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Rocky Ridge, Ohio: Home Values Soar Amidst Ownership Fluctuations
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
Rocky Ridge, located in Ohio, is a small community with a dynamic housing market that has experienced significant fluctuations over the past decade. The village has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. Homeownership rates in Rocky Ridge have shown considerable variability. In 2013, the village boasted a high 89% homeownership rate. However, this figure dropped to 69% by 2017, indicating a substantial shift in the local housing market. Since then, the rate has rebounded, reaching 89% again in 2022. This fluctuation coincides with changes in average home prices. In 2013, the average home price was $89,161, which steadily increased to $135,409 by 2022, representing a 51.9% increase over nine years.
The relationship between federal interest rates and homeownership rates in Rocky Ridge is noteworthy. As interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates were relatively stable, hovering around 83-89%. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, homeownership rates initially declined to 69-71%. Interestingly, despite further increases in interest rates, homeownership rebounded to 89% by 2022, suggesting other local factors may have influenced this trend.
Renter percentages in Rocky Ridge have inversely mirrored homeownership rates. The village saw a significant increase in renters from 11% in 2013 to a peak of 31% in 2017. This shift coincided with changes in average rent prices. In 2013, the average rent was $850, which rose to $1,103 by 2016, an increase of nearly 30% in just three years. However, as the renter percentage began to decrease after 2017, average rent prices also declined, dropping to $843 by 2022. This trend suggests a potential correlation between renter demand and rental prices in the village.
In 2023 and 2024, Rocky Ridge's housing market continued to evolve. The average home price in 2023 was $125,235, showing a decrease from the 2022 figure. However, the market rebounded in 2024, with average home prices rising to $131,825. This recovery occurred despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating resilience in the local housing market.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Rocky Ridge may continue to experience moderate growth over the next five years. The village could see average home prices potentially reaching around $145,000 to $150,000 by 2029. Average rent prices, which have shown more volatility, might stabilize or see slight increases, potentially reaching $900 to $950 per month in the same timeframe.
In summary, Rocky Ridge has demonstrated a resilient and dynamic housing market. The community has experienced significant shifts in homeownership rates, coupled with substantial growth in average home prices over the past decade. Despite fluctuations in federal interest rates, the local market has shown an ability to adapt and rebound. The interplay between homeownership rates, rental percentages, and pricing trends reflects the complex nature of this small Ohio village's real estate landscape.
