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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ridgeway, Ohio, is a small community with a population that has fluctuated over the years, reaching 1,618 residents in 2022. This quaint village has maintained a consistently high rate of homeownership, with a strong preference for owner-occupied housing. The trends in average home prices and average rent have shown notable changes over the past decade, reflecting the dynamic nature of the local real estate market.
The homeownership rate in Ridgeway has remained remarkably stable, hovering around 90% throughout the observed period. In 2013, the homeownership rate stood at 91%, and by 2022, it was maintained at the same level. This consistency in homeownership occurred despite significant changes in average home prices. In 2010, the average home price was $114,181, which steadily increased to $208,616 by 2022, representing an 82.7% increase over 12 years. This trend suggests that residents of Ridgeway have managed to maintain high levels of homeownership even as property values appreciated considerably.
The relationship between federal interest rates and homeownership rates in Ridgeway appears to follow the general trend where lower interest rates support higher homeownership. For instance, from 2010 to 2016, when interest rates were historically low (ranging from 0.1% to 0.4%), the village maintained its high homeownership rate around 90%. Even as interest rates began to rise in 2017 (1%) and 2018 (1.83%), the homeownership rate remained stable at 89%, indicating a strong local preference for owning rather than renting.
Renter percentages in Ridgeway have consistently been low, complementing the high homeownership rates. In 2013, the renter-occupied percentage was 9%, and it fluctuated slightly over the years, reaching 11% in 2019 before decreasing to 9% again in 2022. Average rent prices have shown considerable volatility. In 2013, the average rent was $319, which increased dramatically to $769 in 2019, representing a 141% increase. However, by 2022, the average rent had decreased significantly to $462, a 40% drop from its peak. These fluctuations in rent prices do not seem to have significantly impacted the overall low percentage of renters in the village, suggesting other factors may influence housing choices in this community.
In 2023, the average home price in Ridgeway reached $212,090, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $220,308, while interest rates slightly rose to 5.33%. These figures indicate a continuing upward trend in property values, despite higher interest rates which typically might slow down housing market growth.
Looking ahead, predictive models suggest that average home prices in Ridgeway may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices, which have shown volatility, may stabilize or see moderate increases as the housing market adjusts to economic conditions. However, given the village's strong preference for homeownership, significant shifts in the renter-to-owner ratio are unlikely unless major economic or demographic changes occur.
In summary, Ridgeway demonstrates a remarkably stable and high rate of homeownership, which has persisted despite significant increases in average home prices. The community has shown resilience in maintaining its homeownership levels even through periods of changing interest rates and housing costs. The rental market, while showing price volatility, has remained a small segment of the housing landscape. As the village moves forward, it is likely to continue its trend of strong homeownership, with potential for further appreciation in property values.