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Fairview, Dayton: Rising Home Values Amidst Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Fairview, a vibrant neighborhood in Dayton, Ohio, has experienced significant shifts in its housing landscape over the past decade. This area has seen a notable trend towards renting, with homeownership rates declining while average home prices and rents have generally increased. These changes reflect broader economic and demographic shifts in the region. The homeownership rate in Fairview has steadily decreased from 41% in 2013 to 28% in 2022. During this same period, average home prices have shown considerable growth. In 2012, the average home price was $40,716, which increased to $82,455 by 2022, representing a substantial 102.5% increase over a decade. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be pricing some residents out of the buying market.
Federal interest rates have played a role in shaping homeownership trends in Fairview. From 2013 to 2016, interest rates remained low, hovering around 0.1-0.4%. During this period, homeownership rates in Fairview were relatively stable, ranging from 37-42%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Fairview declined more sharply, falling from 33% in 2017 to 28% in 2022. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
As homeownership declined, the percentage of renters in Fairview increased from 59% in 2013 to 72% in 2022. Concurrently, average rent prices rose from $639 in 2013 to $821 in 2022, a 28.5% increase. This rise in rent prices, coupled with the growing renter population, suggests a strong demand for rental properties in the area. The neighborhood's population has remained relatively stable during this period, fluctuating between 1,682 and 1,836 residents, indicating that the shift towards renting is not solely driven by population growth but rather by changing housing preferences or economic factors.
In 2023 and 2024, Fairview's housing market showed interesting developments. The average home price in 2023 was $77,505, a slight decrease from 2022, but it rebounded to $82,531 in 2024. This recovery occurred despite federal interest rates reaching 5.02% in 2023 and 5.33% in 2024, which are significantly higher than previous years. These high interest rates typically make mortgages more expensive, yet the housing market in Fairview appears to be resilient.
Looking ahead, based on current trends, we can expect average home prices in Fairview to continue their upward trajectory, potentially reaching around $95,000 by 2029. Rent prices are also likely to increase, possibly surpassing $900 per month within the next five years. However, if interest rates remain high, this could slow the pace of home price appreciation and potentially lead to a further increase in the renter population.
In summary, Fairview has experienced a significant shift towards renting, with homeownership rates declining as both home prices and rents have increased. The neighborhood has shown resilience in its housing market despite rising interest rates, suggesting a strong local demand for housing. These trends point to a dynamic and evolving housing landscape in Fairview, with implications for both current and future residents.
