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Rising Home Values and Ownership in Seaman, Ohio: A Decade of Housing Market Trends
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
Seaman, located in Ohio, is a small community that has experienced notable fluctuations in its housing market over the past decade. The village has seen shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. From 2013 to 2022, Seaman's homeownership rate displayed a general upward trend, with some fluctuations. In 2013, the homeownership rate stood at 64%, rising to 68% by 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $105,456, which steadily increased to $178,758 by 2022, representing a 69.5% increase over this period. This trend suggests that despite rising home prices, residents of Seaman were increasingly able to enter the housing market as owners.
The relationship between federal interest rates and homeownership rates in Seaman appears to follow established trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates increased from 64% to 66%. As interest rates began to rise more significantly from 2017 onwards, homeownership rates showed some fluctuation but remained relatively stable, even increasing to 73% in 2021 when interest rates were at a very low 0.08%.
Regarding rental trends, the percentage of renters in Seaman generally decreased from 36% in 2013 to 31% in 2022. During this period, average rent prices increased from $506 in 2013 to $747 in 2022, a 47.6% increase. This trend suggests that despite rising rent prices, fewer residents were opting for rental housing, possibly due to the relative affordability of homeownership during periods of low interest rates.
In 2023 and 2024, Seaman's housing market showed interesting developments. The average home price slightly decreased to $175,862 in 2023 but rebounded to $181,396 in 2024. This occurred against a backdrop of significantly higher interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the village.
Looking ahead, predictive models suggest that average home prices in Seaman may continue to rise over the next five years, albeit at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, potentially at a faster rate than home prices, as higher mortgage rates may push more residents towards renting. However, the exact trajectory will depend on various economic factors and local market conditions.
In summary, Seaman has experienced a trend of increasing homeownership rates and rising home prices over the past decade. The rental market has seen decreasing occupancy despite rising rent prices. The recent spike in interest rates may alter these trends in the coming years, potentially slowing home price growth and increasing rental demand.
