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Brownlee Woods: Shifting Home Values and Ownership in a Youngstown Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Brownlee Woods, a neighborhood in Youngstown, Ohio, has experienced significant changes in its housing market over the past decade. This analysis examines trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in this dynamic community.
From 2013 to 2022, Brownlee Woods saw a substantial decrease in homeownership rates, falling from 83% to 64%. During this same period, average home prices showed a remarkable increase. In 2013, the average home price was $42,099, which more than doubled to $82,572 by 2022. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
The federal interest rates have played a role in shaping homeownership trends in Brownlee Woods. In 2013, when homeownership was at 83%, the federal interest rate was 0.11%. As interest rates began to rise, reaching 1.68% in 2022, homeownership fell to 64%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
As homeownership declined, the percentage of renters in Brownlee Woods increased from 17% in 2013 to 36% in 2022. Concurrently, average rent prices rose substantially. In 2013, the average rent was $468, which nearly doubled to $919 by 2022. This increase in rent prices, coupled with the growing renter population, suggests a strong demand for rental properties in the area.
In 2023, the average home price in Brownlee Woods reached $88,746, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $95,186, while interest rates rose slightly to 5.33%. These figures indicate a continuing upward trend in property values, despite higher interest rates potentially impacting affordability.
Looking ahead, predictive models suggest that both average home prices and rent prices in Brownlee Woods are likely to continue their upward trajectory over the next five years. Home prices could potentially reach or exceed $110,000 by 2029, while average rent prices might surpass $1,100 per month. These projections are based on the consistent growth patterns observed in recent years and assume relatively stable economic conditions.
In summary, Brownlee Woods has experienced a significant shift from a predominantly homeowner community to one with a growing renter population. This transition has been accompanied by substantial increases in both average home prices and rent prices. The interplay between federal interest rates, property values, and housing affordability has shaped these trends, creating a dynamic and evolving housing market in this Youngstown neighborhood.
