Loading Content...
Mendon, Ohio: Rising Home Values and Ownership Rates Amid Population 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
Mendon, Ohio, is a small community that has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the evolving dynamics of the local real estate landscape. The homeownership rate in Mendon has shown a consistent upward trend, rising from 80% in 2013 to an impressive 89% in 2022. This increase in homeownership coincides with a notable rise in average home prices. In 2013, the average home price was $99,717, which steadily increased to $158,537 by 2022, representing a 59% growth over this period. This positive correlation suggests that despite rising prices, residents have been increasingly able and willing to invest in homeownership.
The relationship between federal interest rates and homeownership rates in Mendon appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 80% to 78%. Even as interest rates began to rise moderately from 2017 to 2019, homeownership continued to grow, reaching 84% by 2019. This trend indicates that other local factors, such as job market stability or community development, may have played a significant role in driving homeownership alongside favorable financing conditions.
Conversely, the percentage of renters in Mendon has steadily decreased from 20% in 2013 to 11% in 2022. Despite this decline, average rent prices have shown an overall upward trend. In 2013, the average rent was $701, which increased to $780 by 2022, representing an 11% growth. This trend suggests that while fewer residents are renting, those who do are facing higher costs. The population fluctuations, from 1,169 in 2013 to 1,125 in 2022, may have influenced the rental market dynamics, potentially leading to a tighter supply of rental properties and subsequently higher rents.
Looking at the most recent data, the average home price in Mendon reached $165,676 in 2023 and further increased to $175,981 in 2024. This represents a significant 11% increase from 2022 to 2024, indicating a robust housing market. Concurrently, interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests strong demand in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Mendon will continue to rise, potentially reaching around $200,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. For rent prices, we expect a more moderate increase, potentially reaching an average of $850-$900 per month by 2029, assuming the current trends in population and homeownership rates persist.
In summary, Mendon has experienced a significant shift towards homeownership, with a concurrent rise in both home values and rental costs. The resilience of the housing market, even in the face of rising interest rates, suggests a strong local economy and desirable living conditions. These trends point to a community that is increasingly invested in long-term residency, with potential implications for community development and local economic growth in the coming years.
