Loading Content...
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Frazeysburg, located in Ohio, is a small community that has experienced fluctuations in its population and housing market over the past decade. The village has seen notable shifts in homeownership rates and changes in average home and rent prices, reflecting broader economic trends and local dynamics.
Homeownership rates in Frazeysburg have shown considerable variability, ranging from a low of 65% in 2014 to a peak of 80% in 2019. This fluctuation corresponds with changes in average home prices, which have steadily increased over the years. In 2010, the average home price was $108,064, rising to $211,287 by 2022, representing a significant 95.5% increase over 12 years. The relationship between homeownership rates and average home prices is not always straightforward, as other factors such as local economic conditions and housing availability also play a role.
Federal interest rates have played a crucial role in shaping homeownership trends in Frazeysburg. The period from 2010 to 2015 saw historically low interest rates, hovering around 0.1% to 0.18%. During this time, homeownership rates in Frazeysburg fluctuated but generally remained above 65%. As interest rates began to rise gradually from 2016 onwards, reaching 1.83% in 2018, the village saw some shifts in homeownership, with rates dropping to 67% in 2018 before rebounding to 80% in 2019.
Renter percentages in Frazeysburg have inversely mirrored homeownership rates, ranging from a high of 35% in 2014 to a low of 20% in 2019. Average rent prices have shown an overall upward trend, increasing from $593 in 2013 to $660 in 2022, a 11.3% rise over nine years. The relationship between renter percentages and average rent prices is influenced by factors such as housing availability, local job market conditions, and overall population changes. For instance, the population fluctuated from 1,702 in 2010 to 1,751 in 2022, which may have impacted rental demand and prices.
In 2023 and 2024, Frazeysburg's housing market continued to evolve. The average home price rose to $217,967 in 2023 and further increased to $230,450 in 2024, representing a 5.7% year-over-year growth. This growth occurred against a backdrop of significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the near-zero rates of the early 2020s.
Looking ahead, based on the observed trends, we can forecast that average home prices in Frazeysburg are likely to continue their upward trajectory over the next five years, potentially reaching around $275,000 by 2029. This projection assumes a continuation of the current growth rate and stable economic conditions. Average rent prices may also continue to rise, albeit at a more moderate pace, potentially reaching approximately $725 per month by 2029.
In summary, Frazeysburg has experienced significant changes in its housing market over the past decade. The most notable trends include the substantial increase in average home prices, fluctuating homeownership rates, and a gradual rise in average rent prices. These changes reflect the interplay between local economic factors, federal interest rates, and broader housing market dynamics. The recent surge in home prices, coupled with rising interest rates, suggests a evolving housing landscape that will likely continue to shape the community's demographic and economic profile in the coming years.