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Sidney, Ohio: Rising Home Values and Ownership Rates in a Resilient Real Estate Market
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
Sidney, Ohio, a vibrant city in Shelby County, is known for its rich industrial heritage and as the headquarters of Emerson Climate Technologies. The city has experienced fluctuating trends in homeownership rates and housing prices over the past decade, with recent years showing a slight increase in owner-occupied housing and rising average home prices.
The homeownership rate in Sidney has seen some variations since 2013. In 2013, the city had a 67% homeownership rate, which declined to 61% by 2015 and remained stable until 2019. However, there has been a recent uptick, with homeownership reaching 67% again in 2022. This trend correlates interestingly with average home prices, which have shown a consistent upward trajectory. In 2013, the average home price was $102,841, and by 2022, it had risen significantly to $176,570, representing a 71.7% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in Sidney. The period from 2013 to 2015, when homeownership declined, coincided with relatively low interest rates of 0.11% to 0.13%. Despite these low rates, other economic factors may have influenced the decrease in homeownership. However, as interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership in Sidney actually increased. This suggests that local economic factors and housing market conditions may have had a stronger influence on homeownership than national interest rates alone.
Renter percentages in Sidney have mirrored the inverse of homeownership trends. The proportion of renters increased from 33% in 2013 to 39% in 2015 and remained steady until 2019. Since then, there has been a slight decrease, with renters comprising 33% of the population in 2022. Average rent prices have shown some fluctuation over this period. In 2013, the average rent was $778, rising to $814 in 2014 before dipping to $750 in 2015. Rent prices then showed a general upward trend, reaching $849 in 2021, before decreasing to $754 in 2022. This recent decrease in rent coincides with the increase in homeownership, possibly indicating a shift in the local housing market dynamics.
Looking at the most recent data, average home prices in Sidney continued to rise, reaching $182,105 in 2023 and $190,681 in 2024. This represents a steady increase of 8% from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying decisions in the city.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Sidney will continue to rise, potentially reaching around $220,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $900 per month by 2029, assuming the recent fluctuations stabilize and follow the overall upward trend seen in previous years.
In summary, Sidney, Ohio has experienced a recent resurgence in homeownership, reaching 67% in 2022, despite rising home prices and increasing interest rates. The average home price has shown substantial growth, more than doubling from 2010 to 2024. Rent prices, while more volatile, have also shown an overall upward trend. These trends suggest a robust housing market in Sidney, with a potential for continued growth in both home values and rental rates in the coming years.
