Loading Content...
Senecaville: Rising Home Values and Stable Ownership Rates Amid Rent Volatility
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Senecaville, located in Ohio, is a small community with a population of 1,621 as of 2022. This quaint village has experienced notable fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows a slight increase in homeownership, coupled with a significant rise in average home prices and average rent costs.
Homeownership in Senecaville has remained relatively stable with a slight upward trend. In 2013, the homeownership rate was 84%, which increased to 86% by 2022. This 2% increase coincided with a substantial rise in average home prices. In 2013, the average home price was $75,568, which more than doubled to $143,622 by 2022. This trend suggests that despite rising home prices, residents of Senecaville have maintained a strong preference for homeownership.
The relationship between federal interest rates and homeownership rates in Senecaville appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were consistently low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained high at 84-85%. As interest rates began to rise from 2017 onwards, there was a slight dip in homeownership to 83% in 2018, but it quickly recovered and even increased to 86% by 2022, despite rising interest rates.
Renter percentages in Senecaville have fluctuated inversely to homeownership rates, as expected. The percentage of renters decreased from 16% in 2013 to 14% in 2022. Despite this decrease, average rent prices have shown a significant upward trend. In 2013, the average rent was $687, which increased to $884 by 2022, representing a 28.7% increase over nine years. This rise in rent prices, coupled with the decrease in the percentage of renters, suggests that while fewer people are renting, those who do are paying considerably more.
Looking at the most recent data, the average home price in Senecaville for 2023 was $143,260, showing a slight decrease from 2022. However, in 2024, the average home price has increased again to $144,150. This slight fluctuation occurs against the backdrop of rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Senecaville to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also likely to increase, following the established trend, but may face some moderation if homeownership continues to be favored in the community.
In summary, Senecaville has demonstrated a robust housing market characterized by high and slightly increasing homeownership rates, despite significant increases in both average home prices and rent costs. The community has shown resilience in maintaining homeownership levels even in the face of rising prices and fluctuating interest rates. Looking forward, the village is likely to see continued growth in property values and rent prices, although the rate of increase may be influenced by broader economic factors and local market conditions.
