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Rising Home Values and Stable Ownership: Fairfax, Ohio's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Fairfax, Ohio, is a small community that has experienced notable shifts in its housing market over the past decade. This analysis examines the interplay between homeownership rates, average home prices, and average rent prices, revealing interesting trends in this quaint Ohio village. The homeownership rate in Fairfax has remained relatively stable, fluctuating between 73% and 78% from 2013 to 2022. Despite this stability, average home prices have shown a consistent upward trend. In 2013, the average home price was $99,234, which steadily increased to $219,631 by 2022, representing a substantial 121% increase over nine years. This rise in home values did not significantly impact homeownership rates, suggesting that local residents have maintained their ability to purchase homes despite the price increases.
Federal interest rates have played a role in shaping homeownership trends. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership in Fairfax remained high at 77%. As interest rates began to rise gradually from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed only minor fluctuations, demonstrating the resilience of the local housing market to moderate interest rate changes.
Renter percentages in Fairfax have inversely mirrored homeownership rates, ranging from 22% to 27% between 2013 and 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $918, dropping to a low of $797 in 2016 before climbing steadily to reach $1,192 by 2022. This represents a 30% increase in average rent from 2013 to 2022, despite some fluctuations. The population of Fairfax has remained relatively stable during this period, suggesting that changes in rent prices were more influenced by market factors than by significant population shifts.
In 2023 and 2024, Fairfax continued to see growth in average home prices, reaching $236,512 in 2023 and $250,382 in 2024. This represents a 14% increase from 2022 to 2024, indicating a continued strong housing market. Notably, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Looking ahead, predictive models suggest that average home prices in Fairfax are likely to continue their upward trajectory over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,500 per month within the same timeframe. These projections assume continued economic stability and steady population growth in the area.
In summary, Fairfax has demonstrated a robust and growing housing market over the past decade. The stability in homeownership rates despite rising home prices suggests a strong local economy and sustained demand for housing. The recent sharp increase in interest rates may present new challenges, but historical data indicates that the local market has been resilient to moderate economic fluctuations. As average home and rent prices continue to rise, it will be crucial to monitor affordability and its impact on the community's demographic composition.
