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Whitehouse, Ohio: Rising Home Values and Stable Ownership in a Growing 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
Whitehouse, Ohio, is a growing community located in Lucas County. With a population of 9,098 in 2022, this small town has experienced significant growth over the past decade. The village has maintained a high rate of homeownership, with average home prices steadily increasing, while average rent prices have shown some fluctuation.
Homeownership in Whitehouse has remained consistently high, ranging from 84% to 88% between 2013 and 2022. During this period, average home prices have shown a steady upward trend. In 2013, the average home price was $179,699, which rose to $323,261 by 2022, representing an impressive 80% increase over nine years. This trend suggests a strong correlation between the village's stable homeownership rates and the appreciation of property values.
The relationship between federal interest rates and homeownership rates in Whitehouse appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates in the village remained high at 86-88%. Even as interest rates began to rise in 2017 and 2018, homeownership rates in Whitehouse remained stable, suggesting a resilient local housing market.
Renter percentages in Whitehouse have remained relatively low, fluctuating between 12% and 16% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $675, which increased to a peak of $923 in 2016, before declining to $893 in 2022. This represents a 32% overall increase in average rent prices from 2013 to 2022. The fluctuations in rent prices may be influenced by the village's growing population, which increased from 7,223 in 2013 to 9,098 in 2022, potentially affecting housing demand and supply dynamics.
In 2023, the average home price in Whitehouse reached $335,508, continuing the upward trend observed in previous years. This represents a 3.8% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $350,616, a 4.5% rise from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued tightening of monetary policy.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Whitehouse will likely continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. A conservative estimate suggests average home prices could reach around $400,000 by 2029. Average rent prices may also continue to increase, potentially reaching $1,000-$1,100 per month in the same timeframe, assuming steady population growth and demand for rental properties.
In summary, Whitehouse has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The community has shown resilience in maintaining these trends even as interest rates have fluctuated. The recent increases in both home prices and interest rates suggest a dynamic market that continues to attract homeowners despite potentially higher borrowing costs. As the village continues to grow, it will be important to monitor how these trends evolve and impact the local real estate landscape.
