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Dayton, Ohio: Soaring Home Values in the Birthplace of Aviation
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Dayton, Ohio, a city renowned for its rich aviation history and innovation, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in Dayton from 2013 to 2022, revealing interesting patterns in the city's real estate landscape.
The homeownership rate in Dayton has fluctuated over the years, showing a general decline followed by a recent uptick. In 2013, 51% of Dayton's residents were homeowners. This percentage dropped to its lowest point of 44% in 2017 and 2018, before gradually increasing to 51% again by 2022. Concurrently, average home prices in Dayton have shown a significant upward trend. In 2013, the average home price was $55,613, which more than doubled to $138,262 by 2022, representing a 148% increase over this period.
Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates in Dayton actually declined from 51% to 47%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Dayton started to recover, climbing back to 51% by 2022. This suggests that while low interest rates can make homeownership more affordable, other local economic factors may have played a more significant role in Dayton's housing market dynamics.
Renter percentages in Dayton have mirrored the homeownership trends, rising from 49% in 2013 to a peak of 56% in 2017 and 2018, before declining to 49% in 2022. Average rent prices have steadily increased during this period, rising from $617 in 2013 to $824 in 2022, a 33.5% increase. This rise in rent prices occurred despite fluctuations in the city's population, which peaked at 143,355 in 2013 and decreased to 135,938 by 2022.
Looking at the most recent data, average home prices in Dayton continued to rise, reaching $140,413 in 2023 and $147,154 in 2024. This represents a further 6.4% increase from 2022 to 2024. Notably, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Dayton to continue their upward trajectory, potentially reaching around $180,000 by 2029. Average rent prices are also likely to increase, potentially surpassing $950 per month in the same timeframe. However, these projections should be considered in the context of broader economic factors and local market conditions.
In summary, Dayton's housing market has shown resilience and growth over the past decade. The city has experienced a remarkable increase in average home prices, a recent recovery in homeownership rates, and steady growth in average rent prices. The interplay between these factors, along with changing interest rates and population dynamics, paints a picture of a dynamic and evolving real estate landscape in Dayton, Ohio.
