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Newcomerstown: Resilient Home Values Amidst Fluctuating Ownership Rates
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
Newcomerstown, located in Ohio, is a small community with a rich history and evolving demographics. Over the past decade, this village has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Newcomerstown has shown some variability over the years. In 2013, the homeownership rate stood at 74%, but by 2022, it had decreased to 68%. This decline in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $77,116, which rose steadily to reach $138,601 by 2022, representing a substantial 79.7% increase over this period.
The relationship between federal interest rates and homeownership rates in Newcomerstown appears to follow general economic principles. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable, hovering around 69-71%. However, as interest rates began to rise more significantly from 2017 onwards, there was a slight decline in homeownership, dropping to 68% by 2022 when the federal interest rate reached 1.68%.
Renter percentages in Newcomerstown have shown an inverse relationship to homeownership rates. In 2013, the renter-occupied percentage was 19%, which increased to 32% by 2022. This rise in renters coincided with fluctuations in average rent prices. The average rent in 2013 was $881, which peaked at $1,022 in 2018 before settling at $933 in 2022. Interestingly, despite the overall increase in renter percentages, the average rent price only saw a modest 5.9% increase from 2013 to 2022.
Looking at the most recent data, the average home price in Newcomerstown reached $139,802 in 2023 and further increased to $141,284 in 2024. This continued upward trend in home prices occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet home prices in the village have continued to appreciate.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Newcomerstown will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. Average rent prices are also expected to increase moderately, driven by the growing renter population and overall housing demand in the area.
In summary, Newcomerstown has experienced a gradual shift towards more renter-occupied housing over the past decade, accompanied by substantial increases in average home prices. Despite fluctuations in federal interest rates and economic conditions, the local housing market has shown resilience and continued growth. The interplay between homeownership rates, rental trends, and housing prices reflects the dynamic nature of this small Ohio community's real estate landscape.
