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Rising Home Values and Ownership Rates: Lewistown, Ohio's Shifting Housing Landscape
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
Lewistown, Ohio, is a small community with a population of 1,674 as of 2022. This locality has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The trend shows a notable increase in homeownership percentage, rising from 84% in 2018 to an impressive 96% in 2022. Concurrently, average home prices have seen a steady upward trajectory, while average rent prices have shown more volatility.
The relationship between homeownership rates and average home prices in Lewistown presents an interesting dynamic. As average home prices increased from $131,354 in 2010 to $244,158 in 2022, the percentage of owner-occupied homes also rose significantly. This trend was particularly pronounced from 2018 to 2022, with homeownership climbing from 84% to 96% despite the substantial increase in home prices. This suggests that factors beyond price alone, such as local economic conditions or housing policies, may have influenced the growing preference for homeownership in the community.
Federal interest rates appear to have played a role in homeownership trends in Lewistown. The period of historically low interest rates from 2010 to 2021, ranging from 0.08% to 2.16%, coincided with the overall increase in homeownership rates. The sharp rise in homeownership from 88% in 2019 to 97% in 2021 occurred when interest rates were at their lowest (0.38% in 2020 and 0.08% in 2021), potentially making mortgages more accessible and attractive to residents.
The renter population in Lewistown has decreased significantly, from 16% in 2018 to just 4% in 2022. Interestingly, average rent prices showed considerable volatility during this period. Rent peaked at $1,124 in 2016-2018 before dropping to $791 in 2019, where it remained through 2022. This decrease in average rent coincided with the dramatic reduction in the renter population, suggesting that factors beyond rent prices, such as a strong preference for homeownership or changes in local housing stock, may have influenced this shift.
In 2023 and 2024, Lewistown continued to see growth in average home prices. The average home price reached $249,491 in 2023 and further increased to $262,987 in 2024. This represents a 7.7% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which marks the highest rates since 2007. Despite these higher interest rates, the housing market in Lewistown has maintained its upward price trajectory.
Looking ahead, predictive models suggest that average home prices in Lewistown will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $290,000 by 2029. Rent prices, which have remained stable at $791 since 2019, may see moderate increases to align with overall housing market trends, potentially reaching around $850-$900 by 2029.
In summary, Lewistown has experienced a remarkable increase in homeownership rates, rising to 96% in 2022, despite steadily increasing home prices. The community has shown resilience in its housing market, with continued price growth even in the face of rising interest rates. The dramatic shift from renting to owning suggests a strong local preference for homeownership, which may continue to shape the community's housing landscape in the coming years.
