Loading Content...
Rising Home Values and Stable Ownership in Warsaw, Ohio: A Decade of Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Warsaw, a small village in Ohio, has experienced significant changes in its housing market over the past decade. Known for its quaint charm and close-knit community, Warsaw has maintained a stable homeownership rate while seeing substantial growth in property values. This article examines the trends in homeownership, home prices, and rental markets from 2013 to 2024, offering insights into the village's housing dynamics.
Homeownership in Warsaw has remained relatively constant, with the rate standing at 80% in both 2013 and 2022. However, there were fluctuations during this period, including a dip to 74% in 2019 before rebounding. Concurrently, average home prices in Warsaw have shown a remarkable upward trend. In 2013, the average home price was $90,326, which increased significantly to $181,748 by 2022, representing a substantial growth of 101% over nine years.
The relationship between federal interest rates and homeownership rates in Warsaw appears to follow expected patterns. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 77-80%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight decline in homeownership, reaching its lowest point of 74% in 2019. However, when interest rates dropped again in 2020 and 2021 (to 0.38% and 0.08% respectively), homeownership rates rebounded to 80% by 2022.
Renter percentages in Warsaw have inversely mirrored homeownership rates, ranging from 20% to 26% between 2013 and 2022. Average rent prices have shown some volatility. In 2013, the average rent was $648, which decreased to $598 in 2015. It then rose to a peak of $714 in 2018 before declining again to $599 in 2022. This fluctuation in rent prices doesn't show a clear correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing supply, may have played a role in determining rent prices.
Recent data shows that the average home price in Warsaw continued to rise, reaching $181,854 in 2023 and $188,528 in 2024, representing a modest 3.67% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, standing at 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and property values.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Warsaw will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $220,000 to $230,000, assuming a continuation of current economic conditions and local market factors. For rent prices, the forecast suggests a potential stabilization or slight increase, with average rents possibly reaching $650 to $700 by 2029.
In summary, Warsaw has demonstrated resilience in its housing market, with stable homeownership rates and steadily increasing property values over the past decade. The village has weathered fluctuations in federal interest rates while maintaining a relatively consistent balance between homeowners and renters. The recent uptick in both home prices and interest rates presents an intriguing scenario for the future of Warsaw's housing market, potentially influencing affordability and homeownership trends in the coming years.
