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Felicity, Ohio: Rising Home Values and Changing Ownership Patterns
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
Felicity, Ohio, is a small community nestled in Clermont County. This quaint village has experienced significant fluctuations in its housing market and demographic composition over the past decade. The ownership percentage has shown a general upward trend, while average home prices have steadily increased. Average rent prices have also risen, albeit with some volatility.
The homeownership rate in Felicity has seen an overall increase from 2013 to 2022. In 2013, 74% of residents owned their homes, and this figure rose to a peak of 82% in 2019. However, there was a slight decline to 71% by 2022. This trend generally correlates with the rise in average home prices, which increased from $95,323 in 2010 to $205,742 in 2022, representing a substantial 115.8% increase over 12 years.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2016, interest rates remained exceptionally low, hovering around 0.1% to 0.4%. This period coincided with the increase in homeownership rates, as low interest rates made mortgages more affordable. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership rates from the 2019 peak of 82% to 71% in 2022.
The renter population in Felicity has fluctuated inversely to homeownership rates. In 2013, 26% of residents were renters, which decreased to a low of 18% in 2019 before rising again to 29% in 2022. Average rent prices have shown an overall upward trend, increasing from $642 in 2013 to $717 in 2022, a 11.7% increase. However, there were some fluctuations, with rent prices dipping to $608 in 2017 before rising again.
In 2023 and 2024, we see a continuation of the upward trend in average home prices, with values reaching $207,379 in 2023 and $215,086 in 2024. This represents a 4.5% increase from 2022 to 2024. Interestingly, federal interest rates have also seen a significant jump, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates.
Looking ahead, we can predict that average home prices in Felicity will continue to rise over the next five years, potentially reaching around $250,000 by 2029 if the current trend persists. Average rent prices may also continue to increase, possibly surpassing $800 per month within the same timeframe. However, these projections may be influenced by various factors, including economic conditions and local market dynamics.
In summary, Felicity has experienced a general trend of increasing homeownership rates and rising average home prices over the past decade. The rental market has seen more volatility, with fluctuating renter percentages and a moderate increase in average rent prices. The recent sharp rise in federal interest rates may pose challenges to homeownership in the coming years, potentially leading to a shift in the balance between owners and renters in this small Ohio community.
