Loading Content...
Rising Home Values and Ownership in Geneva-on-the-Lake: A Lakeside Village's Real Estate Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Geneva-on-the-Lake, located in Ohio, is a charming lakeside resort town known for its scenic beauty and recreational opportunities. Over the past decade, this small community has experienced notable shifts in its housing market dynamics. The village has seen fluctuations in homeownership rates, with a general trend towards increased owner-occupancy. Concurrently, average home prices have shown a consistent upward trajectory, while average rent prices have also risen, albeit at a more moderate pace.
The relationship between homeownership rates and average home prices in Geneva-on-the-Lake reveals an interesting pattern. In 2013, the homeownership rate stood at 69%, with an average home price of $85,616. As average home prices steadily increased, reaching $110,502 by 2019, the homeownership rate also rose to 71%. This trend continued through 2022, with the ownership rate remaining at 71% while average home prices climbed to $156,520. This suggests that rising property values did not deter homeownership in the village, possibly indicating strong local demand and a preference for property investment among residents.
Federal interest rates have played a significant role in shaping homeownership trends in Geneva-on-the-Lake. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 0.14%. During this time, homeownership rates in the village remained relatively stable, fluctuating between 63% and 71%. The low-interest environment likely contributed to maintaining these high ownership levels by making mortgages more affordable for potential buyers.
Renter percentages and average rent prices in Geneva-on-the-Lake have shown some correlation over the years. In 2013, with 31% of residents renting, the average rent was $705. As the renter percentage increased to 37% in 2014, average rent slightly decreased to $704, possibly due to increased rental supply. However, by 2022, despite a decrease in the renter percentage to 29%, average rent had risen to $778. This increase in rent prices, despite a lower proportion of renters, may indicate improved rental property quality or reflect the overall appreciation of real estate in the area.
As of 2024, Geneva-on-the-Lake's housing market continues to show strength. The average home price has reached $167,950, representing a significant increase from previous years. This rise in property values occurs against the backdrop of a higher federal interest rate of 5.33% in 2024, which might typically be expected to cool the housing market. However, the continued price growth suggests strong underlying demand for homes in this attractive lakeside community.
Looking ahead, predictive models suggest that Geneva-on-the-Lake may continue to see growth in both home prices and rents over the next five years. Average home prices could potentially reach or exceed $200,000 by 2029, assuming the current growth trajectory continues. Rent prices may also see moderate increases, potentially approaching $850-$900 per month on average. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, Geneva-on-the-Lake has demonstrated resilience in its housing market, with increasing homeownership rates despite rising property values. The village has maintained a high proportion of owner-occupied homes even as average prices have more than doubled since 2010. The rental market, while smaller, has also seen steady growth in prices. These trends, combined with the town's appealing location, suggest a continued strong housing market in the coming years, with potential for further appreciation in both home values and rental rates.
