Loading Content...
Home Values and Ownership Trends in Barryton: A Decade of Change in a Michigan Village
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Barryton, located in Michigan, is a small community that has experienced notable shifts in its housing market 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 dynamics.
From 2013 to 2022, Barryton witnessed a slight decline in homeownership rates, accompanied by a substantial increase in average home prices. In 2013, the homeownership rate stood at 88%, with an average home price of $70,526. By 2022, the homeownership rate had decreased to 86%, while the average home price had climbed significantly to $139,314, representing a 97.5% increase over this period. This trend suggests that while home values in Barryton appreciated considerably, it may have become more challenging for some residents to enter the housing market as owners.
The relationship between federal interest rates and homeownership rates in Barryton shows some correlation. As interest rates remained relatively low from 2013 to 2020, ranging from 0.09% to 0.38%, the homeownership rate experienced only minor fluctuations, staying above 80%. However, as interest rates began to rise more sharply in 2022 to 1.68%, the homeownership rate stabilized at 86%, possibly indicating that some potential buyers were deterred by higher borrowing costs.
Renter percentages and average rent prices in Barryton have shown an interesting pattern. The percentage of renters increased from 12% in 2013 to a peak of 19% in 2018, before declining to 14% in 2022. Correspondingly, average rent prices fluctuated, starting at $661 in 2013, dipping to $604 in 2016, and then rising to $829 in 2022. This represents a 25.4% increase in average rent from 2013 to 2022, despite the overall decrease in the renter population percentage.
In 2023 and 2024, Barryton experienced a slight correction in its housing market. The average home price decreased from $139,314 in 2022 to $135,869 in 2023 and further to $135,059 in 2024, a total decline of 3% over two years. This occurred as federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, likely impacting home affordability and demand.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Barryton may stabilize or experience moderate growth, assuming interest rates remain relatively high. The recent price correction might make homeownership more accessible, potentially leading to a slight increase in ownership rates. Average rent prices are expected to continue their upward trajectory, albeit at a slower pace, as the rental market adjusts to economic conditions and housing demand.
In summary, Barryton has experienced a significant appreciation in home values over the past decade, with a slight decrease in homeownership rates. The rental market has seen fluctuations in both occupancy and prices. Recent data suggests a cooling in the housing market, likely influenced by rising interest rates. Moving forward, the village's housing market is expected to find a new equilibrium, balancing affordability concerns with ongoing demand for both owned and rented properties.
