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Rising Home Values and Shifting Ownership in East Palestine, Ohio: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
East Palestine, located in Ohio with zip code 44413, is a small community that has experienced notable changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, providing insights into the local real estate landscape. The homeownership rate in East Palestine has shown fluctuations over the years, with a general downward trend. In 2013, the homeownership rate stood at 74%, gradually declining to 70% by 2022. This shift coincides with an overall increase in average home prices. In 2013, the average home price was $74,353, which steadily rose to $121,655 by 2022, representing a significant 63.6% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 71-72%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a slight decline, dropping to 70% by 2022.
The rental market in East Palestine has experienced its own set of changes. The percentage of renters increased from 26% in 2013 to 30% in 2022. Average rent prices have shown considerable volatility. In 2013, the average rent was $570, which peaked at $1,009 in 2019 before declining to $786 in 2022. This represents a 37.9% increase in average rent from 2013 to 2022, despite some fluctuations.
The average home price in East Palestine continued its upward trajectory, reaching $126,286 in 2023 and further increasing to $129,589 in 2024. This represents a 6.5% increase from 2022 to 2024. Concurrently, federal interest rates have risen dramatically, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, average home prices in East Palestine are anticipated to continue rising, potentially reaching around $145,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $850 by 2029, considering the historical volatility in rent prices.
East Palestine has experienced a gradual shift towards a higher proportion of renters, coupled with significant increases in both average home prices and average rent prices. The rise in federal interest rates in recent years may continue to influence homeownership rates, potentially favoring the rental market. These trends reflect a changing housing landscape in this small Ohio community, with implications for both current residents and potential future inhabitants.
