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Rising Home Values and Ownership in Millfield, Ohio: A Decade of Resilient Housing Market
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
Millfield, Ohio, is a small community located in Athens County. This charming town has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows an increase in homeownership percentage and average home prices, while average rent prices have generally decreased.
Homeownership rates in Millfield have seen a substantial rise, particularly in recent years. In 2013, the homeownership rate was 76%, which increased to 86% by 2022. This upward trend coincides with a steady increase in average home prices. In 2013, the average home price was $62,168, rising to $112,719 by 2022, representing an impressive 81% increase over nine years. This correlation suggests that as home values appreciated, more residents were motivated to invest in homeownership.
The relationship between federal interest rates and homeownership rates in Millfield is noteworthy. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates fluctuated but generally remained above 70%. As interest rates began to rise more sharply in 2022 (1.68%), homeownership surprisingly increased to 86%, possibly indicating other local factors influencing this trend.
Renter percentages in Millfield have shown an inverse relationship to homeownership rates, naturally decreasing as more residents became homeowners. In 2013, 24% of residents were renters, which decreased to 14% by 2022. Interestingly, average rent prices have not followed a consistent pattern. In 2013, the average rent was $873, peaking at $1,124 in 2014 and 2015, before declining to $641 in 2022. This decrease in average rent prices, coupled with the declining renter population, suggests a shift in the local housing market dynamics.
Looking at the most recent data, the average home price in Millfield for 2023 was $110,353, showing a slight decrease from 2022. However, in 2024, the average home price has rebounded to $112,061. The federal interest rate in 2023 was 5.02%, rising to 5.33% in 2024, which are significantly higher than the rates seen in previous years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Millfield will continue to rise moderately, potentially reaching around $125,000 by 2029. Average rent prices, on the other hand, may stabilize or show a slight increase, potentially reaching $700 by 2029, assuming the current trends persist.
In summary, Millfield has experienced a significant increase in homeownership rates and average home prices over the past decade, while average rent prices have generally decreased. The community has shown resilience in maintaining high homeownership rates despite rising interest rates. These trends suggest a strong local housing market with a preference for homeownership among residents.
