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Plymouth, Indiana: Rising Home Values Amidst 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
Plymouth, Indiana: A Decade of Housing Market Evolution Plymouth, a city in Indiana, has experienced notable shifts in its housing market over the past decade. This vibrant community, known for its blend of small-town charm and economic growth, has seen interesting trends in homeownership rates, average home prices, and average rent prices.
The homeownership rate in Plymouth has fluctuated over the years, showing a general decline from 66% in 2013 to 62% in 2022. This trend coincides with a significant increase in average home prices. In 2013, the average home price was $119,790, which steadily rose to $202,370 by 2022, representing a 68.9% increase over this period. This substantial growth in home values may have contributed to the slight decrease in homeownership, as higher prices potentially made purchasing a home more challenging for some residents.
Federal interest rates have played a role in shaping homeownership trends in Plymouth. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable at 66%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates experienced a slight decline, dropping to 62% in 2022. This pattern aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The rental market in Plymouth has shown its own distinct trends. The percentage of renters increased from 34% in 2013 to 38% in 2022, inversely mirroring the decline in homeownership. Interestingly, average rent prices have been more volatile than home prices. Starting at $721 in 2013, average rent peaked at $890 in 2016 before experiencing fluctuations, ultimately reaching $733 in 2022. This represents a modest 1.7% increase over the entire period, significantly lower than the growth in home prices.
In 2023 and 2024, Plymouth's housing market continued its upward trajectory. The average home price reached $212,810 in 2023 and further increased to $224,342 in 2024, marking a 10.9% rise over these two years. This growth occurred despite a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially influencing buyer behavior and market dynamics.
Looking ahead, predictive models suggest that Plymouth's housing market will likely continue its growth trend over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $260,000 by 2029. Average rent prices, while more difficult to predict due to their historical volatility, are expected to show modest growth, potentially reaching $800-$850 per month by 2029.
In summary, Plymouth has experienced a gradual shift towards a more balanced housing market, with a slight decrease in homeownership offset by an increase in renters. The substantial growth in average home prices, coupled with fluctuating rent prices and changing interest rates, has shaped these trends. As the city continues to evolve, these housing market dynamics will play a crucial role in shaping Plymouth's community and economic landscape.
