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Deweese, Dayton: Rising Home Values Amidst Shifting Ownership Trends
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
Deweese, a neighborhood in Dayton, Ohio, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, coupled with a steady increase in average home prices and average rent prices. The neighborhood's dynamics reflect broader economic trends and local market conditions, making it an interesting case study in urban development.
The relationship between homeownership rates and average home prices in Deweese reveals some interesting patterns. In 2013, the homeownership rate stood at 40%, with an average home price of $49,895. As average home prices increased to $77,078 by 2018, the homeownership rate remained stable at 40%. However, a significant change occurred by 2020, when the homeownership rate dropped to 32% despite average home prices rising to $93,375. This suggests that rising home prices may have made homeownership less attainable for some residents. By 2022, the homeownership rate recovered slightly to 40%, with average home prices reaching $127,446, indicating a potential stabilization in the market.
Federal interest rates have played a role in shaping homeownership trends in Deweese. The period from 2013 to 2015 saw relatively stable homeownership rates (40-44%) while interest rates remained low (0.11-0.13%). As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates showed some volatility but generally remained in the 40-44% range. The sharp drop in homeownership to 32% in 2020 coincided with a significant decrease in interest rates to 0.38%, which would typically encourage homeownership. This anomaly might be attributed to other factors such as economic uncertainty during that period.
Renter percentages and average rent prices in Deweese have shown their own distinct trends. In 2013, 56% of residents were renters, with an average rent of $549. Despite fluctuations in the renter percentage, there was a general upward trend in average rent prices. By 2019, the renter percentage was 55% with an average rent of $582. A significant shift occurred in 2020, with the renter percentage jumping to 68% and average rent increasing to $598. This trend continued into 2022, with 60% of residents renting at an average price of $709. The increase in renter percentages, particularly from 2020 onwards, could be related to the rising home prices making homeownership less accessible.
Looking at the most recent data, the average home price in Deweese reached $134,951 in 2023 and further increased to $143,693 in 2024. This continued upward trend in home prices is occurring alongside higher interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact homeownership rates and market dynamics in the coming years.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and average rent prices in Deweese. Based on the historical data and current market conditions, average home prices could potentially reach around $180,000 to $200,000 by 2029. Average rent prices may similarly increase, potentially reaching $800 to $900 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Deweese has experienced a complex interplay between homeownership rates, average home prices, and average rent prices. The neighborhood has seen a general trend of increasing home and rent prices, with some volatility in homeownership rates. The sharp increase in renter percentages from 2020 onwards, coupled with rising home prices, suggests a shift in the neighborhood's housing market dynamics. As we move forward, the balance between homeownership and renting in Deweese will likely continue to evolve in response to economic conditions, interest rates, and local market factors.
