Renter percentages in Genoa have correspondingly decreased, from 26% in 2018 to 14% in 2022. Interestingly, average rent prices have shown an upward trend during this period, rising from $982 in 2018 to $984 in 2022. This modest increase in rent prices, coupled with the declining renter population, suggests that many former renters may have transitioned to homeownership, possibly motivated by rising rent costs and favorable mortgage rates.

In 2023, the average home price in Genoa reached $193,030, with interest rates climbing to 5.02%. The trend continued into 2024, with average home prices further increasing to $200,378 and interest rates rising to 5.33%. These figures indicate a continued appreciation in home values, despite the significant rise in interest rates which could potentially impact affordability for new homebuyers.

Looking ahead, predictive models suggest that average home prices in Genoa are likely to continue their upward trajectory over the next five years. Based on the current trend, we can expect average home prices to potentially reach around $230,000 to $240,000 by 2029. Average rent prices, which have shown more volatility, are predicted to stabilize and potentially increase at a moderate pace, possibly reaching $1,050 to $1,100 per month in the same timeframe.

In summary, Genoa has experienced a notable increase in homeownership rates and average home prices over the past several years. This trend has been accompanied by a decrease in the renter population, despite modest increases in average rent prices. The interplay between federal interest rates, housing affordability, and local economic factors has shaped these trends. As the village moves forward, it appears poised for continued growth in its housing market, with both homeownership and property values likely to maintain their upward trajectory.