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Rome, Georgia: Rising Home Values and Ownership Trends in a Historic Southern City
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
Rome, Georgia, located in the northwestern part of the state, is a vibrant city known for its rich history and scenic beauty. With a population of 63,939 in 2022, Rome has experienced notable shifts in homeownership rates and housing prices over the past decade. The city has seen a general trend of increasing average home prices, while homeownership rates have fluctuated, and average rent prices have shown moderate growth.
The relationship between homeownership rates and average home prices in Rome reveals interesting patterns. In 2013, the homeownership rate stood at 59%, with an average home price of $97,539. As home prices steadily increased, reaching $110,401 by 2016, the homeownership rate declined to 53%. This trend suggests that rising home prices may have made homeownership less accessible for some residents. However, from 2020 to 2022, there was a slight rebound in homeownership rates, increasing from 56% to 58%, despite a significant jump in average home prices from $149,982 to $205,786 during the same period.
Federal interest rates have played a role in shaping homeownership trends in Rome. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, which coincided with relatively stable homeownership rates. As interest rates began to rise more significantly from 2016 onwards, reaching 1.83% by 2018, homeownership rates in Rome remained steady at around 53%. The slight increase in homeownership from 2020 to 2022, despite rising home prices, may be attributed to the low interest rates during this period (0.38% in 2020 and 0.08% in 2021), which likely made mortgages more affordable for some buyers.
Renter percentages and average rent prices in Rome have shown their own distinct trends. In 2013, 41% of residents were renters, with an average rent of $800. As the renter population increased to 47% by 2017, average rent prices saw a modest increase to $812. Interestingly, despite the renter percentage remaining stable at 47% through 2018, average rent slightly decreased to $808. The renter population then decreased to 42% by 2022, while average rent reached $806, showing a relatively stable rental market despite fluctuations in the renter population.
Looking at the most recent data, the average home price in Rome for 2023 was $212,000, showing continued growth from previous years. In 2024, the average home price has further increased to $219,385. These figures demonstrate a consistent upward trend in the housing market. Concurrently, interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions and affordability.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Rome will continue to rise, potentially reaching around $250,000 by 2029. This projection is based on the consistent growth observed in recent years. Average rent prices are expected to show moderate increases, potentially reaching approximately $900 by 2029, assuming the trend of gradual increases continues.
In summary, Rome, Georgia has experienced a complex interplay between homeownership rates, average home prices, and rental market dynamics. The city has seen a general trend of increasing home values, with recent years showing a rebound in homeownership rates despite rising prices. The rental market has remained relatively stable, with modest fluctuations in both renter percentages and average rent prices. As Rome continues to grow and evolve, these housing trends will play a crucial role in shaping the city's future development and community composition.
