Loading Content...
Rising Home Values and Ownership: Kenton's Resilient Real Estate Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Kenton, a compact city in Ohio with a population of 11,963 in 2022 and an area of 5.0 square miles, has experienced significant changes in its housing market over the past decade. The city has seen a notable increase in homeownership rates, rising from 65% in 2013 to 73% in 2022. This upward trend in homeownership has occurred alongside a substantial increase in average home prices, which grew from $87,992 in 2013 to $155,576 in 2022, representing a 76.8% increase over nine years. These trends suggest that Kenton residents have increasingly been able and willing to invest in homeownership despite rising prices.
Federal interest rates have played a significant role in shaping Kenton's homeownership trends. From 2013 to 2016, interest rates were historically low, ranging from 0.11% to 0.4%, during which time homeownership rates in Kenton fluctuated between 63% and 70%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, Kenton's homeownership rate continued to climb, peaking at 73% in 2022. This trend indicates that local factors in Kenton may have outweighed the impact of rising interest rates on homeownership decisions.
The rental market in Kenton has also undergone changes. The percentage of renters decreased from 35% in 2013 to 27% in 2022. Despite this decline in the renter population, average rent prices have shown an upward trend, increasing from $540 in 2013 to $674 in 2022, a 24.8% rise. This increase in rent prices, coupled with a decreasing renter population, suggests a tightening rental market in Kenton, possibly due to a reduction in available rental units as more properties transitioned to owner-occupied status.
Recent data shows that the average home price in Kenton continued to rise, reaching $157,262 in 2023 and $160,328 in 2024. This represents a modest but steady increase of 1.1% from 2022 to 2023, and a further 2% from 2023 to 2024. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market that has maintained momentum even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in Kenton to continue their upward trajectory, potentially reaching around $180,000 by 2029. This projection is based on the consistent growth observed over the past decade and assumes a continuation of current economic conditions. For rent prices, the forecast suggests a potential increase to approximately $750 per month by 2029, considering the historical growth rate and the interplay between homeownership and rental markets in Kenton.
In summary, Kenton has demonstrated a strong trend towards homeownership, with increasing average home prices and a growing proportion of owner-occupied properties. The rental market, while shrinking in terms of population share, has seen rising average rents. These trends, combined with the city's ability to maintain housing price growth even amidst rising interest rates, paint a picture of a resilient and evolving housing market in Kenton, Ohio.
