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Rising Home Values and Shifting Ownership in Perrysburg, 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
Perrysburg, a vibrant city in Ohio, has experienced significant growth and change over the past decade. Located along the Maumee River, this historic town has evolved into a thriving suburban community. The city has seen a gradual shift in homeownership rates, coupled with steady increases in both average home prices and average rent prices.
The homeownership rate in Perrysburg has shown a slight downward trend over the years. In 2013, 73% of residents owned their homes, but by 2022, this figure had decreased to 66%. Conversely, average home prices have risen substantially during this period. In 2013, the average home price was $183,771, and by 2022, it had climbed to $294,402, representing a 60% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in Perrysburg. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of relatively stable homeownership rates around 70-71%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate declined to 66%. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The renter population in Perrysburg has grown from 27% in 2013 to 34% in 2022. During this same period, average rent prices have also increased significantly. In 2013, the average rent was $956, and by 2022, it had risen to $1,158, an increase of about 21%. The city's population growth, from 27,978 in 2013 to 33,675 in 2022, may have contributed to the increased demand for rental properties, driving up both the percentage of renters and average rent prices.
As of 2024, the average home price in Perrysburg has reached $322,583, continuing the upward trend observed in previous years. This represents a 9.6% increase from the 2022 average of $294,402. The federal interest rate for 2024 stands at 5.33%, significantly higher than the 1.68% rate in 2022. This increase in interest rates may further impact homeownership trends in the city.
Looking ahead, predictive models suggest that both average home prices and average rent prices in Perrysburg are likely to continue their upward trajectory over the next five years. Based on historical trends, average home prices could potentially reach around $375,000 by 2029, while average rent prices might approach $1,300 per month. However, these projections are subject to various economic factors and market conditions.
In summary, Perrysburg has experienced a gradual decrease in homeownership rates alongside substantial increases in both average home prices and average rent prices. The interplay between federal interest rates, population growth, and property values has shaped these trends. As the city continues to evolve, it will be crucial to monitor how these factors influence housing affordability and accessibility for both homeowners and renters in the coming years.
