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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Milton, Kentucky, a small urban area, has experienced significant changes in its housing market over the past decade. The city has seen a general trend of increasing homeownership rates, rising average home prices, and fluctuating average rent prices. These trends reflect the dynamic nature of Milton's housing market and its response to various economic factors.
The homeownership rate in Milton has shown a significant upward trend, particularly in recent years. In 2013, 76% of housing units were owner-occupied. This percentage dipped slightly to 69% in 2015 but has since steadily increased, reaching an impressive 85% by 2022. This substantial rise in homeownership coincides with a general upward trend in average home prices. In 2012, the average home price was $100,736, which increased to $180,592 by 2022, representing a 79% increase over a decade. This correlation suggests that despite rising prices, Milton residents have been increasingly able and willing to purchase homes.
The relationship between federal interest rates and homeownership rates in Milton presents an interesting dynamic. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates in Milton fluctuated but generally trended upward. The most significant increase in homeownership occurred between 2020 and 2022, rising from 78% to 85%, despite a slight increase in federal interest rates from 0.38% to 1.68%. This suggests that other local factors may have played a more significant role in driving homeownership than national interest rates during this period.
Renter percentages in Milton have inversely mirrored the homeownership trend, decreasing from 31% in 2015 to 15% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $413, which increased sharply to $822 in 2015. Since then, rent prices have fluctuated, reaching $808 in 2022. This volatility in rent prices, coupled with the decreasing percentage of renters, suggests a complex rental market potentially influenced by factors such as housing availability and local economic conditions.
In 2023 and 2024, Milton continued to see growth in average home prices. The average home price reached $188,763 in 2023 and further increased to $191,710 in 2024. This represents a 6.1% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. Despite these higher interest rates, home prices in Milton have continued to appreciate, indicating strong local demand for housing.
Looking ahead, based on the observed trends, it's projected that average home prices in Milton will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average home prices could potentially reach around $220,000 by 2029. Rent prices, which have been more volatile, are harder to predict but may stabilize or show modest increases, potentially reaching an average of $850-$900 per month by 2029.
In summary, Milton has experienced a significant increase in homeownership rates and average home prices over the past decade, with this trend continuing into 2024 despite rising interest rates. The rental market has shown more volatility, with decreasing renter percentages and fluctuating rent prices. These trends reflect a robust local housing market and suggest continued growth and stability in Milton's residential real estate sector in the coming years.