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Cumberland Ridge: 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
Cumberland Ridge, a neighborhood in Columbus, Ohio, has experienced significant changes in homeownership rates and housing prices over the past decade. The area has seen a general trend of increasing homeownership, rising average home prices, and fluctuating average rent prices.
The percentage of owner-occupied homes in Cumberland Ridge has shown a notable upward trend. In 2013, the homeownership rate was 67%, and it steadily increased to reach 86% by 2022. This substantial rise in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $79,823, and it rose consistently year over year, reaching $222,224 in 2022. This represents a remarkable 178% increase in average home values over a nine-year period.
The relationship between federal interest rates and homeownership rates in Cumberland Ridge shows an interesting pattern. Despite the federal interest rate rising from 0.09% in 2014 to 1.68% in 2022, the homeownership rate in the neighborhood continued to climb. This suggests that other factors, such as local economic conditions or housing market dynamics, may have had a stronger influence on homeownership trends in Cumberland Ridge than national interest rates.
As homeownership rates increased, the percentage of renters in Cumberland Ridge decreased. The renter-occupied rate fell from 33% in 2013 to 14% in 2022. Interestingly, average rent prices showed significant volatility during this period. The average rent was $563 in 2013, dropped to $521 in 2014, then gradually increased to $644 in 2019. There was a sharp rise to $876 in 2020, followed by a peak of $1,130 in 2021, before settling at $980 in 2022. This volatility in rent prices, particularly the sharp increases in 2020 and 2021, may have contributed to the declining renter population as some residents potentially transitioned to homeownership.
In 2023 and 2024, the average home prices in Cumberland Ridge continued their upward trajectory. The average home price reached $236,111 in 2023 and further increased to $247,517 in 2024. This represents a 6.3% year-over-year increase from 2022 to 2023, and a 4.8% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the neighborhood.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Cumberland Ridge will likely continue to appreciate over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices may stabilize or see modest increases as the rental market adjusts to the reduced renter population and overall housing market conditions.
In summary, Cumberland Ridge has experienced a significant shift towards homeownership, with a concurrent rise in average home prices. The rental market has seen a decrease in the renter population and volatility in average rent prices. These trends, combined with the recent increases in home prices and interest rates, suggest a dynamic and evolving housing market in this Columbus neighborhood.
