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New Riegel, Ohio: High Homeownership Rates and Rising Home Values in a Small Village
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
New Riegel, located in Ohio, is a small community with a population that has fluctuated around 1,000 residents over the past decade. The village has maintained a high rate of homeownership, consistently above 85% since 2013. Average home prices in New Riegel have shown a steady increase over time, while average rent prices have experienced some fluctuations.
The trend of homeownership in New Riegel has remained relatively stable, with a slight increase from 85% in 2014 to 87% in 2020, before settling at 86% in 2022. This high rate of homeownership coincides with a consistent rise in average home prices. In 2010, the average home price was $123,407, which steadily increased to $215,260 by 2022, representing a 74% increase over 12 years. This trend suggests that despite rising home prices, residents of New Riegel have continued to prioritize homeownership.
Federal interest rates have played a role in homeownership trends. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%. During this time, homeownership rates in New Riegel remained high, likely supported by favorable borrowing conditions. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in New Riegel remained stable, indicating a strong local preference for homeownership regardless of interest rate fluctuations.
The percentage of renters in New Riegel has remained relatively low, fluctuating between 11% and 15% from 2013 to 2022. Average rent prices have shown some variability during this period. In 2013, the average rent was $704, which increased to $721 in 2014 before declining to $605 in 2019. Subsequently, rent prices rose again, reaching $810 in 2022. This represents a 15% increase in average rent from 2013 to 2022, despite some interim fluctuations. The low renter population and varying rent prices suggest a limited rental market in the village.
In 2023, the average home price in New Riegel continued to rise, reaching $220,173, while federal interest rates increased significantly to 5.02%. The trend continued into 2024, with average home prices climbing to $228,443 and interest rates further rising to 5.33%. Despite these higher interest rates, home prices have continued to appreciate, indicating strong demand in the local housing market.
Looking ahead, based on the historical data and current trends, we can forecast continued growth in average home prices over the next five years. If the current trajectory persists, average home prices could potentially reach around $275,000 to $300,000 by 2029. Rent prices may also continue to increase, potentially reaching an average of $900 to $950 per month in the same timeframe, assuming the local economic conditions remain stable.
In summary, New Riegel demonstrates a strong preference for homeownership, with consistently high rates despite rising home prices. The housing market has shown resilience, with steady price appreciation even in the face of increasing interest rates. While the rental market is smaller, it has also seen overall growth in prices. These trends suggest a stable and potentially growing housing market in New Riegel for the foreseeable future.
