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Rising Home Values and Shifting Ownership Rates: Union City's Dynamic Housing Market
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
Union City, located in Ohio, is a small community that has experienced notable shifts in its housing market over the past decade. The town has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Union City has shown a distinct trend over the years. In 2013, the homeownership rate stood at 67%. This figure decreased to 58% by 2018, indicating a significant shift towards renting. However, the trend reversed in recent years, with homeownership rising to 70% in 2022. This increase in homeownership coincides with changes in average home prices. In 2013, the average home price was $76,408. It experienced fluctuations, dropping to $67,063 in 2017 before rising steadily to reach $117,526 in 2022. This represents a 54% increase in average home prices from 2013 to 2022, despite the temporary dip in the mid-2010s.
The relationship between federal interest rates and homeownership rates in Union City follows a generally inverse pattern. As interest rates dropped from 0.18% in 2010 to 0.08% in 2021, homeownership rates initially declined but then rebounded strongly. The low interest rates likely contributed to the surge in homeownership from 58% in 2018 to 70% in 2022, as lower borrowing costs made homeownership more accessible.
Renter percentages and average rent prices in Union City have also shown interesting trends. The percentage of renters increased from 33% in 2013 to a peak of 42% in 2018, before declining to 30% in 2022. Average rent prices have been volatile, starting at $382 in 2013, rising to $720 in 2018, and then settling at $714 in 2022. This represents an 87% increase in average rent from 2013 to 2022. The population of Union City declined from 2,893 in 2013 to 2,700 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, Union City continued to see growth in average home prices. The average home price reached $127,987 in 2023 and further increased to $135,280 in 2024. This represents a 15% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the low rates of the early 2020s.
Looking ahead, based on the observed trends, we can forecast that average home prices in Union City may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are likely to stabilize or increase moderately, influenced by the strong homeownership trend and population dynamics.
In summary, Union City has experienced a resurgence in homeownership, significant growth in average home prices, and volatile but overall increasing average rent prices. The interplay between interest rates, housing prices, and demographic shifts has shaped a dynamic housing market in this small Ohio community.
