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Pleasant Grove's Housing Market: Rising Home Values Amidst Shifting Ownership Patterns
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Pleasant Grove, a neighborhood in Youngstown, Ohio, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Pleasant Grove has shown a gradual decline over the years, with some fluctuations. In 2013, the homeownership rate stood at 65%, but by 2022, it had decreased to 58%. This decline coincides with a significant increase in average home prices. In 2013, the average home price was $33,729, but by 2022, it had risen dramatically to $85,436, representing a 153% increase over this period.
The relationship between federal interest rates and homeownership rates in Pleasant Grove shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), the homeownership rate remained relatively stable, hovering around 59%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate showed a slight decline, dropping to 58% by 2022.
The rental market in Pleasant Grove has also experienced notable changes. The percentage of renters increased from 35% in 2013 to 42% in 2022. This rise in renter occupancy coincided with an increase in average rent prices. In 2013, the average rent was $626, which rose to $836 by 2022, representing a 33.5% increase. The population of Pleasant Grove also grew during this period, from 4,598 in 2013 to 4,705 in 2022, potentially contributing to increased demand for rental properties.
Looking at the most recent data, the average home price in Pleasant Grove continued its upward trajectory, reaching $88,648 in 2023 and $94,929 in 2024. This represents a further 11% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Pleasant Grove will continue to rise, potentially reaching around $120,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,000 per month within the next five years. These projections are based on the consistent upward trends observed in both home prices and rent over the past decade.
In summary, Pleasant Grove has experienced a gradual shift towards more renter-occupied housing, coupled with substantial increases in both average home prices and average rent. The neighborhood has shown resilience in its housing market, with consistent price appreciation despite fluctuations in interest rates and homeownership rates. As the area continues to evolve, these trends suggest a dynamic and potentially competitive housing market in the coming years.
