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Rising Home Values and Ownership in Waynesfield: A Decade of Housing Market 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
Waynesfield, located in Ohio, is a small community with a rich history and a dynamic real estate market. Over the past decade, this village has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Waynesfield has shown notable variability from 2013 to 2022. In 2013, the homeownership rate stood at 75%. It reached its peak in 2016 at 84%, before declining to 74% in 2019 and remaining stable until 2021. Interestingly, in 2022, there was a significant increase to 82%. This upward trend in homeownership aligns with the steady rise in average home prices observed during this period. Average home prices in Waynesfield have shown a consistent upward trajectory, increasing from $98,244 in 2013 to $168,602 in 2022, representing a substantial 71.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in Waynesfield demonstrates some interesting patterns. From 2013 to 2015, when interest rates were extremely low (ranging from 0.11% to 0.13%), homeownership rates increased from 75% to 80%. As interest rates began to rise more significantly from 2016 onwards, homeownership rates initially dipped but then showed resilience, reaching 82% in 2022 despite a federal interest rate of 1.68%. This suggests that other local factors may have played a role in maintaining high homeownership rates despite rising interest rates.
Renter percentages in Waynesfield have generally mirrored the inverse of homeownership rates. The percentage of renters decreased from 25% in 2013 to a low of 16% in 2016, before rising again to 26% in 2019 and remaining stable until 2021. In 2022, the renter percentage dropped to 18%. Average rent prices have shown a declining trend in recent years, falling from a peak of $978 in 2015 to $615 in 2022, a decrease of about 37%. This decline in average rent prices occurred despite fluctuations in the village's population, which ranged from 833 to 926 residents between 2013 and 2022.
Looking at the most recent data, average home prices in Waynesfield continued their upward trend, reaching $175,030 in 2023 and $184,628 in 2024. This represents a 9.5% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Waynesfield will continue to rise, potentially reaching around $220,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast suggests a potential stabilization or slight increase from the 2022 levels, possibly reaching around $650-$700 by 2029, assuming economic conditions and local housing market factors remain relatively stable.
In summary, Waynesfield has demonstrated resilience in its housing market, with increasing homeownership rates and rising average home prices despite fluctuations in federal interest rates. The declining trend in average rent prices, coupled with recent population changes, suggests a dynamic rental market that may be influenced by various local economic factors. As the village moves forward, these trends indicate a potentially strong housing market with continued growth in property values and a balanced mix of homeowners and renters.
