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Elizabeth Park Valley: Rising Home Values and Changing Ownership in Akron's Dynamic Neighborhood
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
Elizabeth Park Valley, a neighborhood in Akron, Ohio, has experienced significant changes in its housing market over the past decade. This area has seen notable fluctuations in homeownership rates and substantial increases in average home and rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Elizabeth Park Valley has shown considerable variability, ranging from 43% in 2013 and 2020 to 33% in 2018 and 2019. During this period, average home prices rose dramatically, from $41,421 in 2013 to $71,027 in 2020, a 71% increase. This trend suggests that rising home values did not necessarily correspond with increased homeownership rates in the neighborhood.
Federal interest rates have played a crucial role in shaping homeownership trends. In 2013, with interest rates at 0.11%, the neighborhood saw one of its highest homeownership rates at 43%. Similarly, in 2020, when interest rates dropped to 0.38% due to economic measures related to the COVID-19 pandemic, homeownership again reached 43%. These patterns align with the general trend that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in Elizabeth Park Valley have generally increased, rising from 57% in 2013 to 67% in 2019, before fluctuating in recent years. This trend has been accompanied by a gradual increase in average rent prices, from $763 in 2013 to $816 in 2020, a 7% increase over seven years. The peak in renter percentage (67% in 2019) coincided with a slight dip in average rent to $746, possibly indicating a market adjustment to increased rental supply or economic factors affecting renters' ability to pay higher prices.
As of 2024, the average home price in Elizabeth Park Valley has reached $101,421, a substantial increase from previous years. This price point, coupled with the current federal interest rate of 5.33%, presents a changed landscape for potential homebuyers. The higher interest rates may impact affordability and could influence future homeownership rates in the neighborhood.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices over the next five years. Home prices are projected to increase at a moderate pace, potentially reaching around $120,000 by 2029. Rent prices are expected to follow a similar trajectory, possibly approaching $950 per month in the same timeframe. These projections are based on historical trends and current market conditions but are subject to change based on various economic factors.
In summary, Elizabeth Park Valley has experienced significant shifts in its housing market over the past decade. The neighborhood has seen a general trend towards increased renting, despite fluctuations in homeownership rates. Average home prices have risen substantially, outpacing the growth in rent prices. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics at play in this Akron neighborhood. As the area continues to evolve, these trends will likely shape its demographic and economic landscape in the coming years.
