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Rising Home Values and High Ownership Rates in Mogadore, Ohio: A Decade of Housing Market Resilience
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
Mogadore, located in Ohio, is a small community that has experienced notable shifts in its housing market over the past decade. The village has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
Homeownership rates in Mogadore have remained relatively high, ranging from 77% to 85% between 2013 and 2022. Average home prices have shown a consistent upward trend during this period. In 2013, the average home price was $132,502, which steadily increased to $218,104 by 2022, representing a significant 64.6% increase over nine years. This upward trend in home prices coincided with generally stable homeownership rates, suggesting that despite rising prices, Mogadore residents maintained a strong preference for homeownership.
The relationship between federal interest rates and homeownership rates in Mogadore appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained consistently high, around 81-82%. As interest rates began to rise more significantly from 2017 onwards, there was a slight fluctuation in homeownership rates, but they remained resilient, even reaching 85% in 2021 when interest rates were still relatively low at 0.08%.
Renter percentages in Mogadore have fluctuated inversely to homeownership rates, ranging from 15% to 23% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $872, which decreased to $790 in 2014 before rising again. By 2022, the average rent had increased to $937, representing a 7.5% increase from 2013. Interestingly, the highest average rent of $918 was observed in 2016 and 2018, coinciding with periods of lower homeownership rates (77% and 83% respectively), suggesting a potential relationship between increased rental demand and higher rent prices.
In 2023, the average home price in Mogadore reached $229,211, continuing the upward trend observed in previous years. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price has further increased to $238,400, while federal interest rates have slightly risen to 5.33%. These figures indicate a resilient housing market in Mogadore, with home prices continuing to appreciate despite higher borrowing costs.
Looking ahead, based on the observed trends, it's projected that average home prices in Mogadore will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, particularly if homeownership becomes less affordable due to rising home prices and interest rates. However, the strong preference for homeownership in the village may help stabilize rent increases.
In summary, Mogadore has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The village has shown resilience to economic changes, maintaining strong homeownership levels even as home prices and interest rates have risen. The rental market, while smaller, has shown some correlation with homeownership trends and economic factors. As the village moves forward, it's likely to continue seeing growth in its housing values, with potential for increased rental demand if homeownership becomes more challenging in the higher interest rate environment.
