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Jewett, Ohio: Rising Home Values and High Ownership Rates Amidst Market Fluctuations
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
Jewett, located in Ohio, is a small community with a population of 1,158 as of 2022. The village has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions. Homeownership in Jewett has shown a notable increase in recent years. In 2013, the homeownership rate was 76%, which dipped to 72% in 2018 before rising significantly to 82% by 2022. This upward trend in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $68,050, which rose to $90,947 by 2018, and further increased to $124,054 in 2022. This represents an impressive 82% increase in average home prices over a nine-year period.
The relationship between federal interest rates and homeownership rates in Jewett appears to follow the general economic principle that lower interest rates tend to encourage homeownership. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates in Jewett remained relatively stable, hovering around 74-77%. As interest rates began to rise more significantly from 2017 onwards, there was initially a slight decline in homeownership. However, interestingly, homeownership rates in Jewett rebounded strongly from 2020 to 2022, despite rising interest rates, suggesting other local factors may have been at play.
Renter percentages in Jewett have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The percentage of renters peaked at 28% in 2018 before declining to 18% by 2022. Average rent prices have fluctuated over this period, with some correlation to the overall housing market trends. In 2013, the average rent was $778, which decreased to $685 in 2015 before rising again to $738 in 2022. It's worth noting that despite the decrease in the percentage of renters, average rent prices have generally trended upwards, possibly reflecting increased housing costs overall.
Looking at the most recent data, average home prices in Jewett continued to rise, reaching $127,201 in 2023 and $133,547 in 2024. This represents a 7.6% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Jewett will continue to rise, potentially reaching around $160,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, we expect a moderate increase, potentially reaching an average of around $850 per month by 2029, assuming the current economic conditions and local market factors remain relatively stable.
In summary, Jewett has experienced a significant increase in homeownership rates and average home prices over the past decade. Despite fluctuations in the rental market and rising interest rates, the housing market in this small Ohio community has shown resilience and growth. The continued upward trend in home prices, coupled with high homeownership rates, suggests a strong local housing market with potential for further appreciation in the coming years.
