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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Mount Cory, located in zip code 45868 in Ohio, presents an interesting case study of homeownership and housing market trends. This small community has experienced notable fluctuations in its population and housing dynamics over the past decade. The overall trend shows a slight decrease in homeownership rates, coupled with an increase in average home prices and average rent prices.
The homeownership rate in Mount Cory has seen a gradual decline from 89% in 2013 to 86% in 2022. During this same period, average home prices have shown a consistent upward trend. In 2013, the average home price was $109,227, which increased to $195,240 by 2022, representing a substantial 78.7% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in Mount Cory. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 84-85%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observe a slight decrease in homeownership rates to 86%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in Mount Cory has shown a slight increase, from 11% in 2013 to 14% in 2022. Interestingly, average rent prices have also experienced an overall upward trend during this period. In 2013, the average rent was $833, which increased to $891 by 2022, representing a 7% increase. However, it's worth noting that rent prices have fluctuated, reaching a peak of $949 in 2018 before slightly decreasing. The population of Mount Cory has remained relatively stable during this period, with 1,033 residents in 2013 and 961 in 2022, which may have contributed to the moderate increase in rental demand and prices.
In 2023 and 2024, Mount Cory continued to see growth in average home prices. The average home price reached $198,807 in 2023 and further increased to $216,291 in 2024, representing a significant 8.8% year-over-year increase. This growth occurred despite a sharp rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These high interest rates would typically be expected to cool the housing market, but Mount Cory appears to be bucking this trend, suggesting strong local demand for housing.
Looking ahead, based on the historical data and current trends, we can forecast potential 5-year trends for average home and rent prices in Mount Cory. If the current trajectory continues, average home prices could potentially reach around $260,000 to $280,000 by 2029. For average rent prices, assuming a continuation of the moderate growth seen in recent years, we might expect them to increase to approximately $950 to $1,000 per month by 2029.
In summary, Mount Cory has experienced a gradual shift towards slightly lower homeownership rates and higher housing costs over the past decade. The community has shown resilience in its housing market, with home prices continuing to rise even in the face of increasing interest rates. The rental market has also seen moderate growth, both in terms of the proportion of renters and average rent prices. These trends suggest a dynamic housing market in Mount Cory, with potential for continued growth in property values and rental costs in the coming years.