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Homeworth, Ohio: Rising Home Values Amidst Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Homeworth, located in Ohio, is a small community with a rich history and evolving demographic landscape. Over the past decade, this city has experienced significant fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Homeworth has shown a notable trend, decreasing from 84% in 2013 to a low of 73% in 2018, before rebounding to 83% in 2022. This fluctuation coincides with changes in average home prices, which have steadily increased from $121,363 in 2010 to $209,240 in 2022, representing a substantial 72% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Homeworth presents an interesting pattern. As interest rates remained historically low from 2010 to 2016, hovering between 0.1% and 0.4%, homeownership rates initially declined. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Homeworth actually increased from 77% in 2017 to 83% in 2022. This trend suggests that local factors may have played a more significant role in homeownership decisions than national interest rates during this period.
Renter percentages in Homeworth have inversely mirrored the homeownership trends, rising from 16% in 2013 to a peak of 27% in 2018, before declining to 17% in 2022. Average rent prices have shown volatility, starting at $634 in 2013, dropping to a low of $540 in 2017, then spiking to $752 in 2019, before settling at $557 in 2022. The fluctuation in rent prices doesn't seem to directly correlate with the changes in renter percentages, suggesting other factors such as local economic conditions or housing supply may be influencing these trends.
In 2023 and 2024, Homeworth has continued to see growth in average home prices, reaching $218,519 in 2023 and $229,106 in 2024. This represents a 9.5% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade.
Looking ahead, based on the historical data and current trends, we can forecast that average home prices in Homeworth are likely to continue their upward trajectory over the next five years, potentially reaching around $275,000 by 2029. However, the rate of increase may slow down due to higher interest rates. Average rent prices, which have shown volatility, may stabilize and gradually increase to approximately $650 per month by 2029, assuming steady economic growth and population trends.
In summary, Homeworth has experienced a resurgence in homeownership rates in recent years, despite rising home prices and interest rates. The inverse relationship between homeownership and rental rates suggests a dynamic housing market responsive to local economic conditions. The continued rise in home prices, coupled with historically high interest rates, may present both opportunities and challenges for potential homeowners and renters in the coming years.
