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Rising Home Values and Shifting Ownership in Minerva, Ohio: A Decade of Housing Market Dynamics
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
Minerva, located in Ohio, is a small community with a population of 5,806 as of 2022. This charming village has experienced fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows a decline in homeownership, while average home prices have steadily increased. Average rent prices have also shown an upward trend, albeit with some fluctuations.
The homeownership rate in Minerva has experienced a notable decline from 75% in 2013 to 61% in 2022. During this same period, average home prices have shown a consistent upward trend. In 2013, the average home price was $96,668, which increased to $167,009 by 2022, representing a substantial 72.8% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained low, ranging from 0.11% to 0.4%, which coincided with relatively stable homeownership rates between 71% and 75%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates started to decline, reaching 70% by 2019. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) did not immediately reverse the downward trend in homeownership, possibly due to economic uncertainties during the pandemic.
The percentage of renters in Minerva has increased from 25% in 2013 to 39% in 2022, mirroring the decline in homeownership. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $687, which increased to $691 by 2022, representing a modest 0.6% increase. However, it's worth noting that rent prices peaked at $751 in 2021 before decreasing slightly in 2022. The growing renter population may have contributed to the overall increase in rent prices, although the relationship is not as straightforward as with home prices.
In 2023, the average home price in Minerva reached $172,878, continuing the upward trend observed in previous years. This represents a 3.5% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $178,593, a 3.3% rise from 2023. The federal interest rate for 2024 stands at 5.33%, slightly higher than the previous year.
Looking ahead, based on the observed trends, we can expect average home prices in Minerva to continue their upward trajectory over the next five years. Assuming a conservative annual growth rate of 3%, average home prices could reach approximately $207,000 by 2029. For rent prices, if we consider the overall upward trend with occasional fluctuations, we might anticipate average rents to increase to around $750-$800 per month by 2029, assuming a modest annual growth rate of 1-2%.
In summary, Minerva has experienced a significant shift in its housing landscape over the past decade. The decline in homeownership rates, coupled with rising average home prices, suggests a changing dynamic in the local real estate market. The increase in the renter population and the general upward trend in rent prices further underscore these changes. As the community continues to evolve, these housing trends will likely play a crucial role in shaping Minerva's future demographic and economic landscape.
