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Housing Market Dynamics in Collins, Ohio: Rising Home Values Amidst Strong Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Collins, Ohio, is a small community that has experienced fluctuations in population and housing dynamics over the past decade. The city has maintained a relatively high rate of homeownership, with average home prices showing a general upward trend. Average rent prices have also seen variations, reflecting the changing economic landscape of the area.
The homeownership rate in Collins has remained consistently high, ranging from 82% to 88% between 2013 and 2022. This strong preference for homeownership has coincided with a steady increase in average home prices. In 2010, the average home price was $96,546, which rose to $194,739 by 2022, representing a substantial 101.7% increase over 12 years. The most significant year-over-year growth occurred between 2020 and 2021, with average home prices jumping from $156,787 to $176,057, a 12.3% increase.
Federal interest rates have played a role in homeownership trends in Collins. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership rates remained high, likely due to favorable financing conditions. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates in Collins showed resilience, maintaining levels above 85%.
The renter population in Collins has fluctuated between 12% and 18% from 2013 to 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $698, which increased significantly to $1,004 in 2014, a 43.8% jump. Rent prices then experienced ups and downs, reaching $975 in 2022. The fluctuations in rent prices don't show a clear correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing supply, may have influenced rental markets more strongly.
In 2023, the average home price in Collins reached $204,589, continuing the upward trend seen in previous years. This represents a 5.1% increase from 2022. The federal interest rate in 2023 was 5.02%, a significant rise from the previous year. Moving into 2024, the average home price has further increased to $213,256, showing a 4.2% growth from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued tightening of monetary policy.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Collins will likely continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. A conservative estimate would put the average home price around $240,000 to $250,000 by 2029. Average rent prices may also see moderate increases, potentially reaching $1,100 to $1,200 per month by 2029, assuming economic conditions remain stable and housing demand continues to grow.
In summary, Collins has demonstrated a strong preference for homeownership, with steadily increasing average home prices over the past decade. Despite fluctuations in federal interest rates, the community has maintained high homeownership levels. Rental markets have shown more volatility, with less clear correlations to renter percentages. The recent sharp increases in interest rates and continued growth in home prices suggest a potentially more challenging environment for new homebuyers, which could impact the housing market dynamics in the coming years.
