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Glenmont, Ohio: Rising Home Values and Shifting Ownership in a Small Village
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
Glenmont, located in Ohio, is a small community that has experienced notable shifts in its housing landscape over the past decade. The village has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, Glenmont witnessed a significant decrease in homeownership rates, dropping from 96% to 84%. During this same period, average home prices showed a steady upward trend, rising from $111,169 in 2013 to $219,386 in 2022, representing a substantial increase of 97.3%. This inverse relationship suggests that as home prices rose, fewer residents were able to afford homeownership, leading to a decline in the percentage of owner-occupied housing.
The federal interest rates played a role in shaping homeownership trends in Glenmont. From 2013 to 2016, interest rates remained extremely low, hovering around 0.1-0.4%. During this period, homeownership rates remained high, above 90%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, homeownership rates declined more rapidly, falling from 88% in 2017 to 84% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
As homeownership rates declined, the percentage of renters in Glenmont increased from 4% in 2013 to 16% in 2022. Interestingly, average rent prices also showed an overall upward trend during this period, rising from $723 in 2013 to $713 in 2022, with some fluctuations in between. The highest average rent was recorded in 2019 at $821. The increase in renter population and average rent prices suggests growing demand for rental properties in the village, possibly driven by those priced out of the homeownership market.
In 2023 and 2024, Glenmont continued to see growth in average home prices, reaching $236,051 in 2023 and $247,315 in 2024. This represents a 12.6% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since before 2008. These high interest rates may further impact homeownership rates in the village.
Looking ahead, based on the observed trends, it's projected that average home prices in Glenmont will continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $900 per month within the same timeframe. However, the rate of increase may slow down if high interest rates persist, potentially affecting demand and affordability.
In summary, Glenmont has experienced a notable shift from a predominantly homeowner community to one with a growing renter population. This change has been accompanied by significant increases in both average home prices and average rent prices. The interplay between rising property values, changing interest rates, and shifting demographics has reshaped the housing market in this small Ohio village, reflecting broader economic trends and local market forces.
