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Rising Home Values and Ownership in Bucyrus, Ohio: A Decade of Housing Market Changes
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
Bucyrus, a city in Ohio, has experienced notable shifts in its housing market over the past decade. Known as the "Bratwurst Capital of America," this small city has seen fluctuations in homeownership rates and housing prices that reflect broader economic trends.
The homeownership rate in Bucyrus has remained relatively stable, with a slight increase from 62% in 2013 to 64% in 2022. This stability in homeownership coincides with a significant rise in average home prices. In 2011, the average home price was $89,270, which steadily increased to $137,254 by 2022, representing a 53.7% increase over 11 years. This trend suggests that despite rising home values, Bucyrus residents have maintained their ability to purchase homes.
Federal interest rates have played a role in shaping homeownership trends in Bucyrus. The period from 2011 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%. During this time, homeownership rates in Bucyrus increased from 62% to 63%, likely due to more affordable financing options. As interest rates began to rise from 2017 onwards, homeownership rates stabilized at 64%, indicating a resilient local housing market.
Renter percentages in Bucyrus have shown a slight decline, from 38% in 2013 to 36% in 2022. Average rent prices have fluctuated during this period. In 2013, the average rent was $688, which peaked at $717 in 2014 and 2018, before settling at $686 in 2022. This relative stability in rent prices, despite a declining renter population, suggests a balanced rental market in Bucyrus.
In 2023, the average home price in Bucyrus reached $143,972, with interest rates at 5.02%. By 2024, the average home price further increased to $146,845, while interest rates rose to 5.33%. These figures indicate a continuing upward trend in both home values and borrowing costs, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in Bucyrus may continue to rise over the next five years, potentially reaching around $160,000 by 2029. Rent prices are expected to follow a similar upward trajectory, possibly increasing to approximately $750 per month in the same timeframe.
In summary, Bucyrus has demonstrated a robust housing market characterized by stable homeownership rates and steadily increasing home values. The resilience of homeownership despite rising prices suggests a strong local economy and continued demand for housing in this Ohio city. The rental market has remained balanced, with slight decreases in the renter population offset by stable rent prices. As Bucyrus moves forward, it appears poised for continued growth in its housing sector, with both homeowners and renters likely to see increasing costs in the coming years.
