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Grove City, Ohio: Rising Home Values and Stable Ownership in a Growing Suburb
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
Grove City, Ohio, a rapidly growing suburban city located just southwest of Columbus, has a population of 50,732 as of 2022. The city is known for its excellent schools, numerous parks, and vibrant community events. Over the past decade, Grove City has maintained a relatively stable homeownership rate while experiencing substantial increases in both average home prices and average rent prices.
The homeownership rate in Grove City has remained relatively stable over the past decade, with a slight decrease from 74% in 2013 to 73% in 2022. During this same period, average home prices have shown a significant upward trend. In 2013, the average home price was $137,988, which steadily increased to $294,165 by 2022, representing a 113% increase over nine years. This trend suggests that despite rising home prices, Grove City has maintained its appeal to homeowners, likely due to its attractive suburban location and amenities.
Federal interest rates have played a role in homeownership trends in Grove City. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the city saw a slight decrease in homeownership from 74% to 70%. However, as interest rates began to rise from 2017 to 2019 (1.00% to 2.16%), homeownership rates actually increased back to 73%. This counterintuitive trend might be explained by other factors such as local economic growth or the desirability of Grove City as a residential area.
The renter population in Grove City has shown slight fluctuations over the years, with the percentage of renters increasing from 26% in 2013 to 27% in 2022. Average rent prices have also seen an upward trend, rising from $1,128 in 2013 to $1,303 in 2022, an increase of 15.5% over nine years. This increase in rent prices, while significant, has been less dramatic than the rise in home prices, potentially making renting a more attractive option for some residents.
In 2023, the average home price in Grove City reached $305,613, with federal interest rates at 5.02%. As of 2024, the average home price has further increased to $316,730, while interest rates have risen slightly to 5.33%. These figures indicate a continuing upward trend in home prices, despite higher interest rates which typically can slow housing market growth.
Looking ahead, predictive models suggest that Grove City's real estate market will continue to experience growth, albeit at a potentially slower rate. Over the next five years, average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $370,000 by 2029. Average rent prices are expected to follow a similar trend, with an estimated annual increase of 2-4%, potentially reaching around $1,500 per month by 2029.
In summary, Grove City has maintained a strong homeownership base despite significant increases in average home prices. The rental market has seen steady growth in both the percentage of renters and average rent prices, though not as dramatic as the home price increases. The city's ability to maintain high homeownership rates in the face of rising prices suggests a strong local economy and continued desirability as a residential area. As Grove City continues to grow, it will likely face challenges in maintaining housing affordability while capitalizing on its popularity as a suburban community.
