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Thornville, Ohio: Rising Home Values and Ownership Amidst Market Fluctuations
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
Thornville, located in Ohio, is a small community with a rich history and a dynamic real estate market. Over the past decade, this village has experienced significant fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Thornville has shown a general upward trend in recent years. In 2013, 76% of housing units were owner-occupied. This figure remained relatively stable until 2020, when it increased to 77%. By 2022, homeownership had further risen to 82%, indicating a strong preference for home buying in the community. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $147,741. By 2022, this figure had nearly doubled to $283,628, representing a remarkable 92% increase over nine years.
The relationship between federal interest rates and homeownership rates in Thornville follows a well-established trend. As interest rates remained historically low between 2013 and 2021, ranging from 0.08% to 1.68%, homeownership rates gradually increased. This correlation is particularly evident in the sharp rise of homeownership from 77% in 2020 to 82% in 2022, coinciding with interest rates of 0.38% and 1.68% respectively. Lower interest rates typically make mortgages more affordable, encouraging home buying.
Renter percentages in Thornville have shown an inverse relationship to homeownership rates. In 2013, 24% of housing units were renter-occupied. This percentage fluctuated slightly over the years, reaching a peak of 28% in 2019 before declining to 18% in 2022. Interestingly, average rent prices have not consistently followed this trend. In 2013, the average rent was $758. It decreased to $506 in 2018, coinciding with a slight increase in the renter percentage to 23%. However, by 2022, despite the lower renter percentage of 18%, the average rent had increased to $580. This suggests that other factors, such as housing quality or local economic conditions, may be influencing rent prices beyond simple supply and demand dynamics.
In 2023 and 2024, Thornville continued to see growth in average home prices. The average home price reached $306,159 in 2023 and further increased to $320,500 in 2024. This represents a 13% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial shift from the low-interest environment of previous years.
Looking ahead, predictive models suggest that average home prices in Thornville will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting ongoing demand for rental properties despite the strong homeownership trend. These projections are based on historical trends and current market conditions.
In summary, Thornville has experienced a significant increase in homeownership rates and average home prices over the past decade, particularly in recent years. This trend has been supported by historically low interest rates, which have now begun to rise. The rental market has shown more variability, with decreasing renter percentages but fluctuating average rent prices. As the village moves forward, it is likely to see continued growth in property values, with the pace potentially moderated by higher interest rates and evolving economic conditions.
