Loading Content...
Findlay, Ohio: Rising Home Values and Shifting Ownership Trends in a Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Findlay, Ohio, a vibrant city in the northwestern part of the state, is known for its strong manufacturing sector and as the headquarters of Marathon Petroleum. Over the past decade, Findlay has experienced interesting shifts in its housing market. The city has seen a gradual decrease in homeownership rates, coupled with rising average home prices and average rent costs.
The homeownership rate in Findlay has shown a slight downward trend over the years. In 2013, 65% of housing units were owner-occupied. This percentage remained stable until 2015 but began to decline thereafter. By 2022, the homeownership rate had dropped to 61%. Conversely, average home prices in Findlay have experienced significant growth. In 2013, the average home price was $124,260. By 2022, this figure had risen to $210,471, representing a substantial increase of 69.4% over nine years.
The relationship between federal interest rates and homeownership rates in Findlay presents an interesting dynamic. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), homeownership rates in Findlay continued to decline. This trend suggests that factors beyond interest rates, such as rising home prices or changes in local economic conditions, may have had a more significant impact on homeownership decisions in the city.
As homeownership rates decreased, the percentage of renters in Findlay increased from 35% in 2013 to 39% in 2022. This shift coincided with a rise in average rent prices. In 2013, the average rent in Findlay was $753 per month. By 2022, it had increased to $822, representing a 9.2% increase over nine years. The population of Findlay remained relatively stable during this period, fluctuating between 50,779 and 51,816, which suggests that the increase in rental demand was primarily driven by the shift from homeownership to renting rather than significant population growth.
In 2023 and 2024, Findlay's housing market continued to evolve. The average home price in 2023 reached $219,081, and in 2024 it further increased to $229,921. This represents a 9.2% increase in just two years, indicating a continued strong upward trend in home values. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the city.
Looking ahead, based on the observed trends, we can forecast continued growth in both average home prices and average rent in Findlay over the next five years. Average home prices are projected to reach approximately $275,000 by 2029, assuming a similar growth rate to recent years. Average rent prices could increase to around $950 per month in the same timeframe. However, the rate of increase may slow down if interest rates remain high, potentially affecting housing demand and affordability.
In summary, Findlay has experienced a gradual shift towards renting, with declining homeownership rates despite rising home values. The city's housing market has shown resilience and growth, with significant increases in both average home prices and average rent over the past decade. The interplay between federal interest rates, local economic factors, and housing preferences will continue to shape Findlay's real estate landscape in the coming years.
