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Jamestown, Kentucky: Rising Home Values and Ownership Trends in a Small City
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
Jamestown, a city in Kentucky's Russell County, has experienced significant changes in its housing market over the past decade. This small urban center has seen fluctuations in homeownership rates and property values that reflect broader economic trends and local dynamics.
The homeownership rate in Jamestown has shown a general upward trend from 2013 to 2022. In 2013, 66% of residents owned their homes. This percentage increased steadily, reaching a peak of 74% in 2018, before settling at 68% in 2022. Concurrently, average home prices have demonstrated consistent growth. In 2013, the average home price was $74,701. By 2022, this figure had nearly doubled to $141,780, representing a significant increase in property values over the decade.
The relationship between federal interest rates and homeownership rates in Jamestown reveals interesting patterns. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership rates increased from 66% to 69%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, Jamestown's homeownership rate remained relatively stable, suggesting other local factors may have influenced housing decisions.
Renter percentages in Jamestown have generally decreased as homeownership rates increased. In 2013, 34% of residents were renters, which decreased to 26% by 2018, before rising slightly to 32% in 2022. Average rent prices have shown volatility over this period. In 2013, the average rent was $384, which increased to $549 in 2016. After fluctuating in subsequent years, it reached $525 in 2022. This trend suggests that while homeownership became more prevalent, rental prices did not consistently follow the upward trajectory of home values.
The most recent data from 2023 and 2024 shows a continued increase in average home prices in Jamestown. In 2023, the average home price reached $148,247, and in 2024 it slightly increased to $149,263. This indicates a slowing in the rate of price growth compared to previous years. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in Jamestown may continue to rise over the next five years, albeit at a slower pace than observed in the early 2020s. Average rent prices are also expected to increase moderately, potentially reflecting a balance between demand for rental properties and the city's growing homeownership rate.
In summary, Jamestown has experienced a notable increase in homeownership rates and average home prices over the past decade. While rental prices have fluctuated, they have not kept pace with the growth in home values. The recent sharp increase in interest rates may influence future housing market dynamics, potentially moderating the rapid growth in home prices and affecting homeownership rates in the coming years.
