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Burkhardt, Dayton: Home Values Surge Amid Shifting Ownership Trends
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
Burkhardt, a neighborhood in Dayton, Ohio, has experienced significant changes in its housing market and demographics over the past decade. The area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Burkhardt has shown a gradual increase over recent years, rising from 35% in 2013 to 42% in 2022. This upward trend in homeownership coincides with a significant surge in average home prices. In 2013, the average home price in Burkhardt was $17,094, but by 2022, it had increased to $56,059, representing a 228% increase over nine years. This substantial appreciation in home values likely contributed to the growing appeal of homeownership in the neighborhood.
The relationship between federal interest rates and homeownership rates in Burkhardt appears to follow the established trend of lower interest rates encouraging homeownership. As interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), the homeownership rate increased from 35% to 37%. However, as interest rates began to rise more sharply from 2017 onwards, the rate of increase in homeownership slowed, suggesting that higher borrowing costs may have tempered some potential buyers' ability to enter the market.
The percentage of renters in Burkhardt has seen a gradual decline, from 65% in 2013 to 58% in 2022. Despite this decrease, average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $698, which increased to $736 by 2021, before slightly decreasing to $709 in 2022. The rise in rent prices, despite a decreasing renter population, could be attributed to improved housing quality or increased demand for rental properties in specific segments of the market.
The most recent data shows that the average home price in Burkhardt remained relatively stable at $56,052 in 2023, showing only a marginal decrease from 2022. However, in 2024, there was a significant jump to $63,389, representing a 13% increase from the previous year. This surge in home prices coincides with a rise in federal interest rates, which reached 5.33% in 2024, up from 5.02% in 2023. Despite the higher interest rates, the continued appreciation in home values suggests strong demand in the Burkhardt housing market.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Burkhardt will continue to rise, albeit potentially at a more moderate pace than seen in recent years. The average rent prices are also expected to increase gradually, reflecting the overall appreciation of the local real estate market. However, the rate of increase for both home prices and rents may be influenced by factors such as economic conditions, local development initiatives, and broader housing market trends in the Dayton area.
In summary, Burkhardt has experienced a notable shift towards homeownership over the past decade, accompanied by substantial increases in average home prices. The rental market, while shrinking in terms of percentage, has seen moderate growth in average rent prices. The recent surge in home values, despite rising interest rates, indicates a robust demand for housing in the neighborhood. These trends suggest that Burkhardt is evolving into a more owner-occupied community, with property values appreciating significantly, potentially attracting both homeowners and investors to the area.
