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Rising Home Values and High Ownership Rates: Grafton's Resilient Housing Market
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
Grafton, Ohio, is a small community located in Lorain County. With a land area of 4.93 square miles, this village has experienced notable fluctuations in its population and housing market over the past decade. The ownership percentage has remained relatively stable, while average home prices have shown a consistent upward trend, and average rent prices have experienced more varied changes.
The homeownership rate in Grafton has remained fairly steady, ranging from 81% to 86% between 2013 and 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $149,546, which steadily increased to $258,925 by 2022, representing a substantial 73% increase over nine years. This trend suggests a strong correlation between rising home values and stable homeownership rates in the village.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with homeownership rates between 81% and 84%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership actually increased slightly to 86% in 2019. This could indicate that local factors in Grafton may have a stronger influence on homeownership than national interest rate trends.
Renter percentages in Grafton have fluctuated between 14% and 19% from 2013 to 2022. Average rent prices have shown an overall increasing trend, albeit with some fluctuations. In 2013, the average rent was $802, which decreased to $763 in 2015 before rising again. By 2022, the average rent had increased significantly to $1,007, representing a 25.6% increase from 2013. These changes in rent prices don't seem to have a direct correlation with the percentage of renters, suggesting other factors may influence renting decisions in the village.
In 2023 and 2024, Grafton continued to see growth in average home prices. The average home price reached $270,237 in 2023 and further increased to $278,891 in 2024, representing a 3.2% year-over-year increase. This growth occurred despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating a robust local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $320,000 by 2029, assuming a conservative annual growth rate of 3%. Average rent prices might increase to approximately $1,200 per month, based on the recent trend of about 4% annual growth.
In summary, Grafton has demonstrated a stable housing market with consistent homeownership rates and steadily increasing home values. The rental market has shown more variability but with an overall upward trend in prices. Despite rising interest rates, the local housing market has remained strong, suggesting that Grafton continues to be an attractive place for both homeowners and investors.
