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DeVeaux, Toledo: Rising Home Values and Ownership Trends in a Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
DeVeaux, a neighborhood in Toledo, Ohio, has experienced significant changes in its real estate market over the past decade. The area has seen substantial fluctuations in homeownership rates and notable increases in average home and rent prices, reflecting broader economic trends and local market conditions.
Homeownership rates in DeVeaux have undergone considerable changes from 2013 to 2022. In 2013, 72% of residents owned their homes, but this figure dropped to 63% by 2019. The trend then reversed, with homeownership rising to 69% by 2022. This pattern coincides with changes in average home prices, which have seen remarkable growth. The average home price in DeVeaux increased from $61,862 in 2013 to $124,288 in 2022, representing a 101% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in DeVeaux. From 2013 to 2015, historically low interest rates around 0.1% likely contributed to high homeownership rates. As interest rates rose gradually from 2016 onwards, reaching 2.16% by 2019, homeownership percentages decreased. The subsequent drop in interest rates to 0.08% in 2021 aligns with the recent uptick in homeownership, illustrating the inverse relationship between interest rates and homeownership rates.
Renter percentages in DeVeaux have mirrored the inverse of homeownership trends, rising from 28% in 2013 to a peak of 37% in 2019, before declining to 31% in 2022. Average rent prices have generally increased during this period, rising from $902 in 2013 to $913 in 2022, with some fluctuations in between. The peak average rent of $1,010 was observed in 2021, coinciding with the lowest federal interest rate of 0.08%. This suggests that low interest rates may have temporarily increased demand for rental properties, driving up rents, before encouraging a shift back to homeownership.
In 2023 and 2024, the upward trend in average home prices in DeVeaux continued. The average home price reached $128,920 in 2023 and further increased to $138,132 in 2024, representing a 7.1% year-over-year growth. This price appreciation occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and could potentially slow down the pace of home price appreciation.
Based on observed trends and current market conditions, continued growth in both average home prices and rent prices is forecast over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices in DeVeaux could reach approximately $160,000 to $170,000 by 2029, while average rent prices might increase to around $1,100 to $1,200 per month. However, these projections are subject to various economic factors and local market dynamics.
In summary, DeVeaux has experienced a significant increase in average home prices over the past decade, with recent years showing particularly strong growth. Homeownership rates have fluctuated, influenced by changes in federal interest rates and local economic conditions. The rental market has also seen changes, with rent prices generally increasing alongside shifts in the proportion of renters. The neighborhood's real estate market appears poised for continued growth, though the pace may be moderated by higher interest rates and broader economic factors.
