Loading Content...
Rising Home Values and High Ownership Rates: Tiro's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Tiro, located in Ohio, is a small community with a population that has fluctuated over the years, reaching 889 residents in 2022. This quaint village has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Tiro has shown some variability over the years, with a general trend towards high owner-occupancy. In 2013, the homeownership rate stood at 88%, and by 2022, it had increased slightly to 90%. During this period, average home prices in the village have seen a significant upward trajectory. In 2011, the average home price was $89,183, and by 2022, it had risen to $148,354, representing a 66.3% increase over 11 years.
The relationship between federal interest rates and homeownership rates in Tiro appears to follow the general economic principle that lower interest rates tend to encourage homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the village maintained a high homeownership rate of 84% in 2020 and 83% in 2021. The slight decrease might be attributed to other local factors, as the relationship is not always direct due to various economic influences.
Renter percentages in Tiro have generally been low, complementing the high homeownership rates. In 2013, the renter-occupied rate was 12%, and it decreased to 10% by 2022. Average rent prices have shown some fluctuation but with an overall upward trend. In 2013, the average rent was $681, and it increased to $1,098 by 2022, representing a substantial 61.2% rise over nine years. This increase in rent prices occurred despite the relatively stable and low renter population, suggesting other factors such as overall housing market pressures and improved rental property quality may have influenced prices.
In 2023 and 2024, Tiro continued to see growth in average home prices. The average home price reached $154,191 in 2023 and further increased to $160,244 in 2024. This represents a 4% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the village.
Looking ahead, predictive models suggest that average home prices in Tiro may continue to rise over the next five years, potentially reaching around $180,000 by 2029 if current trends persist. Rent prices could also see further increases, potentially approaching $1,300 per month on average by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Tiro has maintained a strong homeownership culture with steadily increasing average home prices over the past decade. The rental market, while smaller, has seen significant price appreciation. The village's housing market has shown resilience and growth, even in the face of fluctuating interest rates and economic conditions. The continued rise in both home prices and rents suggests a robust demand for housing in this small Ohio community.
