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West Jefferson: Rising Home Values and Ownership Rates Amid Market Shifts
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
West Jefferson, located in Ohio, is a small community with a population of 7,612 as of 2022. This village has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in West Jefferson has shown a general upward trend, particularly in recent years. In 2013, the homeownership rate stood at 75%, and by 2022, it had increased to 82%. This significant rise in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $111,463, and by 2022, it had more than doubled to $227,430. This parallel growth suggests a strong correlation between rising property values and increased homeownership in the village.
The relationship between federal interest rates and homeownership rates in West Jefferson follows a well-established trend. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates generally increased. The low-interest environment likely made mortgages more affordable, encouraging more residents to purchase homes. For instance, when interest rates were at their lowest in 2021 at 0.08%, the homeownership rate reached 80%, one of the highest levels in the observed period.
Conversely, the percentage of renters in West Jefferson has generally decreased over time. In 2013, renters made up 25% of the population, while by 2022, this figure had dropped to 18%. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $896, and by 2022, it had increased to $1,028. This rise in rent prices, despite a smaller renter population, could be attributed to factors such as improved housing quality or increased demand for the limited rental properties available.
Looking at the most recent data, the average home price in West Jefferson continued to rise, reaching $241,273 in 2023 and $250,335 in 2024. This upward trajectory aligns with the increased federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite higher interest rates, the continued rise in home prices suggests a strong local housing market and sustained demand for homeownership in the village.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in West Jefferson will continue to increase, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, a moderate increase is expected, potentially reaching an average of approximately $1,200 per month by 2029, assuming the current trends persist.
In summary, West Jefferson has experienced a significant increase in homeownership rates and average home prices over the past decade. This trend has been supported by historically low interest rates, which have made homeownership more accessible. Simultaneously, the rental market has seen a decrease in the percentage of renters but an increase in average rent prices. As the village moves forward, it is likely to continue seeing growth in property values and a strong preference for homeownership among its residents.
