Loading Content...
Camp Washington's Chili-Flavored Real Estate: Home Values Soar in Cincinnati's Industrial 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
Camp Washington, a neighborhood in Cincinnati, Ohio, known for its industrial heritage and famous chili restaurant, has experienced significant changes in its housing market over the past decade. The area has seen a general trend of increasing average home prices, while homeownership rates and average rent prices have shown more variability. This analysis examines the relationship between these factors and their implications for the neighborhood's demographic and economic landscape.
The relationship between homeownership percentages and average home prices in Camp Washington reveals interesting trends. In 2016, the average home price was $57,532, with a homeownership rate of 30%. As average home prices steadily increased, reaching $82,415 in 2019, the homeownership rate also rose to 37%. However, this trend reversed in subsequent years. By 2022, despite the average home price climbing to $138,441, the homeownership rate decreased to 25%. This inverse relationship in recent years suggests that rising home prices may be making homeownership less attainable for some residents.
Federal interest rates have played a role in homeownership trends in Camp Washington. In 2016, when interest rates were relatively low at 0.4%, the homeownership rate was 30%. As interest rates rose to 1.83% in 2018, the homeownership rate slightly increased to 31%. However, the dramatic drop in interest rates to 0.08% in 2021 did not correspond with an increase in homeownership, which fell to 26%. This suggests that other factors, such as rapidly rising home prices, may have outweighed the potential benefits of low interest rates for prospective homebuyers in the neighborhood.
Renter percentages and average rent prices in Camp Washington have shown some correlation. In 2013, when the average rent was $874, renters comprised 79% of the population. As average rent decreased to $743 in 2016, the renter percentage dropped to 70%. However, by 2019, as average rent increased to $894, the renter percentage decreased further to 63%. This trend reversed in recent years, with the renter percentage rising to 74% in 2022 despite fluctuations in average rent prices. These shifts may be influenced by factors such as changes in population and housing availability.
Looking at the most recent data, the average home price in Camp Washington reached $143,500 in 2023 and further increased to $155,233 in 2024. This represents a significant jump from previous years, indicating a strong upward trend in the local real estate market. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Camp Washington will continue to rise, potentially reaching around $200,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,000 per month within the same timeframe. These projections are based on the consistent upward trend observed in recent years and assume similar market conditions persist.
In summary, Camp Washington has experienced significant changes in its housing market over the past decade. The most notable trends include the substantial increase in average home prices, which has more than doubled since 2016, and the recent decline in homeownership rates despite lower interest rates in previous years. The rental market has shown more volatility, with fluctuating average rents and renter percentages. As the neighborhood continues to evolve, these housing trends will likely play a crucial role in shaping its demographic and economic landscape in the coming years.
