyers.
Conversely, the percentage of renters in Fairmount has increased from 32% in 2013 to 47% in 2022. This rise in renters has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $610, which decreased to $472 in 2015 before rising again to $567 in 2022. The population of Fairmount has also fluctuated during this period, reaching a peak of 6,344 in 2013 before declining to 5,096 in 2022. These population changes may have influenced the demand for rental properties and, consequently, rent prices.
In 2023 and 2024, Fairmount's housing market continued to evolve. The average home price in 2023 reached $81,241, a 5% increase from 2022. In 2024, it further climbed to $92,207, representing a substantial 13.5% year-over-year increase. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with rising home prices, may further impact homeownership trends in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Fairmount are likely to continue their upward trajectory over the next five years. Based on the historical data and current trends, we can expect average home prices to potentially reach or exceed $120,000 by 2029. Average rent prices, which have shown more volatility, are predicted to stabilize and gradually increase, potentially reaching around $650-$700 per month in the same timeframe.
In summary, Fairmount has witnessed a significant shift from homeownership to renting over the past decade, coupled with a substantial increase in average home prices. The neighborhood has experienced population fluctuations and varying rent prices, reflecting a dynamic housing market. With continued rising home prices and higher interest rates, the trend towards renting may persist in the near future, while both home values and rent prices are expected to continue their upward trajectory.
