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Steady Homeownership Amidst Rising Home Values in Delaware, Ohio
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
Delaware, Ohio, located in Delaware County, is a vibrant community known for its historic charm and modern amenities. With a population of 54,651 in 2022, this growing city has experienced significant changes in its housing market over the past decade. The homeownership rate has remained relatively stable, while average home prices and average rent prices have shown notable increases.
The homeownership rate in Delaware has consistently hovered around 69% from 2013 to 2022. Despite this stability, average home prices have experienced substantial growth. In 2010, the average home price was $187,562, which steadily increased to $362,498 by 2022, representing a remarkable 93.3% increase over 12 years. This trend suggests that while the proportion of homeowners remained constant, the value of owned properties significantly appreciated.
Federal interest rates have played a role in homeownership trends. From 2010 to 2016, interest rates remained below 0.5%, coinciding with the steady homeownership rate of 68-69%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate still maintained its stability at 69%. This resilience in homeownership despite rising interest rates may indicate strong local economic factors supporting homebuying in Delaware.
The renter population in Delaware has remained relatively consistent, comprising about 30-31% of the population from 2013 to 2022. Average rent prices have shown an upward trend, albeit with some fluctuations. In 2013, the average rent was $971, which increased to $1,207 by 2021, representing a 24.3% increase over eight years. However, there was a slight decrease to $1,085 in 2022. The overall trend in rent prices aligns with the city's population growth, which increased from 44,278 in 2010 to 54,651 in 2022, potentially driving demand for rental properties.
In 2023, the average home price in Delaware reached $373,919, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $381,049, while interest rates rose slightly to 5.33%. These figures indicate a continued upward trend in home values, despite higher interest rates which typically impact affordability.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in Delaware may continue to rise over the next five years, potentially reaching around $450,000 by 2029. Average rent prices might also see a steady increase, potentially reaching approximately $1,400 per month in the same timeframe. However, these projections are subject to various economic factors and market dynamics.
In summary, Delaware has demonstrated a robust and growing housing market characterized by stable homeownership rates, significantly appreciating home values, and gradually increasing rent prices. The city's ability to maintain steady homeownership levels despite rising home prices and interest rates suggests a strong local economy and desirable living conditions. As the population continues to grow, both the ownership and rental markets are likely to remain dynamic, presenting opportunities and challenges for residents and potential investors alike.
