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Frankfort, Ohio: Rising Home Values and Ownership Rates Amidst Market Fluctuations
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
Frankfort, Ohio, is a small community that has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the evolving dynamics of the local real estate landscape. The homeownership rate in Frankfort has shown fluctuations over the years, with a notable increase in recent times. In 2013, the homeownership rate stood at 76%, which declined to 68% by 2017. However, there has been a steady increase since then, reaching 78% in 2022. This trend coincides with changes in average home prices, which have seen substantial growth. The average home price in 2013 was $116,642, and it has more than doubled to $223,816 by 2024, indicating a strong appreciation in property values.
The relationship between federal interest rates and homeownership rates in Frankfort appears to follow established trends. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, the homeownership rate experienced some decline. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate also started to increase. This suggests that local factors, such as job market conditions or housing supply, may have played a more significant role in homeownership decisions than interest rates alone.
Renter percentages and average rent prices in Frankfort have shown an interesting correlation. In 2013, the renter-occupied rate was 24%, with an average rent of $401. As the renter percentage increased to 32% by 2017, the average rent also rose significantly to $643. However, by 2022, the renter-occupied rate decreased to 22%, while the average rent continued to climb, reaching $853. This indicates that despite a lower proportion of renters, demand for rental properties remained strong, possibly due to limited housing stock or increased housing costs pushing some residents towards renting.
In 2023 and 2024, Frankfort has seen further increases in average home prices, reaching $212,497 and $223,816 respectively. This continuation of the upward trend in property values occurs alongside higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite these higher rates, the local housing market appears to remain robust, suggesting strong underlying demand for homeownership in the area.
Looking ahead, predictive models suggest that average home prices in Frankfort are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace. Average rent prices are also expected to increase, reflecting the overall trend of rising housing costs in the area. These predictions are based on historical data patterns and current market conditions.
In summary, Frankfort has experienced a notable increase in homeownership rates in recent years, accompanied by significant growth in average home prices. The rental market has seen fluctuations in occupancy rates but consistent increases in average rent prices. The resilience of the local housing market, even in the face of rising interest rates, suggests a strong demand for housing in the area, which is likely to continue shaping the real estate landscape in the coming years.
