Loading Content...
Crystal Park, Canton: Soaring Home Values Amid Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Crystal Park, a neighborhood in Canton, Ohio, has experienced significant shifts in homeownership and housing prices over the past decade. From 2013 to 2022, the area saw a decline in homeownership rates alongside a substantial increase in average home prices. The homeownership rate decreased from 62% in 2013 to 54% in 2022, while average home prices rose dramatically from $28,501 to $65,588, marking a 130% increase. Federal interest rates have played a crucial role in shaping homeownership trends in Crystal Park. During periods of low interest rates (0.11% to 0.40%) from 2013 to 2016, homeownership rates remained relatively stable at around 57-58%. However, as interest rates rose more substantially from 2017 (1%) to 2019 (2.16%), homeownership rates declined to 53%. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership. The renter population in Crystal Park has increased correspondingly with the decline in homeownership. The proportion of renters grew from 38% in 2013 to 46% in 2022. Average rent prices have shown considerable volatility during this period, starting at $709 in 2013, peaking at $741 in 2017, then experiencing a significant drop to $600 in 2018, followed by fluctuations in subsequent years. By 2022, the average rent stood at $578, representing a notable decrease from its peak.
As of 2024, the average home price in Crystal Park has risen to $74,644, marking a 13.7% increase from 2022. This sharp rise coincides with a significant increase in federal interest rates, which reached 5.33% in 2024. Despite the higher interest rates, which typically dampen home buying activity, the continued rise in home prices suggests strong demand in the Crystal Park real estate market. Looking ahead, predictive models suggest that both average home prices and rent prices in Crystal Park are likely to continue their upward trajectory over the next five years. Home prices are projected to increase at a moderate but steady pace, potentially reaching around $85,000 to $90,000 by 2029. Rent prices, which have been more volatile, are expected to stabilize and show a gradual increase, potentially reaching an average of $650 to $700 per month in the same timeframe. In summary, Crystal Park has experienced a shift towards a higher proportion of renters over the past decade, coupled with significant increases in average home prices. Despite fluctuations in the rental market, the overall trend points towards rising housing costs. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As Crystal Park continues to evolve, these trends will likely shape the neighborhood's demographic and economic landscape in the coming years.
