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Pleasant City: Rising Home Values Amid Shifting Ownership Trends
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
Pleasant City, located in Ohio, has experienced significant demographic and housing market changes over the past decade. This small community has seen fluctuations in its population, homeownership rates, and housing prices, reflecting broader economic trends and local developments.
The homeownership rate in Pleasant City has shown a notable decline from 2013 to 2022. In 2013, 82% of the housing units were owner-occupied, but by 2022, this figure had dropped to 62%. This downward trend in homeownership coincided with a substantial increase in average home prices. From 2016 to 2022, the average home price in the village rose from $88,781 to $121,763, representing a 37% increase over six years.
The relationship between federal interest rates and homeownership rates in Pleasant City aligns with well-established trends. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, the village initially maintained relatively high homeownership rates. However, despite these low rates, the community experienced a gradual decline in homeownership, suggesting that other factors, such as rising home prices, may have played a more significant role in this trend.
As homeownership decreased, the percentage of renters in Pleasant City increased from 18% in 2013 to 38% in 2022. This shift coincided with a rise in average rent prices. The average monthly rent increased from $630 in 2013 to $740 in 2022, a 17.5% increase over nine years. The growing renter population, coupled with rising rent prices, indicates increased demand for rental properties in the area.
In 2023 and 2024, Pleasant City continued to see growth in average home prices. The average home price reached $125,880 in 2023 and further increased to $129,032 in 2024. This upward trend occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make borrowing more expensive, potentially impacting home affordability and sales.
Looking ahead, based on the observed trends, it's projected that average home prices in Pleasant City will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and overall housing demand in the area.
In summary, Pleasant City has experienced a shift from a predominantly homeowner community to one with a more balanced mix of owners and renters. This transition has been accompanied by significant increases in both home prices and rent, reflecting changing market dynamics and economic conditions. The community's ability to adapt to these changes will be crucial in shaping its housing landscape in the coming years.
