Loading Content...
Warren, Ohio: Rising Home Values Amidst Declining Ownership in a Volatile Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Warren neighborhood in Youngstown, Ohio, has experienced significant changes in its housing market over the past decade. This area has seen a notable shift in homeownership rates and substantial increases in both average home prices and rent prices. These changes reflect broader economic trends and have implications for the neighborhood's future development.
Homeownership in Warren has shown a declining trend since 2016. The homeownership rate peaked at 62% in 2016 but steadily decreased to 50% by 2022. This decline coincided with a substantial increase in average home prices. From 2016 to 2022, the average home price in Warren rose from $16,752 to $30,177, representing an 80% increase over six years.
The relationship between federal interest rates and homeownership rates in Warren follows expected patterns. As interest rates remained low between 2016 and 2020, ranging from 0.40% to 2.16%, homeownership rates were relatively stable, hovering around 60%. However, as interest rates began to rise more sharply in 2022 to 1.68%, homeownership rates dropped to 50%, suggesting that higher borrowing costs may have deterred potential buyers.
Conversely, the renter population in Warren has grown, with the percentage of renters increasing from 38% in 2016 to 50% in 2022. This rise in renters has been accompanied by a significant increase in average rent prices. In 2016, the average rent was $496, which escalated to $562 by 2022, marking a 13.3% increase. The neighborhood's population has remained relatively stable, fluctuating between 2,197 and 2,578 residents from 2016 to 2022.
More recent data shows that the average home price in Warren reached $28,337 in 2023 and further increased to $29,775 in 2024. This upward trend in home prices has occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These high interest rates typically make borrowing more expensive, yet the Warren housing market has shown resilience in maintaining property values.
Predictive models forecast that average home prices in Warren will continue to rise over the next five years, albeit potentially at a slower rate due to the current high interest rate environment. Average rent prices are also expected to increase, driven by the growing renter population and the overall upward trend in housing costs. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.
In conclusion, Warren has experienced a shift towards a more renter-dominated market, with homeownership rates declining as average home prices have significantly increased. The neighborhood has demonstrated resilience in its housing market, with both home prices and rent prices showing upward trends despite fluctuations in interest rates and population. These trends suggest a changing dynamic in the Warren housing market, with potential implications for future development and community composition.
