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Home Values Triple in Mount Gilead: Ohio Village Sees Steady Homeownership Growth
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
Mount Gilead, located in Ohio, is a small community with a population of 6,407 as of 2022. This charming village has experienced fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows an increase in homeownership and average home prices, while average rent prices have also risen, albeit with some volatility.
The homeownership rate in Mount Gilead has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 70%, and by 2022, it had increased to 77%. This rise in homeownership coincides with a significant increase in average home prices. In 2012, the average home price was $77,009, and by 2022, it had risen to $228,505, representing a substantial 196.7% increase over a decade. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the village.
Federal interest rates have played a role in homeownership trends in Mount Gilead. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 70%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased to 77%. This counterintuitive trend might be explained by other local factors influencing the housing market in Mount Gilead.
Regarding rental trends, the percentage of renters in Mount Gilead has fluctuated but generally decreased from 2013 to 2022. In 2013, the renter-occupied rate was 30%, and by 2022, it had decreased to 23%. Interestingly, average rent prices have shown an overall increasing trend during this period. In 2013, the average rent was $621, and by 2022, it had risen to $745, representing a 19.9% increase. This trend suggests that despite rising rent prices, more residents are choosing to become homeowners rather than renters.
In 2023 and 2024, the average home prices in Mount Gilead continued to rise, reaching $231,085 in 2023 and $232,916 in 2024. This represents a modest increase of 1.9% from 2022 to 2024. Concurrently, federal interest rates climbed significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the village.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for Mount Gilead:
1. Average home prices are likely to continue their upward trajectory, potentially reaching around $260,000 to $280,000 by 2029.
2. Average rent prices may also continue to rise, possibly reaching $850 to $900 per month by 2029.
In summary, Mount Gilead has experienced a notable increase in homeownership rates and average home prices over the past decade. Despite rising average rent prices, the percentage of renters has decreased. The village's housing market has shown resilience, with homeownership rates increasing even in the face of rising interest rates. As the community continues to evolve, it will be interesting to observe how these housing trends develop in response to economic factors and local conditions.
