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Rising Home Values and Ownership in Little Hocking, Ohio: A Decade of Housing Market Dynamics
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
Little Hocking, located in Ohio, is a small community with a population of 1,043 as of 2022. This town, covering just 0.41 square miles, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows an increase in homeownership, rising average home prices, and varying average rent prices.
Homeownership in Little Hocking has shown a generally upward trend, increasing from 83% in 2013 to 88% in 2022. This rise in homeownership coincides with a steady increase in average home prices, which grew from $115,046 in 2013 to $194,960 in 2022, representing a 69.5% increase over this period. The relationship between homeownership rates and average home prices suggests that despite rising costs, residents of Little Hocking have been increasingly able and willing to purchase homes.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.4%), homeownership in Little Hocking increased from 83% to 84%. As interest rates began to rise more significantly from 2017 onwards, homeownership continued to increase, reaching 88% by 2022. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates in this particular community.
The rental market in Little Hocking has shown interesting trends. The percentage of renters decreased from 17% in 2013 to 12% in 2022. Despite this decrease in the renter population, average rent prices have seen substantial increases. In 2014, the average rent was $674, which remained stable until 2017 when it dropped slightly to $651. However, there was a significant jump to $1,050 in 2019, followed by further increases to $1,117 in 2021. In 2022, despite the continued decline in the renter population, the average rent slightly decreased to $1,021.
Looking at the most recent data, the average home price in Little Hocking continued to rise, reaching $197,169 in 2023 and $199,926 in 2024. This represents a modest but steady increase from the 2022 figure. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Little Hocking will likely continue to increase, albeit at a potentially slower rate due to higher interest rates. If the current trajectory holds, average home prices could reach approximately $220,000 to $230,000 by 2029. Average rent prices may stabilize or see modest increases, potentially reaching around $1,200 to $1,300 per month in the next five years, assuming the local economy remains stable and housing demand continues.
In summary, Little Hocking has experienced a significant increase in homeownership rates and average home prices over the past decade. The rental market has seen a decrease in the renter population but an overall increase in average rent prices. Despite rising interest rates, the community has maintained a strong trend towards homeownership. The future of Little Hocking's housing market appears poised for continued growth, with potential moderation due to higher interest rates and economic factors.
