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Home Values and Ownership Trends in Chickasaw, Ohio: A Decade of Change
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
Chickasaw, located in Ohio, is a small community with a population that has fluctuated between 142 and 211 residents over the past decade. This tight-knit village has experienced notable shifts in homeownership rates and housing market dynamics. Overall, the community has seen a gradual decline in homeownership, coupled with an increase in average home prices, particularly in recent years.
The homeownership rate in Chickasaw has shown a general downward trend from 2013 to 2021, with some fluctuations. In 2013, the homeownership rate stood at 85%, but by 2021, it had decreased to 75%. Interestingly, this decline coincided with a significant increase in average home prices. From 2017 to 2022, average home prices rose dramatically from $151,675 to $243,233, representing a 60% increase over five years.
Federal interest rates have played a role in shaping homeownership trends in Chickasaw. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 83-85%. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, homeownership rates started to decline more noticeably, dropping to 78% by 2019.
The renter population in Chickasaw has generally increased as homeownership rates declined. In 2013, only 15% of residents were renters, but this percentage grew to 23% by 2021. Average rent prices have shown some volatility, ranging from $658 in 2015 to $720 in 2021. The increase in the renter population could be attributed to rising home prices, making homeownership less attainable for some residents.
In 2023 and 2024, Chickasaw experienced further increases in average home prices, reaching $258,110 in 2023 and $264,725 in 2024. This continued upward trend in housing prices occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates in the village.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Chickasaw are likely to continue rising over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may also see moderate increases as demand for rental properties potentially grows in response to less affordable homeownership options.
In summary, Chickasaw has experienced a notable decline in homeownership rates over the past decade, coinciding with substantial increases in average home prices. The interplay between federal interest rates, housing affordability, and rental demand has shaped the village's housing market dynamics. As the community moves forward, it will likely continue to see evolving patterns in homeownership and rental trends, influenced by broader economic factors and local market conditions.
