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Verona, Ohio: Rising Home Values and Steady Ownership in a Small Community
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
Verona, Ohio, is a small community with a population that has fluctuated between 2,000 and 2,400 residents over the past decade. This charming village has maintained a notably high rate of homeownership, consistently above 80% throughout the observed period. The trends in average home prices and average rent have shown significant changes, reflecting broader economic shifts and local market dynamics.
The homeownership rate in Verona has remained robust, with a slight increase from 84% in 2019 to 92% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2019, the average home price was $84,083, which climbed steadily to reach $120,454 by 2022, representing a remarkable 43% increase over just three years. This correlation suggests that rising property values have not deterred homeownership in the village, possibly indicating strong local economic conditions or a desire for investment in the community.
Federal interest rates have played a significant role in shaping homeownership trends. From 2019 to 2021, interest rates dropped sharply from 2.16% to 0.08%, which likely contributed to the increase in homeownership from 84% to 92% during this period. Lower interest rates typically make mortgages more affordable, encouraging home buying. The subsequent rise in interest rates to 1.68% in 2022 did not immediately impact the high homeownership rate, which remained at 92%.
The rental market in Verona has shown interesting trends in relation to the homeownership rates. As the percentage of renters decreased from 16% in 2019 to 8% in 2022, the average rent prices increased from $842 to $960 during the same period. This 14% increase in average rent, coupled with a decreasing renter population, suggests a tightening rental market with potentially higher-quality or more desirable rental properties commanding premium prices.
Looking at the most recent data, the average home price in Verona continued its upward trajectory, reaching $124,426 in 2023 and $128,864 in 2024. This represents a steady increase of about 3-4% per year. Interestingly, federal interest rates also saw a significant jump, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make borrowing more expensive, the housing market in Verona has remained strong, indicating resilience in local demand for homeownership.
Applying predictive models to forecast the next five years, we can anticipate that average home prices in Verona will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. Projections suggest that by 2029, average home prices could reach approximately $150,000 to $160,000, assuming a conservative annual growth rate of 3-4%. Average rent prices are also expected to increase, potentially reaching around $1,100 to $1,200 per month by 2029, reflecting both inflation and the limited supply of rental properties in the village.
In summary, Verona has demonstrated a strong preference for homeownership, with rates reaching as high as 92% in recent years. This trend has persisted despite significant increases in average home prices and fluctuations in federal interest rates. The rental market, while smaller, has seen rising average rents even as the proportion of renters decreased. The village's real estate market has shown resilience and continued growth, with projections indicating further increases in both home values and rental prices over the next five years.
