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Rising Home Values and Ownership in Corinth, Kentucky: A Decade of Housing Market Fluctuations
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
Corinth, a small city in Kentucky, has experienced notable fluctuations in its housing market over the past decade. With a population of 2,218 in 2022 and covering an area of 2.12 square miles, this compact community has seen interesting shifts in homeownership rates and property values.
The homeownership rate in Corinth has shown remarkable stability, ranging from 78% to 86% between 2013 and 2022. This high rate of owner-occupied housing reflects a strong preference for homeownership in the community. Concurrently, average home prices have demonstrated a consistent upward trend, rising from $56,450 in 2010 to $109,450 in 2022, representing a substantial 93.9% increase over this period.
The relationship between federal interest rates and homeownership rates in Corinth presents an intriguing picture. Despite fluctuations in federal interest rates, which ranged from 0.08% in 2021 to 1.68% in 2022, the homeownership rate remained relatively stable. This suggests that local factors may have a more significant influence on homeownership in Corinth than national interest rate trends.
Renter percentages in Corinth have fluctuated inversely to homeownership rates, ranging from 14% to 22% between 2013 and 2022. Average rent prices have shown considerable volatility, with notable increases and decreases. For instance, average rent rose from $593 in 2013 to $773 in 2015, then declined to $580 in 2019, before surging to $984 in 2021. This volatility may be attributed to changes in local economic conditions and housing supply.
In 2023 and 2024, Corinth's housing market continued its upward trajectory. The average home price reached $111,136 in 2023 and further increased to $113,667 in 2024. This represents a 3.9% growth from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting mortgage affordability for prospective homebuyers.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 2-3% annually, potentially reaching around $130,000 by 2029. Rent prices, while more volatile, are expected to show a gradual upward trend, potentially averaging around $1,100 per month by 2029.
In summary, Corinth's housing market is characterized by high homeownership rates and steadily increasing property values. The resilience of homeownership rates despite fluctuating interest rates suggests a strong local preference for owning rather than renting. The recent surge in both home prices and interest rates presents new challenges and opportunities for the local real estate market, potentially influencing future homeownership trends and affordability in this Kentucky city.
