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Valleyview, Ohio: Rising Home Values and Shifting Ownership in a Resilient 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
Valleyview, Ohio, is a small community that has experienced significant changes in its housing landscape over the past decade. The city has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, Valleyview saw a notable shift in its homeownership rate. In 2013, the percentage of owner-occupied homes stood at 67%. However, by 2022, this figure had decreased to 58%, indicating a trend towards more renting in the community. Concurrently, average home prices in the village experienced substantial growth. In 2013, the average home price was $70,512, but by 2022, it had risen dramatically to $171,723, representing a 143% increase over this period. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
The federal interest rate trends appear to have influenced homeownership rates in Valleyview. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable, only decreasing slightly from 67% to 59%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued its gradual decline, settling at 58% in 2022. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The renter population in Valleyview has grown as homeownership has declined. The percentage of renter-occupied housing units increased from 33% in 2013 to 42% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2013, the average rent was $872, which increased to $892 by 2017. However, there was a significant drop to $700 in 2018, followed by a sharp rise to $1,297 by 2022. This represents a 49% increase in average rent from 2013 to 2022, despite some fluctuations. The population growth from 1,520 in 2013 to 2,034 in 2022 may have contributed to increased demand for rental properties, potentially driving up prices.
In 2023 and 2024, the housing market in Valleyview continued its upward trajectory. The average home price reached $183,370 in 2023 and further increased to $190,930 in 2024, representing a 11% growth over two years. This occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen since 2007. These high interest rates might typically slow home price growth, but Valleyview's market has shown resilience.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Valleyview may continue to rise over the next five years, albeit at a potentially slower rate due to high interest rates. Average home prices could reach around $220,000 by 2029. Average rent prices, following their recent sharp increases, may stabilize or see more modest growth, potentially reaching around $1,500 by 2029.
In summary, Valleyview has experienced a shift towards more renting, with homeownership rates declining as both home prices and rent have generally increased. The community has shown remarkable resilience in its housing market, with property values continuing to rise even in the face of historically high interest rates. These trends reflect a dynamic housing market that has favored property appreciation while potentially challenging affordability for some residents.
