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Rising Home Values and Ownership in Barnesville: A Decade of Change in Ohio's Small Village
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
Barnesville, located in Ohio, is a small community with a population of 6,665 as of 2022. This charming village has experienced interesting shifts in homeownership rates and housing prices over the past decade. The overall trend shows an increase in homeownership, coupled with rising average home prices and fluctuating average rent costs.
The homeownership rate in Barnesville has seen a significant upward trend, increasing from 74% in 2013 to 78% in 2022. This rise in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $90,659, which rose to $140,269 by 2022, representing a 54.7% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership in the village.
Federal interest rates have played a crucial role in shaping homeownership trends in Barnesville. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates increased from 74% to 79%, likely due to more affordable financing options. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained relatively stable, only decreasing slightly to 78% in 2022.
The rental market in Barnesville has experienced some fluctuations. The percentage of renters decreased from 26% in 2013 to 22% in 2022. Interestingly, despite this decrease in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $340, which increased to $514 by 2022, representing a 51.2% increase. This rise in rent prices, despite a decreasing renter population, could be attributed to improved rental property quality or increased demand for the limited rental stock available.
In 2023 and 2024, Barnesville continued to see growth in average home prices. The average home price reached $143,532 in 2023 and further increased to $145,739 in 2024. This represents a steady appreciation of property values in the village. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Barnesville will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also likely to increase, but the rate of increase may slow down as the village maintains its high homeownership rate.
In summary, Barnesville has demonstrated a strong trend towards homeownership, with a concurrent increase in average home prices. The rental market, while shrinking in terms of population percentage, has seen rising average rents. These trends, combined with the influence of federal interest rates, paint a picture of a community with a robust and evolving housing market.
