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Brookside Woods: Rising Home Values and Shifting Ownership in Columbus
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
Brookside Woods, a Columbus, Ohio neighborhood, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, with a general trend towards increased renting. Average home prices have shown steady growth, while average rent prices have also risen, reflecting the neighborhood's evolving dynamics.
The relationship between homeownership rates and average home prices in Brookside Woods reveals an interesting trend. In 2013, the homeownership rate was 33%, with an average home price of $123,809. As home prices increased to $178,829 by 2019, the homeownership rate saw a slight uptick to 35%. However, this trend didn't persist. By 2022, despite average home prices reaching $242,800, the homeownership rate decreased to 32%. This suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in Brookside Woods. In 2013, when interest rates were at a low 0.11%, the neighborhood saw a 33% homeownership rate. As interest rates remained low, hovering around 0.13% in 2015, the homeownership rate slightly decreased to 27%. Interestingly, when interest rates rose to 1.83% in 2018, homeownership increased to 30%, possibly due to residents rushing to purchase homes before rates climbed further. However, by 2022, with interest rates at 1.68%, homeownership settled at 32%, indicating that other factors beyond interest rates were influencing homeownership decisions.
The rental market in Brookside Woods has shown a clear upward trend in both renter percentages and average rent prices. In 2013, 67% of residents were renters, with an average rent of $1,108. By 2017, the renter percentage increased to 72%, coinciding with an average rent increase to $1,168. The renter percentage peaked at 72% in 2016 and remained high at 68% in 2022, even as the average rent reached $1,266. This trend suggests a growing preference for renting in the neighborhood, possibly due to the rising home prices and changing demographics.
Looking at the most recent data, 2023 saw average home prices in Brookside Woods reach $256,915, with interest rates at 5.02%. In 2024, average home prices further increased to $269,424, while interest rates slightly rose to 5.33%. These figures indicate a continuing upward trend in home values, despite higher interest rates potentially impacting affordability.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in Brookside Woods to continue their upward trajectory, potentially reaching around $310,000 by 2029. Average rent prices are also expected to rise, possibly surpassing $1,500 per month within the same timeframe. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, Brookside Woods has experienced a shift towards a renter-majority population, with homeownership rates fluctuating but generally decreasing over the past decade. Average home prices have shown consistent growth, potentially contributing to the increased preference for renting. The rental market has responded with rising average rents, reflecting the increased demand. As the neighborhood continues to evolve, it's likely to see further increases in both home values and rental prices, shaping the future demographics and housing landscape of Brookside Woods.
