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Rising Home Values and Strong Ownership in New Bremen, 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
New Bremen, Ohio is a charming village located in Auglaize County, known for its rich German heritage and as the headquarters of Crown Equipment Corporation, a global leader in material handling equipment. This small community has experienced interesting trends in homeownership and housing prices over the past decade.
The homeownership rate in New Bremen has shown a general upward trend from 2013 to 2022. In 2013, 81% of residents owned their homes, and this percentage increased to 83% by 2022, with a peak of 85% in 2021. This trend aligns with the fluctuations in average home prices, which have seen significant growth over the same period. Average home prices in New Bremen rose from $148,077 in 2013 to $246,050 in 2022, representing a substantial increase of about 66% over nine years.
The relationship between federal interest rates and homeownership rates in New Bremen appears to follow the expected pattern. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 2.16%, homeownership rates in the village increased. This trend is consistent with the general understanding that lower interest rates make mortgages more affordable, encouraging home buying. The slight dip in homeownership from 85% in 2021 to 83% in 2022 coincides with the beginning of interest rate increases, as rates jumped from 0.08% in 2021 to 1.68% in 2022.
Renter percentages in New Bremen have correspondingly decreased as homeownership rates increased. The proportion of renters declined from 19% in 2013 to 17% in 2022. Despite this decrease in the renter population, average rent prices have shown an overall upward trend. Average rent increased from $687 in 2013 to $727 in 2022, with some fluctuations in between. The peak average rent was $766 in 2017, despite a slightly lower population that year compared to other years in the dataset.
In 2023 and 2024, New Bremen has continued to see growth in average home prices. The average home price reached $255,151 in 2023 and further increased to $269,242 in 2024. This represents a significant jump of about 9.4% from 2022 to 2024. Interestingly, this price growth has occurred despite a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates would typically be expected to cool the housing market, yet prices in New Bremen have continued to rise, suggesting strong local demand or other favorable market conditions.
Looking ahead, based on the historical data and current trends, we can project that average home prices in New Bremen may continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also likely to increase, following the general upward trend observed in recent years. However, the rate of increase for both home prices and rents may moderate if interest rates remain elevated, potentially affecting affordability and demand.
In summary, New Bremen has demonstrated a strong trend towards homeownership, with a concurrent increase in average home prices over the past decade. Despite rising interest rates, the local housing market has shown resilience, with continued price appreciation. The rental market, while shrinking in terms of percentage of residents, has also seen general increases in average rent. These trends paint a picture of a robust and desirable local housing market in New Bremen, with potential for continued growth in the coming years.
