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Home Values and Ownership: Summerside's Shifting Residential Landscape
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
Summerside, located in Ohio, is a small suburban community covering just 2.06 square miles. This charming area has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Summerside has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 77%, but by 2022, it had decreased to 70%. This downward trend coincided with a significant increase in average home prices. In 2013, the average home price was $111,016, which steadily rose to $210,837 by 2022, representing a substantial 89.9% increase over nine years.
The relationship between federal interest rates and homeownership rates in Summerside shows some correlation. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates declined from 77% to 71%. As interest rates began to rise more significantly from 2016 onwards, homeownership rates continued to fluctuate but generally remained lower than the 2013 levels. This suggests that factors beyond interest rates, such as rising home prices, may have played a more significant role in homeownership trends in this area.
The renter population in Summerside has seen an overall increase from 2013 to 2022, inversely mirroring the homeownership trend. In 2013, renters made up 23% of the population, which increased to 30% by 2022. Average rent prices showed some volatility during this period. Starting at $873 in 2013, rent prices peaked at $977 in 2016 before gradually declining to $815 in 2022. This 16.6% decrease in average rent from 2016 to 2022 occurred despite the overall increase in the renter population, suggesting potential changes in local economic conditions or housing supply.
In 2023 and 2024, Summerside experienced continued growth in average home prices. The average home price reached $223,262 in 2023 and further increased to $234,282 in 2024. This represents a 5.8% year-over-year increase from 2022 to 2023, and a 4.9% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability.
Looking ahead, based on the trends observed, we can anticipate continued growth in average home prices in Summerside over the next five years, albeit potentially at a slower rate due to higher interest rates. Average home prices could potentially reach around $275,000 to $300,000 by 2029. Rent prices, which have been declining, may stabilize or see modest increases as demand for rental properties could rise if homeownership becomes less attainable due to higher home prices and interest rates. Average rent could potentially return to the $900-$950 range within the next five years.
In summary, Summerside has experienced a notable decrease in homeownership rates coupled with a substantial increase in average home prices over the past decade. The renter population has grown, while average rent prices have shown a recent declining trend. The interplay between rising home prices, fluctuating interest rates, and shifting demographics suggests a dynamic housing market in this Ohio community, with potential for continued evolution in the coming years.
