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Brentwood Park, Columbus: Rising Home Values and High Ownership Rates Amidst Interest Rate Fluctuations
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
Brentwood Park, located in Columbus, Ohio, is a neighborhood characterized by its strong commitment to homeownership and steady property value growth. This area has seen significant changes in its residential landscape over the past decade, with notable shifts in ownership patterns and housing prices. The percentage of owner-occupied homes in Brentwood Park has shown a remarkable upward trend. In 2013, 88% of homes were owner-occupied, and this figure rose steadily to reach 93% by 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $168,104, and by 2022, it had climbed to $349,370, representing a 108% increase over nine years.
The relationship between federal interest rates and homeownership rates in Brentwood Park follows a well-established pattern. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 1.83%, homeownership in the neighborhood increased from 88% to 94%. This trend aligns with the general principle that lower interest rates make mortgages more affordable, encouraging homeownership.
Conversely, the percentage of renters in Brentwood Park has decreased over time. In 2013, 12% of residents were renters, but by 2022, this had dropped to just 7%. Despite this decrease in renters, the average rent price remained relatively stable, staying at $1,125 from 2013 to 2017 and only slightly decreasing to $1,124 from 2018 to 2022. This stability in rent prices, despite the declining renter population, suggests a consistent demand for rental properties in the area.
Looking at the most recent data, average home prices in Brentwood Park continued to rise, reaching $365,746 in 2023 and $385,315 in 2024. This represents a 4.6% increase from 2022 to 2023 and a further 5.4% increase from 2023 to 2024. Notably, these price increases occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong demand for homes in the neighborhood, overriding the potential dampening effect of higher borrowing costs.
Applying predictive models to forecast trends over the next five years, we can anticipate continued growth in average home prices in Brentwood Park. Based on the historical data and current market conditions, average home prices could potentially reach around $450,000 by 2029. Rent prices, which have remained stable for several years, may see modest increases, potentially reaching $1,200 per month by 2029, assuming market conditions and demand remain consistent.
In summary, Brentwood Park has demonstrated a strong trend towards homeownership, with a significant increase in owner-occupied homes and average home prices over the past decade. Despite rising interest rates, the neighborhood's property values continue to appreciate, indicating robust demand for homes in this area. The rental market, while smaller, has maintained stable prices, suggesting a balanced housing ecosystem in Brentwood Park.
