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Georgian Heights: Rising Home Values Amidst Stable Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Georgian Heights, a neighborhood in Columbus, Ohio, has experienced notable changes in its housing market over the past decade. The area has seen a general trend of increasing average home prices, while average rent prices have also risen, albeit at a slower pace. Homeownership rates have remained relatively stable in recent years, hovering around 45% since 2020. The relationship between homeownership percentages and average home prices in Georgian Heights reveals an interesting dynamic. In 2013, when the homeownership rate was 44%, the average home price was $72,415. As average home prices increased to $115,588 in 2018, the homeownership rate slightly decreased to 39%. However, by 2022, as average home prices reached $186,538, the homeownership rate rebounded to 45%. This suggests that despite rising home prices, local residents have maintained their ability to purchase homes, possibly due to increased incomes or other economic factors.
Federal interest rates have played a role in homeownership trends in Georgian Heights. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates fluctuated between 40% and 44%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates initially dipped to 39% in 2018 but then increased to 42% in 2019. The low interest rate environment in 2020 and 2021 (0.38% and 0.08% respectively) coincided with an increase in homeownership to 45%, which has since remained stable.
Renter percentages and average rent prices in Georgian Heights have shown a general upward trend. In 2013, 56% of residents were renters, with an average rent of $901. By 2022, the renter percentage had remained relatively stable at 56%, but the average rent had increased to $1,170. The highest renter percentage was observed in 2018 at 61%, coinciding with an average rent of $930. Population fluctuations may have influenced these trends, with the population decreasing from 4,564 in 2013 to 3,312 in 2022, potentially affecting the rental market dynamics.
In 2023, the average home price in Georgian Heights reached $196,207, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $207,346, while interest rates have slightly risen to 5.33%. This continued upward trend in both home prices and interest rates suggests a robust housing market in the neighborhood, despite higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Georgian Heights may continue to rise over the next five years, potentially reaching around $250,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,400 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Georgian Heights has demonstrated resilience in its housing market, with homeownership rates remaining stable despite rising home prices. The interplay between federal interest rates, home prices, and renter percentages highlights the complex dynamics of the local real estate market. As the neighborhood continues to evolve, it will be important to monitor these trends and their impact on the community's housing landscape.
