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Miamisburg, Ohio: Rising Home Values and Shifting Ownership Patterns
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
Miamisburg, Ohio, a vibrant city located in Montgomery County, has experienced notable shifts in its housing market over the past decade. Known for its rich history and the iconic "Miamisburg Mound," one of the largest conical mounds in Ohio, this city has seen interesting trends in homeownership rates, average home prices, and average rent prices.
The homeownership rate in Miamisburg has shown a gradual decline from 2013 to 2022. In 2013, 68% of residents owned their homes, while by 2022, this figure had decreased to 63%. Conversely, the average home prices have demonstrated a significant upward trend. In 2013, the average home price was $125,857, which steadily increased to $225,781 by 2022, representing a substantial 79.4% increase over this period.
The relationship between federal interest rates and homeownership rates in Miamisburg shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, fluctuating between 66% and 68%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight decline in homeownership rates, dropping to 65% by 2019. This trend suggests that rising interest rates may have contributed to making homeownership less affordable for some residents.
Regarding rental trends, the percentage of renters in Miamisburg increased from 32% in 2013 to 37% in 2022. This rise in renters coincided with an increase in average rent prices. In 2013, the average rent was $929, which grew to $1,041 by 2022, representing a 12% increase. The population of Miamisburg remained relatively stable during this period, with only minor fluctuations, suggesting that the increase in renters and rent prices was not primarily driven by population growth but rather by broader economic factors and housing market dynamics.
In 2023 and 2024, the housing market in Miamisburg continued its upward trajectory. The average home price rose to $234,405 in 2023 and further increased to $245,308 in 2024. This represents a 8.6% increase from 2022 to 2024. Interestingly, federal interest rates also saw a significant jump, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the city.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $290,000 to $310,000 by 2029, assuming a consistent growth rate similar to recent years. Average rent prices might increase to approximately $1,200 to $1,300 per month in the same timeframe. However, these projections could be influenced by various factors, including economic conditions, local development, and broader housing market trends.
In summary, Miamisburg has experienced a gradual shift towards more renters, with a corresponding decrease in homeownership rates. This trend has occurred alongside substantial increases in both average home prices and average rent prices. The interplay between federal interest rates, housing affordability, and homeownership rates highlights the complex dynamics shaping Miamisburg's housing market. As the city continues to evolve, these trends will likely play a crucial role in shaping its residential landscape and community composition in the coming years.
