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Rising Home Values and Shifting Ownership in West Union, Ohio: A Decade of Housing Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
West Union, located in Ohio, is a small community with a rich history and evolving demographics. Over the past decade, the city has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in West Union has shown a general decline from 2013 to 2022. In 2013, 68% of residents owned their homes, but by 2022, this figure had dropped to 61%. Despite this overall decrease, there have been some fluctuations, with the lowest point of 55% ownership occurring in 2016 and 2017. Interestingly, as homeownership rates declined, average home prices in the area steadily increased. In 2013, the average home price was $92,260, and by 2022, it had risen significantly to $157,027, representing a 70% increase over this period.
The trend in homeownership rates appears to have been influenced by federal interest rates. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates in West Union paradoxically decreased from 68% to 55%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized and even slightly increased to 61%. This suggests that other local factors may have played a more significant role in homeownership trends than national interest rates during this period.
Renter percentages in West Union have generally increased from 2013 to 2022, mirroring the decline in homeownership. The proportion of renters rose from 32% in 2013 to 39% in 2022, with a peak of 45% in 2016 and 2017. Average rent prices have shown some volatility during this period. In 2013, the average rent was $523, which decreased to a low of $451 in 2015 before rising again to $542 in 2022. The population of West Union has fluctuated during this time, peaking at 4,416 in 2013 and settling at 3,849 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, average home prices in West Union continued to rise in 2023 and 2024, reaching $159,642 and $167,787 respectively. This represents a 6.8% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in West Union will continue to rise, potentially reaching around $190,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $600 per month by 2029. These predictions assume a continuation of current economic conditions and local market factors.
In summary, West Union has experienced a gradual shift towards renting over the past decade, despite rising average home prices. The interplay between federal interest rates, local economic conditions, and housing market dynamics has created a complex environment for both homeowners and renters. As the community moves forward, the balance between ownership and renting, along with the trajectory of housing and rental prices, will continue to shape the residential landscape of West Union.
