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Rising Home Values and Shifting Ownership in Mineral City: A Decade of Change
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
Mineral City, located in Ohio, is a small community with a population that has fluctuated over the years, reaching 1,494 residents in 2022. This quaint village has experienced interesting shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Mineral City has shown some variability but has generally remained high. In 2013, 77% of residents were homeowners, which increased to a peak of 84% in 2017. However, by 2022, this figure had decreased to 72%. During this same period, average home prices in the village demonstrated a consistent upward trend. In 2013, the average home price was $101,439, which steadily increased to $192,913 by 2022, representing a substantial 90% increase over nine years.
The relationship between federal interest rates and homeownership rates in Mineral City appears to follow expected patterns. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates remained high, peaking at 84% in 2017. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we see a corresponding decline in homeownership rates to 72% by 2022.
The rental market in Mineral City has shown interesting trends as well. The percentage of renters increased from 16% in 2017 to 28% in 2022. This shift coincided with a rise in average rent prices. In 2013, the average rent was $652, which increased to $780 by 2022, representing a 19.6% increase over nine years. This rise in both renter percentage and rent prices could be attributed to various factors, including changing demographics and housing preferences.
In 2023 and 2024, we see a continuation of the upward trend in average home prices in Mineral City. The average home price reached $200,518 in 2023 and further increased to $208,599 in 2024. This represents a 3.9% and 4% year-over-year increase respectively. Notably, federal interest rates also saw a significant increase, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, based on the historical trends and current market conditions, we can project that average home prices in Mineral City will likely continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and overall housing market appreciation. However, the rate of increase may stabilize as the market adjusts to economic conditions and local housing supply and demand factors.
In summary, Mineral City has experienced significant growth in both home values and rent prices over the past decade. The community has maintained a high rate of homeownership, although recent years have seen a shift towards more renters. The interplay between interest rates, housing prices, and ownership rates highlights the dynamic nature of the local real estate market, with recent trends suggesting a potential recalibration of the housing landscape in this Ohio village.
