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Geneva, Ohio: Rising Home Values and Declining Ownership in Lake Erie's Charming Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Geneva, Ohio, a charming community in Ashtabula County, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and rental costs from 2013 to 2024, reflecting broader economic trends and local market dynamics.
The homeownership rate in Geneva has shown a notable decline from 2013 to 2021, with a slight recovery in 2022. In 2013, 73% of housing units were owner-occupied, peaking at 76% in 2014 before beginning a gradual decline. By 2021, the homeownership rate had fallen to 57%, representing a significant shift in the housing market. However, 2022 saw a rebound to 64% owner-occupied units. Concurrently, average home prices have generally trended upward. In 2013, the average home price was $113,093. Despite some fluctuations, prices rose steadily, reaching $177,996 by 2022, an increase of approximately 57% over this period.
The relationship between federal interest rates and homeownership rates in Geneva aligns with typical economic patterns. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 73-76%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates declined, reaching 58% by 2019. This trend suggests that higher interest rates may have made mortgages less affordable for potential buyers in Geneva.
Rental trends in Geneva show an inverse relationship to homeownership rates. The percentage of renter-occupied units increased from 27% in 2013 to a peak of 43% in 2021, before decreasing to 36% in 2022. Average rent prices have shown volatility over this period. In 2013, the average rent was $697. It peaked at $818 in 2021 before dropping to $738 in 2022. The increase in renters from 2013 to 2021 coincided with rising rent prices, potentially reflecting increased demand for rental properties.
In 2023 and 2024, Geneva's housing market continued to evolve. The average home price in 2023 was $184,665, rising to $189,338 in 2024. This represents a steady increase from previous years, indicating continued growth in the local real estate market. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying trends in the city.
Looking ahead to the next five years, predictive models suggest that average home prices in Geneva may continue to rise, albeit at a potentially slower rate due to higher interest rates. We might expect to see average home prices reach around $210,000 to $220,000 by 2029. Rent prices are also likely to increase, potentially reaching an average of $850 to $900 per month over the same period, assuming continued demand for rental properties.
In summary, Geneva has experienced a notable shift from homeownership to renting over the past decade, with a recent uptick in homeownership. Average home prices have shown consistent growth, while rent prices have fluctuated. The interplay between interest rates, housing affordability, and changing demographics will likely continue to shape Geneva's housing market in the coming years.
