Loading Content...
Rising Home Values and Ownership in Addyston, Ohio: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Addyston, located in Ohio, is a small community with a rich history and a dynamic real estate market. Over the past decade, this village has experienced notable fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market conditions. The homeownership rate in Addyston has shown significant variability over the years. In 2013, 56% of residents were homeowners, but this figure dropped to 48% by 2017. However, there has been a remarkable resurgence in homeownership since then, with the rate climbing to 60% in 2022. This upward trend coincides with a substantial increase in average home prices. In 2014, the average home price was $29,878, but by 2022, it had more than tripled to $91,730, representing a dramatic 207% increase over eight years.
The relationship between federal interest rates and homeownership rates in Addyston appears to follow expected patterns. For instance, as interest rates remained low between 2014 and 2016 (ranging from 0.09% to 0.40%), homeownership rates stabilized around 52-53%. The subsequent rise in interest rates to 1.83% by 2018 coincided with a slight dip in homeownership to 50%. However, despite rising interest rates in recent years, homeownership has continued to increase, suggesting other factors are also influencing this trend.
Renter percentages in Addyston have inversely mirrored homeownership trends. The proportion of renters peaked at 52% in 2017 but has since decreased to 40% in 2022. Interestingly, average rent prices have shown less volatility compared to home prices. In 2013, the average rent was $802, and it decreased to $711 by 2017. Since then, there has been a modest increase, with the average rent reaching $770 in 2022. This represents a relatively small 8.3% increase over a nine-year period, in contrast to the much larger gains in home prices.
Looking at the most recent data, the average home price in Addyston reached $93,999 in 2023 and further increased to $102,766 in 2024. This represents a 12.1% increase from 2022 to 2024, indicating continued strong growth in the local housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Addyston will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on historical patterns, we might expect average home prices to reach approximately $125,000 to $135,000 by 2029. For rent prices, the forecast suggests a more modest increase, potentially reaching an average of $850 to $900 per month by 2029, assuming current trends persist.
In summary, Addyston has experienced a significant resurgence in homeownership rates and substantial growth in average home prices over the past decade. Despite rising interest rates, the local real estate market has shown resilience, with continued price appreciation. The rental market, while more stable, has also seen modest growth. These trends suggest a dynamic and evolving housing landscape in Addyston, with potential for continued growth in both the ownership and rental sectors in the coming years.
