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Sylvania's Rising Home Values and Ownership Rates: A Decade of Growth
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
Sylvania, Ohio, is a charming city located in Lucas County, known for its excellent schools and vibrant community. Over the past decade, Sylvania has experienced interesting shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
Homeownership in Sylvania has shown a steady increase in recent years, rising from 72% in 2013 to 77% in 2022. This upward trend in ownership has coincided with a significant appreciation in average home prices. In 2013, the average home price in Sylvania was $164,918, which has since grown to $276,052 in 2022, representing a substantial 67% increase over this period. The most dramatic surge occurred between 2020 and 2022, with average home prices jumping from $224,085 to $276,052, a 23% increase in just two years.
The relationship between federal interest rates and homeownership rates in Sylvania reveals interesting patterns. From 2013 to 2020, interest rates remained relatively low, hovering between 0.09% and 2.16%. During this period, homeownership rates in Sylvania increased from 72% to 76%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, it's worth noting that despite a significant rise in interest rates to 1.68% in 2022, Sylvania's homeownership rate remained strong at 77%, suggesting other local factors may be influencing homeownership decisions.
Conversely, the percentage of renters in Sylvania has seen a gradual decline, dropping from 26% in 2013 to 23% in 2022. Despite this decrease in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $961, which increased to $1,030 by 2022, representing a 7.2% rise over the decade. Interestingly, there were fluctuations in rent prices during this period, with a peak of $1,017 in 2014 followed by a dip to $969 in 2015, before steadily climbing again.
In 2023 and 2024, Sylvania's housing market continued its upward trajectory. The average home price reached $289,377 in 2023 and further increased to $302,972 in 2024, marking a 9.8% rise over these two years. This growth occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on historical trends and current market conditions, we can expect the average home prices in Sylvania to continue their upward trajectory over the next five years. Projections suggest that by 2029, average home prices could potentially reach the $350,000 to $375,000 range. Average rent prices are also likely to increase, albeit at a more moderate pace, potentially reaching $1,150 to $1,200 by 2029.
In summary, Sylvania has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. Despite fluctuations in the broader economic landscape, including changes in interest rates, the local housing market has shown resilience and consistent growth. The city's desirability, coupled with a decreasing renter population and steadily increasing home prices, points to a robust and attractive real estate market for the foreseeable future.
