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Rising Home Values and Shifting Ownership in Fox Chase, Ohio: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Fox Chase, a small neighborhood in Loveland, Ohio, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership, home values, and rental prices, revealing a shifting landscape that reflects broader economic factors and local market dynamics. From 2013 to 2022, Fox Chase witnessed a substantial decline in homeownership rates, dropping from 74% to 49%. Concurrently, average home prices surged by 70.7%, rising from $219,809 in 2013 to $375,156 in 2022. This inverse relationship suggests that escalating home prices may have made homeownership less accessible for many residents.
Federal interest rates have played a crucial role in shaping homeownership trends in Fox Chase. During the period of historically low interest rates from 2013 to 2016 (0.11% to 0.40%), homeownership rates remained relatively stable at 60-74%. However, as interest rates began to climb more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates started to decline, reaching 62% by 2019. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The rental market in Fox Chase has shown an upward trend in both the percentage of renters and average rent prices. The proportion of renters doubled from 26% in 2013 to 49% in 2022. During this same period, average rent prices increased by 21.6%, rising from $959 to $1,166. This growth in the rental market coincided with population fluctuations, ranging from a low of 105 residents in 2016 to 149 in 2022, suggesting that new residents may have been more inclined to rent rather than buy.
In 2023 and 2024, the housing market in Fox Chase continued its upward trajectory. The average home price reached $397,492 in 2023 and further increased to $414,832 in 2024, representing a 10.6% increase from 2022 to 2024. Notably, this price growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. The persistent price growth in the face of high interest rates indicates strong demand or limited supply in the area.
Based on historical trends and current market conditions, it is anticipated that average home prices in Fox Chase will continue to rise over the next five years, albeit potentially at a slower rate due to high interest rates. A conservative estimate projects average home prices to reach approximately $475,000 to $500,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,300 to $1,400 per month in the same timeframe, assuming the trend of increasing rental demand persists.
In conclusion, Fox Chase has experienced a shift towards a more rental-oriented market over the past decade, characterized by declining homeownership rates and rising home and rent prices. The neighborhood's housing market has demonstrated resilience, with prices continuing to climb even in the face of higher interest rates. These trends suggest a dynamic and potentially competitive housing market in Fox Chase, with implications for both current and future residents.
