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Mantua: Declining Homeownership Amid Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Mantua, located in Ohio, is a small community with a rich history and evolving demographics. Over the past decade, this quaint village has experienced notable shifts in homeownership rates and housing costs, reflecting broader economic trends and local dynamics.
The homeownership rate in Mantua has shown a consistent decline from 2013 to 2022. In 2013, 74% of residents owned their homes, but by 2022, this figure had dropped to 58%. This 16 percentage point decrease in homeownership coincided with a significant increase in average home prices. The average home price in Mantua rose from $167,809 in 2010 to $252,481 in 2022, representing a substantial 50.5% increase over this period.
The trend in homeownership rates appears to have been influenced by federal interest rates. From 2010 to 2016, when interest rates were historically low, hovering between 0.1% and 0.4%, homeownership rates remained relatively stable. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Mantua declined more rapidly. This suggests that higher borrowing costs may have made homeownership less attainable for some residents.
Conversely, the percentage of renters in Mantua has steadily increased, from 26% in 2013 to 42% in 2022. This 16 percentage point increase in renters corresponds with a rise in average rent prices. The average rent in Mantua increased from $724 in 2013 to $880 in 2022, a 21.5% increase. Notably, the village's population fluctuated during this period, peaking at 2,259 in 2019 before declining to 1,723 in 2022, which may have impacted the rental market dynamics.
In 2023 and 2024, Mantua continued to see growth in average home prices, reaching $262,316 in 2023 and $273,440 in 2024. This represents a 4% increase from 2022 to 2023 and a further 4.2% increase from 2023 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially influencing homebuying decisions in the village.
Looking ahead, based on the historical data and current trends, we can forecast the following for the next five years:
1. Average home prices are likely to continue their upward trajectory, potentially reaching around $320,000 by 2029, assuming a consistent annual growth rate of approximately 4%.
2. Average rent prices may also continue to rise, potentially reaching $1,050 per month by 2029, based on the historical average annual increase of about 3%.
In summary, Mantua has experienced a significant shift from homeownership to renting over the past decade, with rising home prices and increasing interest rates potentially contributing to this trend. The village has seen substantial appreciation in property values and rent prices, reflecting broader economic trends and local market conditions. As the community continues to evolve, these housing market dynamics will likely play a crucial role in shaping its demographic and economic landscape in the coming years.
