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Ellet's Rising Home Values: A Decade of Growth in Akron's Resilient Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ellet, a neighborhood in Akron, Ohio, has experienced notable shifts in its housing market over the past decade. This area, known for its suburban feel within the city limits, has seen fluctuations in homeownership rates and property values that reflect broader economic trends and local dynamics.
From 2013 to 2022, Ellet's homeownership rate remained relatively stable, hovering between 67% and 70%. The average home prices in the neighborhood have shown a consistent upward trend during this period. In 2013, the average home price was $73,801, and by 2022, it had increased significantly to $136,767, representing an impressive 85% growth over nine years.
The relationship between federal interest rates and homeownership rates in Ellet reveals some interesting patterns. As interest rates decreased from 0.11% in 2013 to 0.08% in 2021, homeownership rates in Ellet slightly decreased from 70% to 69%. However, when interest rates rose sharply to 1.68% in 2022, the homeownership rate held steady at 68%. This suggests that while interest rates play a role, other local factors may have a stronger influence on homeownership in Ellet.
Renter percentages in Ellet have remained relatively steady, ranging from 30% to 33% between 2013 and 2022. Average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $810, and it increased to $905 by 2022, representing a 12% increase. Notably, there was a significant jump in average rent from $894 in 2020 to $972 in 2021, followed by a slight decrease to $905 in 2022. These fluctuations may be attributed to changes in population, which decreased from 22,463 in 2020 to 21,551 in 2022, potentially affecting rental demand.
In 2023 and 2024, Ellet's housing market continued its upward trajectory. The average home price in 2023 reached $142,733, a 4.4% increase from 2022. In 2024, it further rose to $151,139, marking a 5.9% increase from the previous year. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since before the 2008 financial crisis.
Looking ahead, predictive models suggest that average home prices in Ellet may continue to rise over the next five years, potentially reaching around $180,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially surpassing $1,000 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Ellet has demonstrated resilience in its housing market, with steadily increasing average home prices and relatively stable homeownership rates despite fluctuations in interest rates. The rental market has shown moderate growth, with some volatility in recent years. The neighborhood's ability to maintain a balanced mix of owners and renters, coupled with rising property values, suggests a stable and potentially attractive market for both residents and investors in the coming years.
