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Rising Home Values and Ownership Fluctuations: A Decade of Change in Stewart, Ohio
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
Stewart, Ohio is a small community with a population of 2,245 as of 2022, situated on just 0.3 square miles of land. This compact area boasts a high population density of 7,593 people per square mile. Over the past decade, Stewart has experienced fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Stewart has shown a general decline from 2013 to 2019, followed by a recovery in recent years. In 2013, the homeownership rate stood at 82%, gradually decreasing to 69% by 2019. However, this trend reversed, with homeownership rising to 80% by 2022. This pattern correlates interestingly with average home prices, which have steadily increased from $80,189 in 2013 to $138,309 in 2022, representing a substantial 72.5% increase over this period.
The relationship between federal interest rates and homeownership rates in Stewart reveals some interesting patterns. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership remained stable at around 82-85%. As interest rates began to rise from 2016 onwards, reaching 2.16% by 2019, homeownership rates declined to 69%. However, the sharp drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) coincided with a rebound in homeownership to 72% and 75%. This suggests that while lower interest rates generally encourage homeownership, other local factors also play a significant role in Stewart's housing market.
Renter percentages in Stewart have shown an inverse relationship to homeownership rates, naturally increasing as homeownership decreased. The renter population peaked at 31% in 2019, coinciding with the lowest homeownership rate. Average rent prices have demonstrated a general upward trend, rising from $462 in 2013 to $1,010 in 2021, before slightly decreasing to $846 in 2022. This represents an overall increase of 83% in average rent prices from 2013 to 2022, outpacing the growth in average home prices during the same period.
In 2023 and 2024, Stewart experienced a slight dip in average home prices, with values of $134,851 and $136,341 respectively. This minor correction comes after the significant price increases observed in previous years. Concurrently, federal interest rates have risen substantially, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in Stewart may continue to rise moderately over the next five years, potentially reaching around $150,000 by 2029. However, this growth rate is expected to be more modest compared to the rapid increases seen in the early 2020s. Average rent prices are also projected to increase, potentially surpassing $1,100 per month by 2029, assuming current economic conditions and local market trends persist.
In summary, Stewart has experienced significant changes in its housing market over the past decade. The community has seen a recent rebound in homeownership rates after several years of decline, coupled with substantial increases in both average home prices and rent prices. The interplay between federal interest rates, local economic conditions, and housing affordability continues to shape the market dynamics in this small Ohio community. As Stewart moves forward, balancing homeownership opportunities with rental availability will be crucial for maintaining a diverse and accessible housing market for its residents.
