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Rising Home Values and Declining Ownership: Beverly's Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Beverly, located in Ohio, is a small community that has experienced fluctuating demographics and housing market trends over the past decade. The city has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic and social changes.
The relationship between homeownership rates and average home prices in Beverly shows an interesting dynamic. In 2013, the homeownership rate was 77%, with average home prices at $104,626. As average home prices steadily increased, reaching $137,358 by 2019, the homeownership rate decreased to 70%. This trend continued into 2022, with homeownership at 68% and average home prices rising to $176,001. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), Beverly maintained relatively high homeownership rates between 69% and 79%. However, as interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates declined from 68% to 70%. This trend aligns with the general principle that lower interest rates encourage homeownership due to more affordable financing options.
Renter percentages and average rent prices in Beverly have shown a general upward trend. In 2013, the renter percentage was 23%, with an average rent of $528. By 2022, the renter percentage had increased to 32%, while the average rent rose to $667. This increase in both renter percentage and average rent prices could be attributed to factors such as rising home prices making homeownership less attainable, or changes in population demographics and preferences.
In 2023 and 2024, Beverly experienced continued growth in average home prices, reaching $179,385 in 2023 and $181,394 in 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability and market dynamics.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Beverly will continue to rise moderately over the next five years, potentially reaching around $200,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $750 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, Beverly has experienced a gradual decline in homeownership rates coupled with rising home prices and rents over the past decade. The interplay between federal interest rates, housing affordability, and demographic shifts has shaped these trends. As the community moves forward, it will likely continue to see evolving housing market dynamics, with potential implications for resident composition and local economic conditions.
