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Home Values and Ownership Trends in Quaker City: A Rural Ohio Village's Transformation
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
Quaker City, located in Ohio, is a small community with a rich history dating back to its founding in the 19th century. Over the past decade, this village has experienced significant shifts in homeownership rates and housing prices, reflecting broader economic trends and local demographic changes.
The homeownership rate in Quaker City has shown a notable increase from 2013 to 2022. In 2013, 70% of residents owned their homes, while by 2022, this figure had risen to 82%. This upward trend in homeownership coincided with fluctuations in average home prices. From 2016 to 2022, average home prices in the village increased from $117,518 to $166,677, representing a substantial 41.8% growth over six years.
The relationship between federal interest rates and homeownership rates in Quaker City appears to follow established patterns. As interest rates remained relatively low between 2013 and 2021, ranging from 0.08% to 1.83%, homeownership rates steadily increased. This trend aligns with the general principle that lower interest rates make mortgages more affordable, encouraging home buying. The most significant jump in homeownership occurred between 2013 and 2017, rising from 70% to 81%, coinciding with interest rates staying below 1% for most of that period.
Conversely, the percentage of renters in Quaker City decreased from 30% in 2013 to 18% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. In 2013, the average rent was $615, which fluctuated over the years, reaching $675 in 2022. This represents a 9.8% increase in average rent prices over the nine-year period, despite a smaller proportion of renters in the community.
Looking at the most recent data, average home prices in Quaker City continued to rise in 2023 and 2024, reaching $170,639 and $173,503 respectively. This represents a modest but steady increase of 2.4% from 2022 to 2023 and a further 1.7% from 2023 to 2024. Interestingly, this growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests that local factors may be outweighing the impact of higher borrowing costs on the housing market in Quaker City.
Applying predictive models to forecast the next five years, we can anticipate continued growth in average home prices, albeit at a more moderate pace. Based on historical trends and current economic conditions, average home prices in Quaker City could potentially reach around $190,000 to $200,000 by 2029. For rent prices, the forecast suggests a potential increase to approximately $750 to $800 per month over the same period, assuming the current economic conditions and local market factors remain relatively stable.
In summary, Quaker City has experienced a significant shift towards homeownership over the past decade, with a corresponding increase in average home prices. Despite a decreasing renter population, rent prices have also shown an upward trend. The village's housing market has demonstrated resilience in the face of rising interest rates, suggesting strong local demand for housing. These trends point to a dynamic and evolving real estate landscape in this small Ohio community, with potential for continued growth in both home values and rental rates in the coming years.
