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Rising Home Values and Fluctuating Ownership in Wapakoneta, Ohio: Birthplace of Neil Armstrong
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
Wapakoneta, Ohio, a city of 6.56 square miles, is known as the birthplace of Neil Armstrong, the first person to walk on the moon. This small Midwestern city has experienced fluctuating trends in homeownership and housing prices over the past decade. The city has maintained a relatively high rate of homeownership, while average home prices and rent have shown an overall upward trajectory.
The homeownership rate in Wapakoneta has remained consistently high, albeit with some fluctuations. In 2013, the city boasted a 76% homeownership rate, which dipped slightly to 70% by 2021 before rebounding to 74% in 2022. Interestingly, this trend has occurred alongside a steady increase in average home prices. In 2013, the average home price was $113,916, which rose to $193,636 by 2022, representing a significant 70% increase over nine years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates in Wapakoneta remained relatively stable, hovering around 73-74%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed some fluctuation but ultimately remained resilient at 74% in 2022.
Renter percentages in Wapakoneta have shown a slight increase over the years, rising from 23% in 2013 to 26% in 2022. This trend has been accompanied by a notable increase in average rent prices. In 2013, the average rent was $652, which climbed to $775 by 2022, marking an 18.9% increase. The population has remained relatively stable during this period, suggesting that the rise in rent prices may be influenced by factors such as increased housing demand or improvements in rental properties.
Looking at the most recent data, the average home price in Wapakoneta continued its upward trend, reaching $199,364 in 2023 and $210,534 in 2024. This represents a 8.7% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the city.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Wapakoneta will continue to rise, potentially reaching around $240,000 to $250,000 by 2029. Average rent prices are also expected to increase, possibly approaching $900 to $950 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, Wapakoneta has maintained a strong homeownership rate despite rising home prices, demonstrating the city's resilience and desirability. The gradual increase in both home prices and rent suggests a steady demand for housing in the area. The recent sharp rise in interest rates may pose challenges for future homebuyers, potentially affecting the balance between ownership and renting in the coming years. As the city continues to evolve, these housing trends will play a crucial role in shaping its residential landscape.
